Blockchain — most simply defined as a shared, immutable ledger — has the potential to be the technology that redefines those processes and many others. To be clear, when I talk about blockchain, I’m not talking about Bitcoin. I’m talking about the underlying digital foundation that supports applications such as Bitcoin. But the reaches of blockchain extend far beyond Bitcoin.
A smart contract is another useful implementation of the blockchain technology. A smart contract is an agreement or set of rules that govern a business transaction; it's stored on the blockchain and is executed automatically as part of a transaction.
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