Understanding Blockchain: Transactions, Security, and Applications

Blockchain technology enables secure, transparent transactions without reliance on banks or third-party applications.

### Understanding Blockchain: The Future of Transactions and Real-World Applications
* 💡 Blockchain technology offers a **seamless way to complete transactions** without the hassles of online wallets, banks, or third-party applications.
* 🍽 In a scenario where friends split a dinner bill, Jack's experience with failed bank transactions highlights the potential issues with traditional banking, such as **technical glitches and transfer limits**.
* 💰 The emergence of cryptocurrencies, which operate on blockchain technology, addresses these banking challenges by providing a **secure and decentralized method of transaction**.
* 🔗 Each transaction in blockchain creates a **permanent record** in a block, forming a **public distributed ledger** that is shared among users, ensuring **transparency and security**.
* 🔒 The encryption of transaction data using **unique public and private keys** prevents unauthorized access and alterations, making blockchain **resistant to hacking**.
* ⛏ Miners validate transactions through a process called **proof of work**, solving **complex mathematical problems** to add blocks to the blockchain, with rewards such as **12.5 bitcoins** for their efforts.
* 🏬 Companies like Walmart utilize blockchain to track product quality throughout the supply chain, allowing them to **quickly identify and address issues** that lead to **returns and refunds**.
* 📝 As blockchain continues to evolve, its applications are expanding, prompting discussions about its **potential uses in various industries beyond finance**.

Blockchain In 7 Minutes | What Is Blockchain | Blockchain Explained|How Blockchain Works|Simplilearn

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Understanding Blockchain and Cryptocurrency

Blockchain technology offers a solution to transaction failures common with banks and online wallets.

Cryptocurrencies, running on blockchain, are immune to counterfeiting and don't require a central authority.

Bitcoin is the most dominant cryptocurrency, with its transactions and ownership records permanently inscribed in blocks.

Bitcoin transactions are recorded in a public distributed ledger, or blockchain, which is shared among all users.

Each user has a public and private key, with the public key serving as the address for transactions and the private key providing unique access.

Transactions are encrypted and digitally signed using the sender's private key, and the output is transmitted using the recipient's public key, ensuring secure and verified transfers.

Miners validate and add blocks to the blockchain by solving complex mathematical problems.

The first miner to solve the problem is rewarded with 12.

This process, known as proof of work, updates the wallets of all users in the network who have completed a transaction.

Walmart's Use of Blockchain for Better Service

Walmart struggled with high return rates and refunds due to poor product quality.

The company adopted blockchain technology to permanently inscribe the quality of goods at each supply chain step.

This innovation allowed Walmart to accurately identify and fix problem areas when a customer flagged a damaged product.