Which of the technology is used in the transaction of Bitcoin cryptocurrency?

Explanation

The technology used for Bitcoin transactions is Blockchain. Blockchain is a decentralized and distributed ledger technology that records all transactions across a network of computers. It ensures that Bitcoin transactions are secure, transparent, and tamper-proof. Every transaction is verified by nodes in the network and added to a block, which is then added to the existing chain of blocks, creating an immutable record of transactions. Important Key Points: 1. Blockchain is the backbone technology for Bitcoin and most other cryptocurrencies, ensuring secure, decentralized transaction processing. 2. The transparency and immutability of blockchain prevent double-spending and unauthorized alterations to the transaction record. Knowledge Booster: • Machine Learning: This is a subset of AI focused on data-driven predictions but is not used for Bitcoin transaction processing. • Artificial Intelligence (AI): While AI is revolutionizing many industries, it is not directly involved in processing Bitcoin transactions. • Data Mining: In cryptocurrency, "mining" refers to the process of verifying and adding transactions to the blockchain, but data mining (pattern discovery) is not the same. • Cloud Computing: Although used for storage and processing in various applications, cloud computing does not handle Bitcoin transaction verification. 44 www.bankersadda.com | Adda247 App