Blockchain from Bitcoin’s perspective

Posted on February 5, 2019 Updated on February 5, 2019

Blockchain technology is used as basis for a secure and transparent distributed ledger for the Bitcoin cryptocurrency. Its decentralized, public and immutable properties solve the double spending problem and allow every participant of the network to read the transaction history, help in
the validation process and pay and receive Bitcoin.

Cryptographically complex math ensures that everyone can do transactions with everyone without the need for a trusted third party. Next to financial transactions, this also holds for other claims. Entities can put claims on a decentralized ledger by digitally signing it, which allows any other entity to verify that these claims are made by that specific entity.