Blockchain for Newbies (1 of 5)

What is blockchain? Over a series of small blog posts, I'll try to provide quick 1-minute insights into blockchain.

Blockchain is:

• Decentralized ledger or distributed ledger.
• Managed by a peer-to-peer network of nodes.
• Reduces the need for 3rd party intermediaries or middlemen.
• Linked and secured using cryptography.
• Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data.
• Resistant to tampering or modification of data.
• Tampering is detected and rejected as hash link is corrupted.
• Bitcoin is the first use case leveraging blockchain.

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Click here for Part 2 of 5.