Blockchain Technology FAQ
Many people associate the term ‘blockchain’ as synonymous with the Bitcoin cryptocurrency. But that’s a little like first discovering the internet when someone introduced you to email. Sure, the two are linked… but the concept of blockchain is a whole lot more.
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Excerpt from the Blockchain Technology FAQ:
What is Blockchain?
To get a handle on the concept of a blockchain, you can imagine it as a ledger book, or database, that’s available for all to see. A shared resource that is replicated across the entire user network, constantly evolving and constantly being validated.
The blocks in the blockchain are groups of transactions made within a short timeframe. These are processed, validated and then added to the historic blockchain by multiple agents at the same time. A little like adding new lines to a ledger.
Blockchain technology can achieve far more than this however. Technologies such as Ethereum extend their blockchain network to support the running of programs on it. These decentralised programs benefit from all the security and robustness of the underlying blockchain.
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