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The blockchain is easier to understand than you may think. Understanding its implications to commerce and technology takes a bit more time.

Blockchain is an umbrella term for a variety of technologies. The first important concept to understand is the idea of a distributed ledger. A ledger is a database of transactions and “distributed” means that it’s not stored in one place. There are multiple identical copies stored in “nodes” all across the world. Each time 1 node updates, it must communicate with all the other nodes to update their copies as well.  The 2nd important concept, and what makes distributed ledgers more in...