Introduction to Blockchain
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The current monetary system has many issues associated with it like double spending, standard transaction fees, financial crisis, centralized power and private ledgers. Blockchain provides a remedy to all these ills by its basic structure, zero or minimal transaction fees and by providing a public ledger system which is visible to everyone who is the part of blockchain which makes it free from complications like double spending and financial cri-sis. Blockchain is basically a continuously growing list of records or public distributed ledger system called blocks linked and secured suing cryptography. Each block has multiple transaction details associated with it. It was introduced in the year 2009 by Satoshi Nakamoto, who is believed to be a Japanese man, born in 1974. Given the features and universal nature of the Blockchain, which include decentralized ledger system, proof of work and cryptography, one can appreciate that its implementation could result in far reaching changes in all domains.
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