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#Post#: 28--------------------------------------------------
About Blockchain Tech and Decentralization
By: Ziadjbt78 Date: August 30, 2019, 9:48 am
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Blockchain is the technology the underpins digital currency
(Bitcoin, Litecoin, Ethereum, and the like). The tech allows
digital information to be distributed, but not copied. That
means each individual piece of data can only have one owner. The
information is constantly reconciled into the database, which is
stored in multiple locations and updated instantly. That means
the records are public and verifiable. Since there’s no central
location, it harder to hack since the info exists simultaneously
in millions of places. Blockchain technology was invented in
2008, but only came into the public conversation when Bitcoin
launched.
Decentralization is the process of distributing and dispersing
power away from a central authority. Most financial and
governmental systems, which are currently in existence, are
centralized, meaning that there is a single highest authority in
charge of managing them, such as a central bank or state
apparatus.
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