- When a miner finally comes up with a solution other nodes quickly check it (that’s the one-way street again: solving is hard but checking is easy), and each node that confirms the solution updates the blockchain .
- It is the concatenation that makes the blocks into a chain.
- The technology behind bitcoin could transform how the economy works
- And nodes always work on the longest version of the blockchain there is.
- As the proposal propagates over the network the various nodes check, by inspecting the ledger, whether Alice actually has the bitcoin she now wants to spend.
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@EconBizFin: “Blockchain, the technology underpinning bitcoin, has applications beyond cryptocurrency”
WHEN the Honduran police came to evict her in 2009 Mariana Catalina Izaguirre had lived in her lowly house for three decades. Unlike many of her neighbours in Tegucigalpa, the country’s capital, she even had an official title to the land on which it stood.
Blockchains: The great chain of being sure about things