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Wednesday, November 21, 2018

Blockchain is a continuously updated digital record of who holds what.

Information about transactions—the time, date, amount and the participants involved—is encrypted into a "block" that is linked to other blocks to form a chain.

Everyone in a blockchain has access to the same information, providing transparency and continuous reconciliation. Because it exists on many computers, there is no centralized version of the information for a hacker to attack. And the use of encryption technology means it's no longer necessary to have a trusted third party verify information about you and a transaction you want to make.