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yashdewasthale
yashdewasthale

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How does #blockchain technology work for business?

Blockchain for business is useful for entities that conduct transactions with one another. Blockchain also allows a solution to rapidly size and scale. Blockchain for business provides these advantages based on four distinct characteristics of the technology:

  1. Consensus: Shared ledgers are only updated after the transaction has been validated by all relevant participants.

  2. Replication: When a block — the record of an event — is accepted, it is automatically imitated across all ledgers for all channel participants. Each network partner sees and shares the same "trusted reality" of the transactions.

  3. Immutability: More blocks can be added but not removed, ensuring a permanent record of every transaction and increasing stakeholder trust.

  4. Security: Only approved entities are permitted to create and access blocks. Only trusted partners are granted access.

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