Blockchain explained: Why it’s more than just Bitcoin
Blockchain technology is quickly gaining traction as an advanced system that was originally the inspiration for Bitcoin and now impacts many industries. While many people only associate blockchain with cryptocurrencies, its capabilities extend far beyond virtual currencies. In this newsletter, we’ll dive into the basics of blockchain, highlight its many applications, and explain why it’s more than just Bitcoin. We will also discover how concepts such as Bitcoin wallets function within the wider blockchain environment. Also read: Competitive advantage: Leveraging AI, blockchain and analytics to improve supply chain management What is blockchain Blockchain is a decentralized virtual ledger that counts information in a stable, obvious, and tamper-proof manner. Its key properties include: Decentralization: There is no valuable authority that controls the blockchain; it is maintained through a community of computers (nodes). transparency: All transactions are visible to individuals, increasing trust. Immutability: Once a transaction is recorded, it cannot be changed or deleted. Every piece of data on the blockchain is…
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