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Blockchain definition
Blockchain is a decentralized, digital ledger that records transactions across a network of computers. It was originally designed as a secure and transparent method for tracking digital transactions without the need for a central authority, such as a bank or government.
In a blockchain network, transactions are grouped into blocks and each block is connected to the previous one, forming a chain. Once a block is added to the blockchain, the information it contains is considered to be permanent and cannot be altered. This makes the blockchain secure and tamper-proof, as any attempts to alter the information stored in a block would require changing all subsequent blocks in the chain.
Each participant in a blockchain network has a copy of the ledger and has equal power and authority in maintaining the network. When a new transaction is made, it is verified by multiple computers on the network before being added to the next block in the chain.
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