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Advantage of Blockchain Technology_

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Advantage of Blockchain Technology_

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  1. Advantage of Blockchain Technology?

  2. Advantage of blockchain technology: Distributed Since blockchain data is typically stored on thousands of devices in a distributed network, the system and data are highly resistant to glitches and malicious attacks. Each network node is capable of replicating and storing a copy of the database and, therefore, there is no single point of failure: a single point in the network being disconnected does not affect the availability or security of the network. network as a whole.

  3. It does not lie Confirmed blocks are highly unlikely to be recoverable, which means that once data is recorded on the blockchain, it is extremely difficult to erase or change it. This makes blockchain a great technology for storing financial data or other data that requires a paper trail. Since each change is permanently tracked and recorded in a distributed and public ledger. For example, a company could use blockchain technology to prevent fraudulent behavior from its employees.

  4. Reliable system In most traditional payment systems, transactions depend not only on the two parties involved, but also on an intermediary, such as a bank, credit card company, or payment provider. Using blockchain technology, this is no longer necessary as the distributed network of nodes verifies transactions through a process known as mining. For this reason, the blockchain is often referred to as a non-transparent system. Therefore, a blockchain system solves the risk of trusting an organization.

  5. Disadvantage of blockchain technology Blockchain technology is inefficient Blocks are very inefficient. Since mining is very competitive and there is only one winner every ten minutes, the work of the other miners is wasted. As miners are constantly trying to increase their computing power to have a better chance of finding a valid block hash, the resources used by the Bitcoin network have increased significantly in recent years.Right now the grid consumes more energy than many countries like Denmark, Ireland and Nigeria.

  6. Private Keys Blockchain uses public keys or asymmetric cryptography to give users ownership of their cryptocurrency or other blockchain data. Every blockchain account or address has two corresponding keys: a public key that can be shared and a private key that must be kept secret. In fact, if a user loses his private key, the money is lost and there is nothing to do with it.

  7. COMPANY BLOCKCHAINX WEBSITE https://www.blockchainx.tech/token-migration E-MAIL contact@blockchainx.tech THANK YOU

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