The Blockchain, as it relates to Bitcoin is a public, distributed ledger that records transactions. It’s architecture is a chain of blocks where each block in the chain is connected to the prior block via a Hash value. Since each block is connected to the prior, the chain is touted to be immutable and immune to compromise.
The public nature of this chain requires that all participants in the chain download and maintain a copy of the entire chain, they are then referenced as a “Node”. Each of these nodes can also validate transactions to the chain utilizing a “proof-of-work”, “consensus model” to add blocks to their chain and then communicate the added blocks to the rest of the nodes in the network.
The chain is also hailed as disaster resistant since each node has a complete copy of the chain, if any node loses its copy then their copy can be replaced by copy from another node, by design there is network wide redundancy.
The public nature of this chain requires that all participants in the chain download and maintain a copy of the entire chain, they are then referenced as a “Node”. Each of these nodes can also validate transactions to the chain utilizing a “proof-of-work”, “consensus model” to add blocks to their chain and then communicate the added blocks to the rest of the nodes in the network.
The chain is also hailed as disaster resistant since each node has a complete copy of the chain, if any node loses its copy then their copy can be replaced by copy from another node, by design there is network wide redundancy.
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