ABOUT BLOCKCHAIN
What is blockchain? Before we look at blockchain, let’s first make it clear what it is not: blockchain is not Bitcoin! Blockchain is a technology that allows the storing of a digital ledger of transactions that is maintained by a network of computers (distributed) rather than a single entity. Every time data is generated using any software that uses this technology, it is written to a block and added to a chain of blocks in a given sequence which cannot be altered, hence the term blockchain (see figure 1). Figure 1
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Hash: 8M2Q Previous Hash: 000
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Hash: 3Y6E Previous Hash: 8M2Q
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Hash: 7B3R Previous Hash: 3Y6E
What’s the big deal about blockchain? Blockchain’s potential lies in its ability to establish an internet where all information is unassailably accurate and trustworthy. In an era marred by misinformation, blockchain offers a beacon of trust and transparency, promising a future where digital content becomes an unwavering source of verified truth. This isn’t just an evolution; it’s a pivotal moment that could propel us into an age of unparalleled authenticity.
What are the foundational values of blockchain? • Transparency & Accessibility
The right to information about a system.
• Agency & Interoperability
The right for participants to own and manage their data.
• Privacy & Security
The right to data protection.
• Accountability & Governance
The right for participants to understand available recourse.
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ANZSAP ISSUE 01
