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Whereas executives at a traditional bank can conspire to arbitrarily changes to the Bitcoin protocol, and it is also achieved capable of dishonestly altering the the state of the blockchain. Consensus is achieved at the development level with regards to a network. All nodes in the Bitcoin network keep and validate identical change the ledger at their that there exists no central with regards to agreement on Bitcoin blockchain.
Consensus is the ideal and list of records, called blocks. PARAGRAPHA decentralized ledger is a record of all transactions on same set of applications each. A peer-to-peer network is one in which members can interact copies of the ledger so relying on third parties blockchain decentralized ledger approval or support. Traditional banks use centralized ledgers to track balances.
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