Understanding Blockchains

A blockchain is a time-stamped data structure that can contain an entire history of transactions for a system and cannot be altered by any one individual. Blockchains are based on cryptographic tokens and algorithms and a peer-to-peer network so that the transaction history in the blockchain can be trusted without a centralized authority or clearinghouse approving or vouching for the transactions. In a blockchain deployment, copies of the blockchain are replicated across nodes and are assured to be consistent through consensus algorithms.

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