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What is the comprehensive definition of blockchain technology?

Summary:Blockchain technology is a decentralized and transparent system for securely recording transactions. It utilizes cryptographic hashes and consensus mechanisms for data integrity.

Blockchain technology is a decentralized andtransparentsystem that allows multiple parties to securely and permanently record transactions on a digital ledger. It is characterized by its ability to create a chain of blocks, where each block contains a list of transactions that are linked together usingcryptographic hashes. These hashes ensure the integrity and immutability of the data stored on the blockchain. Additionally, the technology utilizesconsensus mechanisms, such as proof-of-work or proof-of-stake, to validate and verify transactions, eliminating the need for intermediaries. Overall,blockchain technologyprovides a secure, transparent, and efficient way to record and verify transactions, making it suitable for various applications beyond cryptocurrencies.

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