Sentences with phrase «independently by the blockchain»
And because all transactions and contracts are verified independently by the blockchain itself, this adds the ability to automate audits, accounting and record - keeping.
https://bitcoinmagazine.com/ Not exact matches
: First, your Bitcoin client downloads the entire blockchain from other nodes piece by piece; second, it tracks and validates all balances and transactions on the blockchain from the beginning of Bitcoin's history; and finally, it arrives at an independently verified current state and list of balances.
In fact, when you run the Bitcoin software for the first time, this is exactly what happens, in a process known as syncing: First, your Bitcoin client downloads the entire blockchain from other nodes piece by piece; second, it tracks and validates all balances and transactions on the blockchain from the beginning of Bitcoin's history; and finally, it arrives at an independently verified current state and list of balances.
Cryptocurrency payment solution UTRUST is a relatively new application of blockchain technology and cryptocurrencies that are being developed independently by a few companies around the world.