What is a Block Chain?
What You Need To Know About A Block Chain
A blockchain is a special kind of database. The term blockchain refers to the whole network of distributed ledger technologies. According to Oxford Dictionaries, a ledger is “a book or other collection of financial accounts of a particular type.” It can be a computer file that records transactions. A ledger is actually the foundation of accounting and is as old as writing and money.
Obviously, we all did accounting in school and learn how to balance your ledger(Debit/Credit)☺️.
Now imagine a whole suite of incorruptible digital ledgers of economic transactions that can be programmed to record and track not only financial transactions but also virtually everything of value. The blockchain can track things like medical records, land titles, and even voting. It’s a shared, distributed, and immutable ledger that records the history of transactions starting with transaction number one. It establishes trust, accountability, and transparency.
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