What is Blockchain and how does it work?

Blockchain is the structure behind the Bitcoin network, but it is way more than that. The Blockchain operates very similar to a ledger. All transactions that have been made within the Bitcoin network are recorded and stored on this ledger. The Bitcoin Blockchain is open for everyone, so all transactions can be accessed, which ensures complete transparency. It is an open source technology meaning there is no exclusive ownership. The Blockchain has many applications and also many advantages. A Blockchain is almost impossible to bring down due to its consensus feature, ensuring security of the sysstem. Because all transactions can be found, fraud can also be detected and prevented quickly. Furthermore, Blockchain renders third parties redundant, as many intermediate tasks are taken over by the system saving costs.

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