Image Source-Yahoo.com The maintenance of ledgers has a history that dates back to the age of the Renaissance. The IT industry has revolutionized the business world by automating the business process. But it has not made any changes to the underlying business structure. Recently it has shown a tremendous expansion in a newly evolving technology called Blockchain . Blockchain: The Scope Blockchain is a decentralized and distributed ledger technology . It allows payments in bitcoins to flow through an economy. In fact, it is not only limited to the finance and banking sector. It is a distributed database. It means that people who do not know each other or trust each other create a record of facts, accepted by all. The technology thus opens the door to a new world where self-enforcing smart contracts replace rules and regulations of the state. This article explains the science behind the technology . How is Blockchain implemented? The sender initiates the transaction th
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