IMPORTANCE OF BLOCKCHAIN

cryptocurrency was created using blockchain technology, cryptocurrency transactions are approved using blockchain technology, and the technology is also responsible for its safety.

Blockchain technology is transparent, which means that it records every transaction in an open database. This technology is used to approve transactions and validate new blocks, making it different from web 2.0 and web 3.0 and bringing decentralization to technology.

The majority of other cryptocurrency platforms are linked to blockchain technology, which is the technology that records the activity of blocks and validates them, despite the fact that other modes of transaction are used on them.

Crypto mining was also made possible by blockchain technology, which is used to validate new blocks. In return, it confirms the nodes, and miners are rewarded for their efforts to secure the network.

Is this blockchain able to function without the internet? The Private Blockchain is an illustration of this. In a blockchain, transactions are validated through a shared ledger, which is then updated to the internet on a regular basis.

On the other hand, a private blockchain is one that is within an organization and is carried out in a closed network. Although this network does not have nearly as much power as the public network, it does have some restrictions because it is only used within the organization for voting, proof, or ownership.