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Blockchain Technology is a shared, immutable ledger that facilitates the process of recording transactions and tracking assets in a business network. An asset can be tangible (a house, car, cash, land) or intangible (intellectual property, documents, contracts, patents, copyrights, branding).
How does the Blockchain Work?
A blockchain is a distributed, peer-to-peer database that hosts a continuously growing number of transactions. Each transaction, referred to as a “block,” is secured through cryptography, timestamped, and validated by every authorized member of the database using consensus algorithms (i.e., a set of rules). A transaction that is not validated by all members of the database is not added to the database. Every transaction is attached to the previous transaction in sequential order, creating a chain of transactions (or blocks). A transaction cannot be deleted or edited, thereby creating an immutable audit trial. A transaction can only be changed by adding another transaction to the chain.
Blockchain Technology is a shared, immutable ledger that facilitates the process of recording transactions and tracking assets in a business network. An asset can be tangible (a house, car, cash, land) or intangible (intellectual property, documents, contracts, patents, copyrights, branding).
How does the Blockchain Work?
A blockchain is a distributed, peer-to-peer database that hosts a continuously growing number of transactions. Each transaction, referred to as a “block,” is secured through cryptography, timestamped, and validated by every authorized member of the database using consensus algorithms (i.e., a set of rules). A transaction that is not validated by all members of the database is not added to the database. Every transaction is attached to the previous transaction in sequential order, creating a chain of transactions (or blocks). A transaction cannot be deleted or edited, thereby creating an immutable audit trial. A transaction can only be changed by adding another transaction to the chain.
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