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A blockchain is a type of digital ledger in which ‘blocks’ of transactions are publicly recorded and chronologically added to a chain of continuously growing records. Secured using cryptography and accessible by computers connected to ‘nodes’ on the network, the data is shared with all participants and is resistant to modification because its alteration requires collusion of the network majority – instead of by a single centralised authority.
The earliest primary application of blockchain was for cryptocurrencies such as bitcoin, although the financial industry has since invested heavily in exploring the technology’s potential for a wide variety of use cases.
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