What Is Blockchain?

Blockchain is a shared, immutable ledger that facilitates the process of recording transactions and tracking assets in a business network. An asset can be tangible (a house, car, cash, land) or intangible (intellectual property, patents, copyrights, branding). Virtually anything of value can be tracked and traded on a blockchain network, reducing risk and cutting costs for all involved.

Business runs on information. The faster it’s received and the more accurate it is, the better. Blockchain is ideal for delivering that information because it provides immediate, shared and completely transparent information stored on an immutable ledger that can be accessed only by permission network members. A blockchain network can track orders, payments, accounts, production and much more. And because members share a single view of the truth, you can see all details of a transaction end to end, giving you greater confidence, as well as new efficiencies and opportunities.

Blockchain has its roots in Bitcoin. On 1 November 2008, a man calling himself Satoshi Nakamoto published an article entitled "Bitcoin: A Peer-to-Peer Electronic Cash System", in which he explained the concept of an electronic cash system based on P2P network technology, cryptography, timestamping technology and blockchain technology, which marked the birth of Bitcoin. Two months later the theory was put into practice and on 3 January 2009 the first block with the serial number 0 was created. A few days later, on 9 January 2009, a block with the number 1 appeared and was connected to the Genesis block with the number 0 to form a chain, marking the birth of the blockchain.

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