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How does blockchain technology work, and what are some potential applications beyond cryptocurrency?

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Blockchain technology is a decentralized, distributed ledger system that allows data to be stored in a secure and tamper-proof manner. It works by creating a chain of blocks that contain transactional data. Each block is linked to the previous one, forming a chronological and immutable record of information.

Beyond cryptocurrencies like Bitcoin, blockchain technology has numerous potential applications across various industries, including:

  1. Supply chain management: Blockchain can provide transparency and traceability to supply chains by tracking the movement of goods from production to delivery, reducing fraud and ensuring authenticity.

  2. Healthcare: Blockchain can securely store and share patient records, ensuring data privacy and interoperability between healthcare providers.

  3. Voting systems: Blockchain can enable secure and transparent voting systems, ensuring the integrity of elections and reducing the risk of fraud.