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Blockchain: A Practical Guide to Developing Business, Law, and Technology Solutions by Michael Wuehler, Solomon Lederer, Rene Madsen, Kedar Iyer, Paul R. Allen, Joseph J. Bambara

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2   Business Use Cases

Currency and Tokens

When a conversation starts up on blockchain, it invariably turns to the subject of cryptocurrencies and just as quickly to the first and most widely known one, Bitcoin. Let’s take a deeper look at cryptocurrencies and how they relate to blockchain. But first, let’s review the essence of blockchain and why it works for cryptocurrencies and tokens:

•   It contains proof of all transactions on the network.

•   The truth/facts are permanent; they cannot be changed after they are committed.

•   It can be likened to a linked list; this helps to prove integrity as each verified block points back to a prior block.

•   The mining process (for Bitcoin) validates, verifies, and commits the block.

•   Automatic ...

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