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Blockchain technology is what's known as "decentralized" and is considered by advocates to be tamper-proof, cheaper, and more efficient. Bad actors would need to hack into multiple systems to change any information, making the data almost unhackable. It also speeds up transaction efficiency and gets rid of the need for a third-party intermediary, like a bank.

The technology is being applied to everything from health care, to the auto industry, to the legal marijuana industry. But skeptics like noted economist Nouriel Roubini have called it "'one of the most overhyped technologies ever."

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