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Blockchain is really a new type of technology which features a sequence of blocks or records chained together and distributed among its users. It facilitates an immutable record of transactions that do not need an external governing authority to validate the authenticity and integrity of the data. Although financial transactions are the most common type of data stored and transferred on blockchains at present, any type of information and data can be recorded on the blockchain.

Blockchain can be summarised as “an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value.”

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