What Can a Blockchain Do?

Updated on January 2, 2019 in Bitcoin
0 on January 2, 2019

Blockchain Technology is a decentralized, distributed and the public digital ledger that is used to record transactions across many computers so that the record cannot be altered retroactively without the alteration of all subsequent blocks and the consensus of the network.

The blockchain is best known for being the technology behind cryptocurrencies like Bitcoin and Ether (the currency of Ethereum), but blockchain is much more than an instrument of finance… Blockchain serves as a bookkeeping platform or ledger that is incorruptible, enforces transparency, and bypasses censorship.

A blockchain is the structure of data that represents a financial ledger entry, or a record of a transaction. Each transaction is digitally signed to ensure its authenticity and that no one tampers with it, so the ledger itself and the existing transactions within it are assumed to be of high integrity.

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