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ARTICLE · 19 JANUARY 2022

Enhancing Cybersecurity With The Power Of Blockchain

ONTIER LLP
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Bitcoin utilises a peer-to-peer network to authorise transactions made with the currency.

United KingdomTechnology
Derek Stinson
Derek Stinson
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Despite the enthusiasm, blockchain is not a solution for all cybersecurity risks; but its unique features will undoubtedly enhance cybersecurity for some large-scale networks. Certainly, blockchain's application is much broader than just in the cryptocurrency sphere.

What is Bitcoin and in turn, why does it require blockchain technology?

Bitcoin utilises a peer-to-peer network to authorise transactions made with the currency.

To initiate a transaction:

  1. A payer cryptographically signs a transaction to transfer the bitcoins from him or her to the payee, then sends the signed transaction to some nodes in the network. Those nodes share the transaction with their neighbours.

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