Introduction to Blockchain and Cryptocurrency
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What is Blockchain?
• Blockchain sounds very complicated — and it’s and it is 
not. Basically, a blockchain is made up of a series of blocks 
that capture and store data permanently using 
cryptographic coding to connect the blocks together to a 
chain. Normally, individuals associate this cache of data 
with Bitcoin as well as the recording of electronic trade 
information around the Blockchain.
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Introduction to Blockchain
• Essentially, that a Blockchain is a safe transaction (private or 
public ) ledger database — an electronic document — which 
can only be shared with people that are a part of a recognized 
network of computers. This makes Blockchain super secure, 
transparent and since it’s handled by computers, Blockchain is 
free of human error or deception.
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What Can Blockchain Do?
• Blockchain is now synonymous with Bitcoin news  — but 
Blockchains can do far more than being utilized for recording 
digital money trades. Blockchains databases can be used to 
save any type of information, from particulars of fiscal 
transfers to monitoring ownership of electronic assets within 
an open and transparent manner through recording the trades 
on a public ledger. Blockchains are fantastic for storing 
documents and electronic information.
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Why Is Blockchain Important?
• Blockchain has been compared to the Internet in the sense that 
no one really knows yet how it can evolve but people know the 
potential is enormous! For instance, blockchain technology may 
produce tamper-proof, resilient distributed records. This means 
— among a number of other things — that it may help trace 
contributions by a donor to be certain that they find their 
correct path to their intended recipient.
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How Do the Blockchain Transactions Function?
• To illustrate as simply as possible how blockchain transactions 
operate, I will use the illustration of a Bitcoin trade. Let’s imagine 
that you own some Bitcoin and need to send me a few. You print 
your goal (i.e. create a payment) and then wait for the 
computers (often called nodes) to scan the Bitcoin network. 
Every computer on the system stores a full copy of the ledger so 
they have a comprehensive history of what transactions have 
occurred.
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How are Blockchain and Cryptocurrency 
Different?
• You may consider the gap between cryptocurrency and blockchain 
as the difference between email and the net. Blockchain is similar 
to the Web, a technology, and cryptocurrency is like email, which 
is an application of the web. The vital distinction between the two 
is that blockchain is technology whilst blockchain and 
cryptocurrency is an application of the Blockchain technology.
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Conclusion
• In a nutshell, a Blockchain is a method for recording information 
in an open and transparent method. In the case of Bitcoin, this 
has been used to transfer wealth electronic currency thus the 
term”digital monies”. However, as more and more blockchain 
companies arise shortly we’ll start seeing more programs of non-
currency established blockchain uses.
Source
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