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 What is Blockchain

What exactly is a blockchain?

A blockchain is a distributed database that maintains an growing list of data records secured from tampering or revision. It is not centralised, which is important as there is no single point of failure. No one organisation can claim ownership so the Blockchain work together to confirm legitimate new transactions.

Blockchain is composed of data structure blocks, where each Blockchain block holds batches of individual transactions and the results of any blockchain executables. All of these blocks contain a timestamp and a link to a previous Blockchain block. The blockchain therefore serves as a public ledger of transactions which cannot be reversed without great difficulty or near-system failure.


Aside from the implementation of cryptocurrencies, blockchain technology can also transform key aspects of society. Examples include smart contracts to make micropayments more cost effective.

In the music industry, Blockchain can enable data sharing among the value chain from artist to consumer to realise and release more value. We can track who owns the song and who contributed to the work to enforce an unambiguous ownership trail. It can even be used to create online lotteries.


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A blockchain can also be used to store files in a decentralised manner, as opposed to a system like Dropbox. For instance, StorJ is one such proposal for blockchain-based file storage and retrieval.

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