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What is blockchain and how does it work?

Discussion in 'CSO' started by RSS, Apr 14, 2016.

  1. RSS

    RSS New Member Member

    Blockchain technology backs up Bitcoin to this day, but there’s been a recent groundswell of interest from a variety of industries in making distributed ledger technology work.

    A blockchain is the structure of data that represents a financial ledger entry, or a record of a transaction. Each transaction is digitally signed to ensure its authenticity and that no one tampers with it, so the ledger itself and the existing transactions within it are assumed to be of high integrity.

    The real magic comes, however, from these digital ledger entries being distributed among a deployment or infrastructure. These additional nodes and layers in the infrastructure serve the purpose of providing a consensus about the state of a transaction at any given second; they all have copies of the existing authenticated ledger distributed amongst them.

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