Class 8, The Bitcoin Blockchain

Class 8, The Bitcoin Blockchain

  Up until now during our class periods, we have focused our cue in learning about the client-server network architecture. Client-server is often referred as the "classic" network architecture. Yet, there are relatively newborn and/or different network architectures, such as the peer-to-peer (P2P) and distributed computing architectures. In this blog post, I would like to elaborate and explain further details regarding the topic of the Bitcoin Blockchain, especially focusing on the "blockchain" aspects of the recently developed "Bitcoin."

  Bitcoin, in a non-tech-savvy wording, simply is a form of digital currency that enables users' financial transactions without the physical need for a credit card or a bank. Simply put, it can be rendered as a digital currency backed up by the conceptual bank of the internet, or the "online bank." Bitcoin is geared to allow its users to send and receive money over the web in the simplest way. The Bitcoin system and features are initially backed up by the peer-to-peer network. The bitcoin's transaction management is done by the blockchain of bitcoin, which I will explain further, and the initial issuance of bitcoins is collectively executed by the network that serves as the base.

The "blockchain" aspect of the bitcoin is one of the critical facets that allow bitcoin to operate. The "blockchain" works as a public ledger (book) of all the transactions in the Bitcoin network. The website, (Blockchain.info) enables users to navigate the bitcoin blockchain. This concept of the blockchain can be summarized as the official documentations for the online financial transactions made through the use of bitcoins. This transaction database, which is shared by all the users participating in the bitcoin transactions, guarantee the clarity of the transactions.