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Learning Bitcoin by Richard Caetano

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Chapter 4. Understanding the Blockchain

 

"With e-currency based on cryptographic proof, without the need to trust a third party middleman, money can be secure and transactions effortless."

 
 --Satoshi Nakamoto, Bitcoin developer

Bitcoin's underlying transaction database is called the Blockchain. Its novel design, as a distributed ledger, allows it to function without any trusted central authority. Understanding how it works is essential for integrating information systems with Bitcoin. In this chapter, you will be given a simplified explanation of the blockchain's internal mechanisms. Building on the previous chapters, we'll cover the following subjects in more detail:

  • Keys, transactions, and blocks
  • Digital signatures
  • Cryptographic hashes
  • The Blockchain ...

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