I have tried to make a reaction timer using IC 4026. But due to unavailability of IC 4026 I want to replace it. Can I use 4017 instead of 4026?
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Although the 4017 is not an equivalent to the 4026 you can use a 4017 if you build your own 7-segment encoder, e.g. as diode matrix:
In a word; no.
The 4017 is a decade counter with decoded one-hot outputs, while the 4026 is a decade counter with decoded 7-segment outputs.