A major Chinese alcohol wholesaler has begun testing its blockchain verification solution, approximately one year after partnering with a blockchain developer.
The definition of blockchain technology is a shared, digitized ledger that cannot be changed once a transaction has been recorded and verified. Bitcoin and blockchain technology’s success has triggered the establishment of more than 1,500 new cryptocurrencies, leading to the delusion that the only application of blockchain technology is the creation of cryptocurrency. However, blockchain technology companies can support such products as transactions that require personal identification, voting, peer review, supply chain management and many other fields. Cryptocurrency technology is implemented for additional privacy, security and the speed of transactions. Blockchain technology companies use various forms of crypto technology to perform different tasks and fit different requirements in power consumption, scalability and mining algorithms.
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