Introduction to Blockchain and Cryptocurrency

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What is Blockchain?

• Blockchain sounds very complicated and its and
  it is not. Basically, a blockchain is made up of
  a series of blocks that capture and store data
  permanently using cryptographic coding to connect
  the blocks together to a chain. Normally,
  individuals associate this cache of data with
  Bitcoin as well as the recording of electronic
  trade information around the Blockchain.

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Introduction to Blockchain

• Essentially, that a Blockchain is a safe
  transaction (private or public ) ledger database
  an electronic document which can only be
  shared with people that are a part of a
  recognized network of computers. This makes
  Blockchain super secure, transparent and since
  its handled by computers, Blockchain is free of
  human error or deception.

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What Can Blockchain Do?

• Blockchain is now synonymous with Bitcoin news
  but Blockchains can do far more than being
  utilized for recording digital money trades.
  Blockchains databases can be used to save any
  type of information, from particulars of fiscal
  transfers to monitoring ownership of electronic
  assets within an open and transparent manner
  through recording the trades on a public ledger.
  Blockchains are fantastic for storing documents
  and electronic information.

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Why Is Blockchain Important?

• Blockchain has been compared to the Internet in
  the sense that no one really knows yet how it can
  evolve but people know the potential is enormous!
  For instance, blockchain technology may produce
  tamper-proof, resilient distributed records. This
  means among a number of other things that it
  may help trace contributions by a donor to be
  certain that they find their correct path to
  their intended recipient.

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How Do the Blockchain Transactions Function?

• To illustrate as simply as possible how
  blockchain transactions operate, I will use the
  illustration of a Bitcoin trade. Lets imagine
  that you own some Bitcoin and need to send me a
  few. You print your goal (i.e. create a payment)
  and then wait for the computers (often called
  nodes) to scan the Bitcoin network. Every
  computer on the system stores a full copy of the
  ledger so they have a comprehensive history of
  what transactions have occurred.

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How are Blockchain and Cryptocurrency Different?

• You may consider the gap between cryptocurrency
  and blockchain as the difference between email
  and the net. Blockchain is similar to the Web, a
  technology, and cryptocurrency is like email,
  which is an application of the web. The vital
  distinction between the two is that blockchain is
  technology whilst blockchain and cryptocurrency
  is an application of the Blockchain technology.

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Conclusion

• In a nutshell, a Blockchain is a method for
  recording information in an open and transparent
  method. In the case of Bitcoin, this has been
  used to transfer wealth electronic currency thus
  the termdigital monies. However, as more and
  more blockchain companies arise shortly well
  start seeing more programs of non-currency
  established blockchain uses.

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ockchain-and-cryptocurrency/
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