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Blockchain Summary: Digital Bitcoin

A blockchain is a digital record of transactions stored in blocks that are linked together in a chain. Multiple computers on a peer-to-peer network validate each transaction before it is added to the blockchain to ensure validity. This decentralized validation process prevents a single system from adding invalid information to the chain. Blockchains can be used for cryptocurrencies like Bitcoin and have other applications for securely recording transactions in business and other areas.

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37 views2 pages

Blockchain Summary: Digital Bitcoin

A blockchain is a digital record of transactions stored in blocks that are linked together in a chain. Multiple computers on a peer-to-peer network validate each transaction before it is added to the blockchain to ensure validity. This decentralized validation process prevents a single system from adding invalid information to the chain. Blockchains can be used for cryptocurrencies like Bitcoin and have other applications for securely recording transactions in business and other areas.

Uploaded by

hend osama
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Blockchain summary

 A blockchain is a digital record of transactions. The name comes from its


structure, in which individual records, called blocks, are linked together in
single list, called a chain. Blockchains are used for recording transactions
made with cryptocurrencies, such as Bitcoin, and have many other
applications.
 Each transaction added to a blockchain is validated by multiple computers
on the Internet. These systems, which are configured to monitor specific
types of blockchain transactions, form a peer-to-peer network. They work
together to ensure each transaction is valid before it is added to the
blockchain. This decentralized network of computers ensures a single
system cannot add invalid blocks to the chain.

 Blockchain for business provides a way to execute transactions - a much


better way.

 Blockchain technology created the backbone of a new type of internet.


Originally devised for the digital currency, Bitcoin, (Buy Bitcoin) the tech
community has now found other potential uses for the technology.
 Picture a spreadsheet that is duplicated thousands of times across a network
of computers. Then imagine that this network is designed to regularly update
this spreadsheet and you have a basic understanding of the blockchain.

 Information held on a blockchain exists as a shared - and continually


reconciled - database. This is a way of using the network that has obvious
benefits. The blockchain database isn’t stored in any single location,
meaning the records it keeps are truly public and easily verifiable. No
centralized version of this information exists for a hacker to corrupt. Hosted
by millions of computers simultaneously, its data is accessible to anyone on
the internet.

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