Block Chain

The block chain is a public record of Bitcoin transactions in chronological order. The block chain is shared between all Bitcoin users. It is used to verify the permanence of Bitcoin transactions and to prevent double spending.

Reference:

https://bitcoin.org/en/vocabulary

The Bitcoin block chain is a public record of all Bitcoin transactions. You might also hear the term used as a “public ledger.” The block chain shows every single record of bitcoin transactions in order, dating back to the very first one. The entire block chain can be downloaded and openly reviewed by anyone, or you can use a block explorer to review the block chain online.

Reference:

https://support.blockchain.com/hc/en-us/articles/213276463-Bitcoin-terms-glossary

The blockchain is a public record of Bitcoin transactions in chronological order. The blockchain is shared among all Bitcoin users. It is used to verify the permanence of Bitcoin transactions and to prevent double spending. A blockchain is the main chain, a single, most difficult chain of blocks. The blockchain is updated by mining of new transactions. Unconfirmed transactions are not part of the blockchain. If there is disagreement on which chain is main or which blocks are valid, a fork occurs. Each block includes the difficult-to-produce verification hash of the previous block. This allows each subsequent block to be linked to all previous blocks, known as the blockchain. As such, blocks of bitcoin transaction data does not stand alone. The data is created and processed and interlinked with other blocks to form the blockchain. On rare occasions errors in transaction data are not found immediately or in the block in which the information is embedded. However, as the processing, or mining, continues information in the blockchain is reviewed repeatedly. As a result, the further down the chain a transaction is, the more secure and correct its details are. If every block is a page of an accounting ledger, then the bottom of each page of the ledger would have a calculation based on the contents of that page that must be solved before the next page can be created. Because of the linking of the blocks together in this way, the validity of every page in the ledger can be confirmed since it links with the page before and behind it. Linking the blocks together makes it impossible to create deceptive blocks and allows the system to be trusted. The blockchain database is shared and available to all nodes participating in a cryptocurrency such as Bitcoin. With this information, one can determine how much value belonged to each address at any point in history.

Reference:

Malone, J.A (2015). Glossary of Bitcoin Terms and Definitions. United States: Lulu Press, Inc

An ever-extending series of data blocks that grows as new transactions are confirmed as part of a new block. Each new block is chained to the existing blockchain by a cryptographic proof-of-work.

Reference:

http://ethdocs.org/en/latest/glossary.html

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