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Don and Alex Tapscott, who wrote , said it's an "incorruptible digital ledger of economic transactions." But it's not just transactions that can be recorded by blockchain tech.
It's a way to save and maintain a database that is secure, private, and decentralized.
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Blockchain technology is the backbone of cryptocurrency.
Your data is safe and secure, stored on computers (called a block) which are linked on a network (called a chain), thus the word "blockchain." These databases record cryptocurrency transactions which means that the virtual cash given and received is safe, secure, and can't be stolen.
Here's a look at three of the most common cryptocurrencies, how they work, and why you need to get savvy on this emerging trend in the coming year, particularly when it comes to your investment portfolio.
Cryptocurrency is digital (i.e., virtual) currency that doesn't exist in the real world in a tangible form but can be used as a medium of exchange for buying goods or services.
A database built on blockchain isn't owned by a business.
Instead, it's recorded across a vast array of computers that store identical copies of the database.