What is blockchain?

Blockchain is a distributed computing principle that removes reliance on a single master copy of a digital record by keeping a “distributed ledger” – multiple duplications of a record, all stored on different devices.

This is a fundamental departure from traditional approaches that rely on keeping a single central master record and protecting it using restricted user permissions. It goes beyond cryptocurrency. The technology underlying it – blockchain – is what is truly valuable. Blockchain’s value is in its universality. It can be applied to almost any situation that calls for keeping a secure record. Examples include shipment tracking, recording asset ownership, and legal contracts.

Other capabilities beyond the distributed ledger are being explored and added to the blockchain universe. Smart contracts and proof of stake are the new frontier for blockchain. These innovations add new capabilities to blockchain technology and enhance the applicability of the distributed ledger.

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