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A blockchain is an authoritative record of every Bitcoin transaction that has ever occurred. Think of it as a type of ledger that maintains a real-time digital record of ownership.

The distributed ledger is a decentralised database that grows in 'blocks', with the most recent 'block' containing the latest set of recorded transactions.

The blockchain allows all market participants to transparently and securely keep track of digital currency transactions without the need for a centralised ledger.