Blockchain technology is used for each transfer. You are able to see a live stream of transfers on blockchain.info. Identities are kept anonymous for mostly all transfers at this time. Going forward, if corporations or governments were to be on the blockchain, a public wallet name would have to be required to see their ledgers. Blockchain has six steps. User A puts a request to send money to User B. Afterwards, the transaction is sent and represented online as a “block”. That “block” is broadcast to every user in the network. Those users then approve or deny the transaction based on availability of funds. If approved, the “block” can be added to the chain of all other transactions, which provides a transparent record of transactions. After the “block” is added to the chain the request goes through and the money is then transferred.[2]
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