Blockchain is a distributed ledger technology that allows for the creation of a shared, immutable ledger of transactions. It is decentralized, which means that there is no need for intermediaries or centralized authorities to validate and record transactions. This ensures that transactions are secure, transparent and reliable.
The benefits of blockchain technology include:
-Security: Transactions are recorded in encrypted blocks, making them difficult to be altered or defrauded.
-Decentralization (DEX): the lack of need for intermediaries confers greater autonomy and resistance to failures.
-Transparency: Transactions are visible to all network participants, making them easy to track and verify.
-Efficiency: Transactions can be processed in a matter of seconds instead of days or even weeks.
-Economy: transactions can be carried out without the need to charge transaction fees.
Furthermore, blockchain technology has the potential to be used in many areas such as finance, healthcare, electronic voting and even intellectual property.