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Exploring Blockchain – Technology Behind Bitcoin and Implications for Transforming Transportation

Blockchain is a distributed ledger of transactions, developed originally as the accounting platform for the virtual currency, Bitcoin. The technology is used to verify transactions, creating records that cannot be changed or deleted. Verification is accomplished in a decentralized manner through a network of participants, or distributed nodes, rather than through a third party, such as a bank or credit card company. One of the promises of blockchain is that it can reduce the administrative costs of that third-party validation, or potentially eliminate them altogether. This report examines various blockchain applications in transportation.

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