What are the key differences between blockchain and traditional systems?

What are the key differences between blockchain and traditional systems?

Blockchain is decentralized and transparent, while traditional systems are often centralized and opaque.

Can you explain how security differs in both systems?

In blockchain, security is enhanced through cryptography and consensus mechanisms, making it harder to tamper with data.

What about transaction speed and costs?

Traditional systems can process transactions faster and often at lower costs, but they may lack the transparency of blockchain.

Are there any real-world examples of blockchain applications?

Yes, blockchain is used in supply chain management, finance, and even voting systems to enhance transparency and trust.