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How Blockchain Will Revolutionize Invoice-Backed Financing

The recent spike in the value of Bitcoin has captured the imagination of many people around the world. It is hard to believe that the cryptocurrency, which recently crossed the $20,000 mark, began the year with a relatively modest evaluation of $974. However, most people interested in buying and selling Bitcoins are probably not aware of the technology behind this digital currency, i.e., blockchain or distributed ledgers.

The Bitcoin system involves the use of a digital distributed ledger that records the ownership of all Bitcoin holders. Miners (or paid volunteers) are responsible for adding entries to the ledger to record the transactions. People transacting use digital signatures for verifying the authenticity of the transaction. Over time, the miners take a set (or a collection) of such entries broadcast by different people and make a ‘block’ out of them. Only one miner can add a block to the ledg ...

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