A blockchain, originally block chain, is a continuously growing list of records, called blocks, which are linked and secured using cryptography.  Each block typically contains a cryptographic hash pointer as a link to a previous block, a timestamp and transaction data.  By design, blockchains are inherently resistant to modification of the data.

It is an open distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way.

A distributed ledger (also called a shared ledger, or referred to as distributed ledger technology) is a consensus of replicated, shared, and synchronized digital data geographically spread across multiple sites, countries, or institutions.  There is no central administrator or centralized data storage.

When a digital transaction is carried out, it is grouped together in a cryptographically protected block with other transactions that have occurred.  The validated block of transactions is then timestamped and added to a chain in a linear, chronological order. New blocks of validated transactions are linked to older blocks, making a chain of blocks that show every transaction made in the history of that blockchain.  The entire chain is continually updated so that every ledger in the network is the same, giving each member the ability to prove who owns what at any given time.

By the way, please note that blockchain’s potential uses extend far beyond digital currencies.

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