Blockchain Technology

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  • Blockchain technology was first developed in 2009 by Satoshi Nakamoto.
  • Since its inception, it has been used as the basis for several cryptocurrencies from around the world, including Bitcoin andBitshares.
  • Blockchain is a sort of distributed ledger or decentralized database that keeps records of digital transactions.
  • The ledger can record many transactions such as monetary transactions, property transfer, and even ballot storage.
  • When a digital transaction is carried out, it is grouped together in a cryptographically protected block with other transactions
  • Each transaction is recorded and stored in the ledger that is out on a public bulletin board. Every transaction adds a block to the chain of transactions and each one is assessed by every user based on algorithms agreed upon.
  • All transactions that occur on a standard Blockchain are verified and signed with cryptography to ensure security and anonymity
  • Rather than being kept in one location, a copy of the blockchain is stored on every user’s server so that a user cannot alter it without other users finding out.
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