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Tell me more about Blockchain technology…

Blockchain can be thought of as a shared database filled with entries that have been verified and encrypted (making it difficult or impossible to change, hack or cheat). The simplest comparison is to an accounting record book. Each ‘block’ is really a ‘line item’ in the shared record book. The ‘shared’ component means that it isn’t stored in one central location. Thousands of copies are stored all around the world in home computers and business servers, this is why blockchain is often referred to as ‘decentralized’. Once a record is added (following confirmation by multiple computers who have a copy of the record history), it cannot be changed.