Understanding Blockchains

A blockchain is a distributed ledger, a time-stamped data structure that contains an entire history of transactions for a system and cannot be altered by any one party in the blockchain system. Blockchains are based on cryptographic tokens and algorithms and a peer-to-peer network that verifies transaction history, so transactions can be trusted without requiring the use of a centralized authority or clearinghouse approving or vouching for the transactions.

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