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What is blockchain? CNBC explains

If you've heard of bitcoin, you've probably also heard of the technology underlying it: The blockchain.

A blockchain is a global online database that anyone with an internet connection can use. Unlike traditional databases — which are typically owned by big institutions — a blockchain doesn't belong to anyone; and with an entire network of people monitoring it, cheating the system by faking documents, transactions and other information is nearly impossible.

Curious to know how it works? Watch CNBC's Tom Chitty explain it.