What is Blockchain? - Mine Digital

What is Blockchain?

Posted on: July 19, 2019
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Mine Digital

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The Blockchain is a public, digital ledger containing the entire set of bitcoin transactions. Blockchain technology was created to facilitate digital transactions in a way that did not require a third party to validate the transaction.

The blockchain is a public, digital ledger containing the entire set of bitcoin transactions. Blockchain technology was created to facilitate digital transactions in a way that did not require a third party to validate the transaction. The Bitcoin blockchain solution is a set of records that show the full history of the digital token. The provenance of a token and the chain of transactions since its creation should indicate the rightful owner of the token. When the first blockchain transaction was processed with a de-centralised computing network, the trust-less, de-centralised transaction was possible.

So blockchain is a list of bitcoin transactions that have been organised into blocks that go back to the origin of the coin itself. The usefulness of the blockchain is in proving the validity of a new bitcoin transaction where it is validated on a public ledger by a de-centralised group of computers. With this process, the de-centralised, trust-less transaction has been created. The entity known as ‘Satoshi Nakamoto’ is credited with creating the blockchain technology. Blockchain developers created the full Bitcoin protocol following his release of the Bitcoin ‘white paper’.