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What are the advantages and disadvantages of using blockchain


Naveen Kumar
(@naveenone)
Member Admin
Joined: 7 months ago
Posts: 10
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Blockchain is a system that stores data in a distributed way. It is decentralized and has no central point of failure. This makes it impossible to hack or corrupt the data stored on the chain.

The advantages of using blockchain are:

1) It is decentralized and has no central point of failure, making it impossible to hack or corrupt the data stored on the chain.

2) Blockchain can be used for many different applications, such as managing land rights, supply chains, and voting systems.

3) It allows for transactions to be securely recorded without any need for a third party to verify them.

4) The system is much faster than traditional databases because it doesn't have any centralized servers that have to process all of the information before it can be seen by everyone else


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