How does Bitcoin use Blockchain

Bitcoins use of Blockchain Technology


The goal of blockchain is to allow digital information (Bitcoin) to be recorded and distributed, but not edited. Blockchain technology was first outlined in 1991 by Stuart Haber and W. Scott Stornetta, two researchers who wanted to implement a system where document timestamps could not be tampered with. But it wasn’t until almost two decades later, with the launch of Bitcoin in January 2009, that blockchain technology had its first real-world application.

 

The Bitcoin protocol is built on a blockchain. Bitcoin merely uses blockchain as a means to transparently record a ledger of payments, blockchain is used to immutably records. This in the form of transactions, votes in an election, product inventories, state identifications, deeds to homes, and much more. The nature of blockchain’s immutability means that fraudulent transactions would become far more difficult to occur. Bitcoin’s blockchain store data about monetary transactions because blockchain is a reliable way of bitcoin storing transaction data.




How does Bitcoin use Blockchain

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