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Blockchain and Bitcoin: Concept, Functionality, and Security
Abstract
Bitcoin and blockchain are two new and innovative technologies that may be confusing. This purpose of this paper is to differentiate these two new technologies and explain their functionalities. The concept of Bitcoin “mining” will be addressed, as well as the impact it has had on the hardware market. Finally, the benefits and concerns of implementing blockchain and Bitcoin will be provided. Despite the concerns, both blockchain and Bitcoin provide a plethora of possible new technological advanced, both in the terms of digital currencies as well as other avenues.
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