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Private blockchains have been proposed for business use. The blockchain is considered a type of payment rail. The bitcoin design has inspired other applications and blockchains that are readable by the public and are widely used by cryptocurrencies. The implementation of the blockchain within bitcoin made it the first digital currency to solve the double-spending problem without the need of a trusted authority or central server. The identity of Satoshi Nakamoto remains unknown to date.
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The blockchain was popularized by a person (or group of people) using the name Satoshi Nakamoto in 2008 to serve as the public transaction ledger of the cryptocurrency bitcoin, based on work by Stuart Haber, W. Although blockchain records are not unalterable as forks are possible, blockchains may be considered secure by design and exemplify a distributed computing system with high Byzantine fault tolerance. Therefore, blockchains are resistant to modification of their data because once recorded, the data in any given block cannot be altered retroactively without altering all subsequent blocks.īlockchains are typically managed by a peer-to-peer network for use as a publicly distributed ledger, where nodes collectively adhere to a protocol to communicate and validate new blocks. As blocks each contain information about the block previous to it, they form a chain, with each additional block reinforcing the ones before it. The timestamp proves that the transaction data existed when the block was published to get into its hash. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data (generally represented as a Merkle tree). Bitcoin blockchain structure Ī blockchain is a growing list of records, called blocks, that are linked together using cryptography.