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Blockchain is a shared, immutable ledger that facilitates the process of recording transactions and tracking assets across the corporate network. Assets can be tangible (house, car, cash, land) or intangible (intellectual property, patents, copyrights, trademarks). Tracking and trading almost anything of value on the blockchain network reduces the risk and costs of everyone involved.

Business is about information. The faster and more accurate the reception, the better. Blockchain is ideal for providing this information because it provides instantly shared, fully transparent information stored in an immutable ledger that is accessible only to authorized network members. The blockchain network can track orders, payments, accounts, production and more. Members also share a unified view of the truth, giving them all the details of a transaction from start to finish, providing greater confidence, new efficiency, and opportunities.

A blockchain is essentially a digital ledger that is replicated and distributed throughout the network of computer systems on the blockchain. Each block in the chain contains a set of transactions, and each time a new transaction occurs in the blockchain, a record of that transaction is added to each participant's ledger. A distributed database managed by multiple participants is called Distributed Ledger Technology (DLT).

Blockchain is a type of DLT that records transactions using an immutable cryptographic signature called a hash.

Databases usually structure data in tables, but blockchain, as the name implies, structures data in chunks (blocks) and arranges them. This data structure, when implemented in a decentralized way, creates an essentially irreversible timeline of data. When the block is full, it will be set to a stone and become part of its timeline. Each block in the chain is given an exact timestamp when it is added to the chain.  The goal of the blockchain is to record and distribute digital information, but it cannot be edited.

In this way, the blockchain is the basis for an immutable ledger or a record of transactions that cannot be modified, deleted, or destroyed. For this reason, blockchain is also known as Distributed Ledger Technology (DLT).

Icrest Models provide varied category of blockchain related articles and informatory notes.

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Blockchain for Business - What You Need to Know.
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