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Blockchain is an open source, decentralized digital ledger that stores encrypted blocks of financial data in the same network. It links these blocks to form a chain. Blockchain is the technology that supports the exchange of digital currencies such as Bitcoin and Ethereum, providing more privacy and security than traditional banking technologies. Users can only distribute financial data and not copy it, and each piece of data belongs to just one person. Because blockchain stores data in many different places, it's harder for hackers to access and steal . Users can also track payments because all transactions exist in the public domain.

What Small and Midsize Businesses Need to Know About Blockchain

Blockchain allows SMBs to send and receive digital currencies without paying any fees. Unlike traditional banks, no vendor or service provider profits from a transaction, which can provide long-term cost savings.

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