Blockchain simplified: How it eliminates the middleman

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  • Blockchain is basically a ledger of people’s transactions. It is the underlying programming on top of which the cryptocurrency bitcoin was developed.
  • Blockchain doesn’t allow for people’s transactions to be hacked because everyone has access to a record of the values exchanged. Because of this, it is said to be unhackable.
  • Blockchain has many potential uses, such as in accounting systems. This is already the case in Dubai, where its used for the city’s stock exchange, and in the Baltic states, such as Latvia and Lithuania, for their political processes.

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