![]() ![]() Therefore, blockchain transactions occur within a peer-to-peer global network and this is what makes Bitcoin a decentralized digital currency that is borderless, and censorship-resistant. This means that each participant ( node ) maintains a copy of the blockchain data, and they communicate with each other to ensure that they are all on the same page (or block). Since the blockchain network is maintained by a myriad of computers spread around the world, it functions as a decentralized database (or ledger). In the context of cryptocurrencies, a blockchain consists of a stable chain of blocks, each one storing a list of previously confirmed transactions. The oldest, safest, and largest blockchain network is Bitcoin, which was designed with a careful and balanced combination of cryptography and game theory. Since then, the interest in blockchain technology has been growing gradually, and cryptocurrencies are now being acknowledged on a larger scale.īlockchain technology is mostly used to record cryptocurrency transactions, but it suits many other kinds of digital data and can be applied to a wide range of use cases. The work of Haber and Stornetta certainly inspired the work of many other computer scientists and cryptography enthusiasts - which eventually led to the creation of Bitcoin as the first decentralized electronic cash system (or simply the first cryptocurrency ).Īlthough blockchain technology is older than cryptocurrencies, it was only after the creation of Bitcoin in 2008 that its potential started to be recognized. Scott Stornetta employed cryptographic techniques in a chain of blocks as a way to secure digital documents from data tampering. ![]() The earliest model of a blockchain was created in the early 1990s when computer scientist Stuart Haber and physicist W. The data is organized into blocks, which are chronologically arranged and secured by cryptography. In short, a blockchain is a list of data records that works as a decentralized digital ledger. ![]()
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