Understanding Bitcoin (4 of 5)

Ledger: Everything is Kept in Record

In the previous article we have described how a simplified transaction looks like. In fact all transactions are done in this way. The ledger we keep mentioning above holds every transaction since its very beginning back to year 2009.

A Distributed and Reliable Ledger

First, no one owns this ledger, as everyone can own this ledger. This is the result of being decentralized.

Relation between Bitcoin and Blockchain

While the cryptography powering blockchain technology has a much longer history, most people agree that Bitcoin is the very first implementation of blockchain in such a large scale. Bitcoin requires a ledger that is robust enough against repudiation, and blockchain is the foundational technology that fulfils this requirement.

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