The technology behind bitcoin lets people who do not know or trust each other build a dependable ledger. This has implications far beyond the cryptocurrency

  • 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.

The technology behind bitcoin lets people who do not know or trust each other build a dependable ledger. This has implications far beyond the cryptocurrency @peterMgeiser: Great explanation of #blockchain, #bitcoin, #cryptocurrency, #DistributedLedgers and other uses via @TheEconomist

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The technology behind bitcoin lets people who do not know or trust each other build a dependable ledger. This has implications far beyond the cryptocurrency