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November 8, 2017
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A warm welcome to Lesson 2 of this Cryptocurrency mini-series. I hope that you’ve already seen my OP3N content of Lesson 1 on Cryptocurrency here.
In lesson 1, there were some basics on Blockchain already mentioned. So, read that first. Now, let’s move with new content.
In this lesson, I will introduce you to some basics of Blockchain, how it works, its types and where blockchain is used in today’s world.
Blockchains
Blockchains are Decentralized/Distributed:
What does that mean? It means information is not stored in one computer or one server but is available on all systems of users/participants. This feature prevents forgery or stealing of information or data or records.
Note: Never mix any cryptocurrency with Blockchain. i.e., for example, Bitcoin is Currency and Blockchain is Technology. So, bitcoin needs Blockchain to operate.
Blockchain Applications :
Blockchains are used in the following: Internet of Things, Identity, Finance and Accounting, Digital Voting, Digital Payment, Stock Exchanges, Health Records, E.T.C.
Types of Blockchains include Public, Private, and Hybrid.
Note: More in-depth concept will be given about blockchain, but before that, we need to cover some aspects first. Stay calm.
If you would like a video lecture of this lesson – Lesson 2 – then it’s available below.
By: Bijay Acharya on Twitter and Facebook
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