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What is Blockchain?

A blockchain refers to a distributed ledger that stores a constantly expanding sequence of ordered records known as blocks. Cryptographic techniques are employed to link these blocks, with each block containing the previous block’s cryptographic hash, a timestamp, and transaction information. The blockchain is a decentralized, distributed, and public digital record-keeping system that tracks transactions across numerous computers, ensuring that the record cannot be retroactively modified without changing all subsequent blocks and obtaining network consensus.

The four fundamental principles of blockchain technology include:

1. Shared ledger: This refers to an “append-only” distributed record-keeping system shared throughout a business network. The shared ledger enables transactions to be documented only once, eliminating the duplication practices commonly found in conventional business networks.
2. Permissions: Permissions ensure the security, authentication, and verification of transactions. By limiting network participation, organizations can more effectively adhere to data protection regulations like the Health Insurance Portability and Accountability Act (HIPAA) and the EU General Data Protection Regulation (GDPR).
3. Smart contracts: These are codes, agreements, softwares that dictate business transactions. Stored on the blockchain, smart contracts are executed automatically as part of a transaction.
4. Consensus: This involves all parties agreeing on a transaction that has been verified by the network. Blockchains employ various consensus mechanisms, such as proof of stake, multisignature, and practical Byzantine fault tolerance (PBFT).

Blockchain technology, mainly associated with cryptocurrencies like Bitcoin, is being explored for a variety of other applications:

1/ Payment processing and money transfers: Blockchain can facilitate rapid transactions and reduce or eliminate banking fees.
2/ Supply chain monitoring: Businesses can use blockchain to identify inefficiencies, track items in real time, and evaluate product quality throughout the supply chain.
3/ Digital IDs: Companies like Microsoft are experimenting with blockchain to give individuals control over their digital identities and data access.
4/ Data sharing: Blockchain can securely store and transfer enterprise data across industries.
5/ Copyright and royalties protection: Blockchain can create a decentralized database to protect artists’ rights and enable transparent, real-time royalty distribution for musicians and open source developers.
6/ IoT network management: Blockchain can regulate IoT networks, identifying and monitoring connected devices and assessing their trustworthiness.
7/ Healthcare applications: Blockchain could also play an important role in healthcare to help managing clinical trial data and electronic medical records while adhering to regulatory compliance.

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