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BLOCKCHAIN : - Coggle Diagram
BLOCKCHAIN :
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THREE Ps - three key terms that explain what makes blockchain different from the more familiar ledgers of today,
PROPAGATION:
There are many copies of a blockchain ledger, and no ‘master’ copy. All participants have access to a full copy of the ledger and all copies are identical and equivalent. No one party has control of the ledger. New transactions can be posted quickly and will propagate to all participants’ copies.
PERMANENCE:
With each user having their own copy of the ledger, truth is determined by consensus. Past transactions cannot be edited without the consent of the majority, meaning that blockchain records are permanent. The entire ledger is stored by each participant and can be inspected and verified.
PROGRAMMABILITY:
Some blockchains allow for program code to be stored on them, as well as ledger entries – creating automatic journal entries that execute automatically when triggered. These are the so-called ‘smart contracts’
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DEFINITION
The lower-case term ‘blockchain’ is the generic name for the protocol – the agreed rules of how to transact – used to implement a distributed ledger in one particular way
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