Blockchain is known as the backbone technology behind Bitcoin, and it is one of the hottest and most intriguing technologies in the market today. Gartner estimates the current combined value of cryptocurrencies in circulation worldwide to be $155 billon and expects continued growth. Like the rise of the internet, Blockchain has the potential to truly disrupt multiple industries and make processes more democratic, secure, transparent and efficient. Entrepreneurs, startup companies, investors, global organizations and governments have all identified as a revolutionary technology.
Blockchain is a decentralized, shared public ledger that keeps a record of all transactions that take place across a peer-to-peer network. It contains the records of all the transactions or digital events executed and shared among all participating parties. Every transaction in the shared ledger is verified and linked in the system by the consensus of most participants. All the records in Blockchain are decentralized, immutable and non-removable. This makes it a revolutionary way to authenticate and verify all the transactions that happened in the chain. By allowing digital information to be distributed but not copied, Blockchain technology creates the backbone of a new type of internet.
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