Confused About Blockchains? Here’s What You Need to Know

 

Source: Nathaniel Popper, N.Y.Times ( Paid Registration )

How is the blockchain different than other databases used to store transactions?

Most databases used to keep financial records are maintained by a central institution. JPMorgan Chase, for instance, is responsible for keeping track of how much money is in all of its customers’ accounts. With Bitcoin’s blockchain database, the ledger is kept and updated communally by all the computers that are hooked into the Bitcoin network.

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Tags/Keywords

currency, databases, blockchain


 
 

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