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One of the most prominent applications of blockchain technology is in the financial sector. Blockchain enables secure and efficient peer-to-peer transactions, eliminating the need for intermediaries and reducing costs. Cryptocurrencies like Bitcoin and Ethereum are built on blockchain technology, providing decentralized digital currencies that allow for faster and cheaper cross-border transactions. Additionally, blockchain-based smart contracts facilitate the automation and execution of contractual agreements, streamlining processes and reducing fraud.

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