The Blockchain is the foundation of cryptocurrencies and has become the most fascinating and trendy technology in the marketplace. As revolutionary as the internet, blockchain has the capability to radically disrupt numerous industries, making processes much more transparent, secure, streamline, and democratic. The world is catching on. From governments to multinationals to snot-nosed start-ups, everyone is not only looking to ride this wave but to make their own respective blockchain waves and shake up the world.
One of the biggest misconceptions is that the Blockchain and Bitcoin are one in the same. However, the two are distinct, with the Blockchain being the underlying technology which facilitates the use of cryptocurrencies like Bitcoin. The Blockchain not only maintains the collective public ledger on which the whole Bitcoin network relies but also maintains the sequential ordering and trust by the utilization of cryptography. In essence, Bitcoin is only an application of blockchain, with blockchain having innumerable applications, apart form cryptocurrencies like Bitcoin.
As a decentralized shared public ledger blockchain permanently maintains records of all transactions that take place on a peer-to-peer basis. Each and every transaction on the decentralized ledger is confirmed and connected by the consensus of the majority of participants. Once a transaction is executed, the records of the transaction are permanent and cannot be removed or altered. This makes it a ground-breaking way to validate and confirm all the transactions that happen in the chain. It is by permitting information to be distributed and not just copied, blockchain forms the basis for a new and revolutionary application of the internet.
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