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blockchain

November 5, 2017 by Owen Gallagher

Blockchain technology first became know as the basis of the cryptocurrency “bitcoin.” blockchains are distributed transaction ledgers storing record data without central coordination by using a consensus-based mechanism to check the validity of transactions.  Blockchain encrypted ledger entries distributed over the Internet: Altering or falsifying them without discovery is, as a practical matter, impossible. Since its first use in 2009 for bitcoins, some are calling blockchain technology the greatest revolution in accounting since the development of double-entry bookkeeping almost 500 years ago.

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