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What Is Blockchain

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The technology which was invented in 2008 to power bitcoin when it launched a year later is being used for everything from copyright protection to sexual consent yes really. Originally designed as a method of reliably verifying transactions for satoshis cryptocurrency bitcoin.

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All of a sudden blockchain is everywhere.

What is blockchain. It uses cryptography to allow each participant on the network to manipulate the ledger in a secure way without the need for a central authority. Instead the blockchain is copied and spread across a network of computers. Blockchain keeps a record of all data exchanges this record is referred to as a ledger in the cryptocurrency world and each data exchange is a transaction.

A blockchain is a growing list of records called blocks which are linked using cryptographyeach block contains a cryptographic hash of the previous block a timestamp and transaction data generally represented as a merkle tree. A blockchain is a data structure that makes it possible to create a digital ledger of transactions and share it among a distributed network of computers. In the case of a blockchain every node in the network is coming to the same conclusion each updating the record independently with the most popular record becoming the de facto official record.

Blockchain does not store any of its information in a central location. A blockchain originally block chain is a growing list of records called blocks which are linked using cryptography. Blockchain technology is a relatively new concept first developed by satoshi nakamoto in 2008.

Forbes crypto expert michael del castillo explains blockchain and how its used in everyday life. Forbes crypto expert michael del castillo explains blockchain and how its used in everyday life. Blockchain can completely change our understanding of voting.

When a vote is recorded in the blockchain it cannot be deleted or changed without evidence of tampering. Considering the daily churn of news around blockchain not to mention the skyrocketing value. It utilizes a distributed system to verify each transaction a peer to peer.

Every verified transaction is added to the ledger as a block 2. Blockchains which are readable by the public are widely used by cryptocurrencies. Some marketing of blockchains has been called snake oil.

Private blockchains have been proposed for business use. Integrating blockchain into our voting process means that wed be hearing a lot less about voter fraud accusations.

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What Is Blockchain Technology
What Is Blockchain Technology
The technology was first implemented in 2009
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