What exactly is the blockchain?
It can be defined technically as follows:
“A blockchain is essentially a digital ledger of transactions that is duplicated and distributed across the entire network of computer systems on the blockchain. Each block in the chain contains a number of transactions, and every time a new transaction occurs on the blockchain, a record of that transaction is added to every participant’s ledger. The decentralized database managed by multiple participants is known as Distributed Ledger Technology (DLT).
Blockchain is a type of DLT in which transactions are recorded with an immutable cryptographic signature called a hash.”
If you really think about it, the Blockchain is the just the digital version of keeping track of the history of all of the information and data that is created in the ledger. It is protected by the principles of Cryptography and Encryption, and it cannot be accessed or altered without having the right Decryption Key.
But, one of the most common used of the Blockchain is for the Virtual Currency market, such as that of the Bitcoin.
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