Blockchain technology can be described a digital ledger that consists of a growing list of records – blocks – linked using cryptography. Each block contains information such as a timestamp, transaction data, and more, that can be permanently verified. While data on these blocks isn’t unalterable, blockchains are resistant to modification, especially if decentralized.

Blockchain technology was invented by the person or group behind the Satoshi Nakamoto pseudonym, which was behind the creation of the first cryptocurrency: Bitcoin. It allows the cryptocurrency to be decentralized and solves the double-spending problem without the need for a trusted authority. As a result, Bitcoin transactions are peer-to-peer.

This type of technology has over the years been deployed for a number of uses, including tracking the supply chain of supermarkets. Various cryptocurrency naysayers argue blockchain tech has potential.

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