The Buz On Blockchain

 

A blockchain​ is a public ledger that records all Bitcoin​ transactions, eliminating the need for a third party to process payments.

Think of it as a full history of banking transactions. Blocks, or the most recent transactions being recorded, are like an individual banking statement. Each completed block is added to the chain, and another block begins, forming the constantly growing blockchain.

Bitcoin isn’t regulated by a central authority. Instead, its users dictate and verify transactions when one person pays another for goods or services. The completed transaction is publicly recorded into the blockchain, where it’s verified by other Bitcoin users.

Blockchain is seen as Bitcoin’s main technological innovation, since it provides proof of each transaction. It can review transaction histories to determine how much value a particular address owned at any time. Each computer that’s connected to the Bitcoin network receives a copy of the blockchain upon joining the network.

 

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