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Blockchain In 1 Minute - What Is Blockchain - Blockchain Explained -How Blockchain Works-SimplilearnBlockchain requires a consensus protocol�some mechanism for maintaining a single version of the history of transactions that is agreed to by everyone. Since. Bitcoin's system allows users to transfer digital assets in the form of coins without a traditional regulatory or administrative body. Previous digital. A blockchain is a decentralized, distributed and public digital ledger that is used to record transactions across many computers so that the record cannot be.