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A digital ledger that keeps track of each and every transaction made with a block. When it comes down to it, a blockchain is simply a record of every transaction that has ever taken place. In addition to the previous block’s hash, each new block contains its own data.

What is Blockchain?

Each block in a blockchain consists of a unique piece of data. Each block contains data on transactions that took place over a specific period of time.

A unique identifier distinguishes each block from the rest of the chain. By solving cryptographic puzzles, new blocks are created and a reward is given to anyone who mines a block on the blockchain.

Bitcoin blockchain miners who solved the cryptographic hashing problem required to add a new block to the blockchain received 50 BTC when the blockchain was first launched.

Aside from public blockchains, private ones are being used in a variety of business and government applications.

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