What is blockchain technology?

Blockchain is a type of Distributed Ledger Technology (DLT) in which transactions are recorded with an immutable cryptographic identifier called a hash. It is a system of recording information in a way that makes it difficult or impossible to change, hack, or cheat the system. A blockchain is essentially a digital ledger of transactions duplicated and distributed across the entire network of devices participating in the said blockchain. Each block in the chain contains a number of transactions, and every time a new transaction occurs, a record of that transaction is added to every participant’s ledger. Because the data is distributed over many independent devices, the blockchain eliminated the single point of failure typical of a centralised system.

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