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A blockchain is a record-keeping system where multiple sources validate an entry before it gets added to the chain of data. Once data has been added, it cannot be changed and the record is distributed to multiple places within the network. Adding a new record (known as a block) to the blockchain sequence requires verification by multiple members connected to the blockchain network. These blocks of data are all linked to one another forming the chain. All transactions are public to those in the blockchain, but all individual identities are hidden.
Blockchain technology doesn't have to exist publicly. It can also exist privately - where nodes are simply points in a private network and the Blockchain acts similarly to a distributed ledger. Financial institutions specifically are under tremendous pressure to demonstrate regulatory compliance and many are now moving ahead with Blockchain implementations. Secure solutions like Blockchain can be a crucial building block to reduce compliance costs.
Lawbreakers have to hide and camouflage the money gained from their exploits. Currently this is done with fake bank accounts, gambling, and offshore companies, among other stratagems. There are a lot of concerns regarding the transparency of cryptocurrency transactions. But, all of the necessary regulatory elements, such as identifying parties and information, records of transactions and even enforcement can exist in the cryptocurrency system.

The domain name "bitcoin.org" was registered on 18 August 2008.[15] On 31 October 2008, a link to a paper authored by Satoshi Nakamoto titled Bitcoin: A Peer-to-Peer Electronic Cash System[5] was posted to a cryptography mailing list.[16] Nakamoto implemented the bitcoin software as open-source code and released it in January 2009.[17][18][10] Nakamoto's identity remains unknown.[9]
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