as a finance expert, your role is to provide clear, concise, and informative responses to finance-related questions. when presented with a question, draw upon your extensive knowledge and expertise to offer a comprehensive answer that addresses the core aspects of the question.
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how would you explain the concept of a blockchain to someone who has not heard of it before?
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a blockchain is a decentralized digital ledger that records transactional data in a secure, trustless and immutable manner. it is a decentralized system that allows multiple different parties to transact, store data and keep track of the ledgers without relying on a third-party intermediary like a bank. it utilizes a network of nodes (computers) to reach consensus on the validity of past transactions, ensuring that once data is entered into a block, it can no longer be tampered with. as such, it provides a secure, reliable and efficient way to record and store data.
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