What is Blockchain?
Blockchain technology derives its name from the English word blocks because it is structured in blocks. These blocks, each containing a digital record of transactions, are linked together by a single chain of computers. Blockchains facilitate the recording of transactions made using several cryptocurrencies such as Bitcoin, Ada, etc., and help perform various other functions.
Remember, Blockchain is a technology and not a cryptocurrency. In that respect, Blockchain prices can mean the prices of several cryptocurrencies that operate on the Blockchain network. It can also mean the cost of blockchain development and the Blockchain fee for each cryptocurrency transaction. Blockchain prices for network development can vary between $5,000-$2,00,000, depending on the project requirements. On the other hand, Blockchain fees depend on factors like network congestion and the size of transactions.
In simple words, Blockchain analysis is the technique used to inspect, identify, collect, sort, and visually represent information that exists on Blockchains and distributed ledgers. The primary goal of Blockchain is to identify suspicious transactions, individuals, and entities connected to a Blockchain and trace funds back to their source to prevent fraud, noncompliance, and misuse. Anti Money Laundering (AML) and Know Your Customer (KYC) are perfect examples of activities that a Blockchain analysis helps execute.
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