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How the blockchain works

By gvpguru ·
The blockchain is basically a distributed database. Think of a giant, global spreadsheet that runs on millions and millions of computers. It’s distributed. It’s open source, so anyone can change the underlying code, and they can see what’s going on. It’s truly peer to peer; it doesn’t require powerful intermediaries to authenticate or to settle transactions.
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How the blockchain works

by venkateshjonnakuti In reply to How the blockchain works

Mainly used for security

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How the blockchain works

by gvpguru In reply to How the blockchain works

Most blockchains—and Bitcoin is the biggest—are what you call permission-less systems. We can do transactions and satisfy each other’s economic needs without knowing who the other party is and independent from central authorities. These blockchains all have a digital currency of some kind associated with them, which is why everybody talks about Bitcoin in the same breath as the blockchain, because the Bitcoin blockchain is the biggest.

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how does blockchain work

by sebastianstan212 In reply to How the blockchain works

The blockchain constitutes with a distributed public ledger for recording all transactions on a particular network. It is open to everyone. The Blockchain can be simply called a chain of blocks containing data or information. The data embedded into each block cannot be altered at any cost. Each blockchain imbeds data constituting the hash for the current block and the hash for the previous block.
Read more: http://www.blockchainexpert.uk/blog/how-does-blockchain-work

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