We use cookies to provide some features and experiences in QOSHE

More information  .  Close
Aa Aa Aa
- A +

What is a Blockchain and how does it work on Bitcoin?

1 28 0

"Blockchain" , as its English name implies, means chain of blocks . Information is stored in these groupings; The Blockchain's purpose is to keep unique and unalterable records of the data stored in each chain.

The origins of Blockchain go back to 1991 when Stuart Haber and W. Scott Stornetta described the first work on a chain of cryptographically secured blocks. In this study, Haber and Stornetta sought to create mechanisms to create digital seals and order registered files in a unique and secure way. This represented a practical computational solution for the order and handling of digital documents so that they could not be modified or manipulated. However, its boom increased in 2008 with the arrival of the cryptocurrency Bitcoin , although it is already being used for other commercial applications, so much so that an annual growth of 51% is estimated for 2022.

Applying it to the crypto world, we could say that it works like an accounting record sheet, only that once the information is entered it is very difficult to modify (for example, Bitcoin is built under Blockchain technology).

A Blockchain stores the data of each transaction, making it public, however, the data of the........

© Entrepreneur

Get it on Google Play