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Part 3: Blockchain Technology - Fundamental Elements

In Part 3 of this multipart series on blockchain technology, we will learn the key attributes and functions underlying the blockchain's unique characteristics. Let's get started! Decentralized. Blockchain technology maintains copies of its ledger across the participants or nodes of the network. The approach eliminates the need for a central repository, associated hardware and software, and without a central authority as in the case of a permissionless network. The decentralized approach makes the blockchain technology highly resilient and with no single point of failure. Immutability. Unlike a traditional database where information can be created, updated and deleted, transaction recorded t

Part 2: Blockchain Technology - Types of Blockchain Network

In Part 2 of this multipart series on blockchain technology, we will discuss the different types of blockchain networks and the pros/cons of the design. Let's get started! Bitcoin and Etherum are examples of public blockchains. These are permissionless blockchain networks where any one can participate. The degree of participation can vary from conducting transactions (e.g., sending currency or payment from self to another) to participating in the consensus process – the process for determining the blockchain current state and what blocks get added to the chain. Many public blockchains due to their trustless nature rely on Proof of Work (PoW) consensus algorithms to validate and verify trans

Part 1: Blockchain Technology - Introduction

Blockchain technology was the core technology behind the meteoric run-up of Bitcoin from the low $2,000 at the start of the summer to the low $19,000 before Christmas 2017. The use of distributed computing via a peer-to-peer technology combined with cryptography enables two untrusted parties to conduct transactions without requiring a trusted intermediary. Blockchain technology has the potential to impact all recordkeeping processes, including the way transactions are initiated, processed, authorized, recorded and reported. Changes in business models and business processes may impact back-office activities such as asset management, procurement, inventory, financial reporting and tax preparat

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