Blockchain Technology Assignment Help

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BLOCKCHAIN TECHNOLOGY IN THE INDUSTRY OF
CRYPTOCURRENCY
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What Is Blockchain Technology?
Blockchain technology is mainly a structure that
possesses the capability to store all the
transactional records of people in several
databases. Here, the transactional records are co
nsidered as block and as it contains various dat
abases for storing transactional records, it is
known as chain. While being in a network,
these are connected with the help of peer-to-peer
nodes, and this kind of storage is known as a
digital ledger.
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Benefits Of Blockchain Technology

• Following are some of the benefits of blockchain
  technology
• Issues like limitations, loopholes, misallocation
  of funds, and equity gaps that occur in the
  centralized financial systems can be eradicated
  with the help of blockchain technology.
• The decentralized framework of blockchain technolo
  gy allows people to own the decision- making
  authority.
• Blockchain technology secures financial transactio
  ns and enhances transparency in the systems.
  There is a minimal scope of exploitation of the
  individuals.

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What Is A Cryptocurrency?
Cryptocurrency is digital money or a virtual
currency that is secured with the assistance of
cryptography. There is no physical coin or
denominations that an individual can touch.
However, all the transactions are made online,
and is nearly impossible to counterfeit or
double-spend such currencies. Examples of
cryptocurrencies are as follows BitcoinBinance
coinEthereumLitecoinTron
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How Blockchain Technology Is Related To The
Cryptocurrencies?
As a matter of fact, blockchain technology is the
base of cryptocurrency that brings various
innovative arenas in the domain of finance, real
estate, voting, education, sharing of data, and a
lot more. Both of them are interconnected to
each other as blockchain contains the history of
all the transactions that exist in a
network. The decentralized use of technology in
the contexts of cryptocurrencies assists
individuals to make money and make secure
payments anonymously. The sole proprietorship
lies in the hands of the owner.
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Example Of Relevance Of Blockchain Technology In
The Industry Of Cryptocurrencies
One of the biggest examples of the relevance of bl
ockchain technology in the industry of
cryptocurrencies is the new highest mark of the
cryptocurrency, Bitcoin. On February 16,
2021, it once again set a new benchmark when it
hit the level of 50,602 which was up by 5 from
the last trading session and was up by 72 in
the year so far.
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Technology?
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