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Understanding the Basics of Blockchain: Transparency, Resilience, and Trust
Unlike traditional centralized systems, blockchain operates without a single controlling entity, distributing data across a network of interconnected computers. This distribution fosters transparency and resilience, making it resistant to manipulation and censorship.The blockchain’s ledger is not stored in a single location but rather replicated across multiple nodes in the network. This distribution ensures that the data remains accessible and consistent, even if individual nodes fail.
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While some blockchains are permissioned, restricting access to authorized participants, others are public, allowing anyone to join the network and view the ledger. This openness promotes transparency and trust.
A blockchain serves as a digital record of transactions, securely storing each transaction in a block. These blocks are then linked together in a chronological chain, forming an immutable record of transactions.
You can also explore these valuable resources:
- Blockchain Facts: What is it, How it works, and How it can be Used
- YouTube’s How Does a Blockchain Work?
- YouTube’s What Is a Blockchain? | Blockchain Basics for Developers
- Mark Petherbridge’s An Elementary and Slightly Distilled Introduction to Blockchain
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