Blockchains and Bitcoin

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Offline Mrittika Shil

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Blockchains and Bitcoin
« on: April 30, 2018, 10:13:26 PM »
Blockchains and Bitcoin


The blockchain is perhaps the main technological innovation of Bitcoin. Bitcoin isn’t regulated by a central authority. Instead, its users dictate and validate transactions when one person pays another for goods or services, eliminating the need for a third party to process or store payments. The completed transaction is publicly recorded into blocks and eventually into the blockchain, where it’s verified and relayed by other Bitcoin users. On average, a new block is appended to the blockchain every 10 minutes, through mining.

Based on the Bitcoin protocol, the blockchain database is shared by all nodes participating in a system. Upon joining the network, each connected computer receives a copy of the blockchain, which has records, and stands as proof of, every transaction ever executed. It can thus provide insight about facts like how much value belonged a particular address at any point in the past. Blockchain.info provides access to the entire Bitcoin blockchain.

Read more: Blockchain Definition | Investopedia https://www.investopedia.com/terms/b/blockchain.asp#ixzz5EAiMV4tM
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