The name blockchain largely refers to the structure of the technology. Blocks contain data that represents transactions, and when a block is created or “mined,” all the data contained in the block is added to the chain. Permanently. All ledgers are updated to recognize this new consensus. Blocks are then linked together to form a chain and can be referred back to at any time, hence the name blockchain. The Bitcoin blockchain was created to allow a network to coordinate and reach “consensus” on shared data. Blockchains were created to solve the problem of coordinating data with people around the world, who don’t know or trust each other.
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