Lecturer in Accounting and Finance, The Open University Anwar Halari does not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment. The Open University provides funding as a founding partner of The Conversation UK.

Republish our articles for free, online or in print, under Creative Commons license. If you haven’t already heard of Bitcoin, you either haven’t been paying attention or you’re a time traveller who just touched down in 2018.

Because by now, most of us will have heard of Bitcoin and some of us have even jumped on the bandwagon, investing in cryptocurrencies. But despite its popularity, many people still don’t understand the technology that underlines it: blockchain.

In very simple terms, blockchain technology is an open access shared ledger that keeps a record of all the transactions between parties and allows all users to agree on its contents. New information is added in blocks linked to the previous blocks, resulting in a chain of blocks being built.

This ledger is verified by “miners” to make sure it’s true – and so creating an audit trail. Past records can be viewed but not altered without the consent of the majority. Read more from theconversation.com…

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