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IT Blockchain
A blockchain is a distributed database or ledger shared among a computer network's nodes. Blockchains can be used to make data in any industry immutable - the term used to describe the inability to be altered. Because there is no way to change a block, the only trust needed is on the technology, but not on regulators like banks or people. Since Bitcoin's introduction in 2009, blockchain uses have exploded via the creation of various cryptocurrencies, decentralized finance (DeFi) applications, non-fungible tokens (NFTs), and smart contracts.
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Smart Contracts
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A smart contract is a self-executing program that automates the actions required in a blockchain transaction. Once completed, the transactions are trackable and irreversible. Smart contracts permit trusted transactions and agreements to be carried out among disparate, anonymous parties without the need for a central authority, legal system, or external enforcement mechanism.
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Non Fungible Token
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Non-fungible tokens (NFTs) are assets like a piece of art, digital content, or video that have been tokenized via a blockchain. Tokens are unique identification codes created from metadata via an encryption function. These tokens are then stored on a blockchain, while the assets themselves are stored in other places like IRL. The connection between the token and the asset is what makes them unique.