What is Blockchain?

So, what is a blockchain? It’s a complicated question because the inventor of Bitcoin, the pseudonymous Satoshi Nakamoto, didn’t use the term in the original Bitcoin paper. For many, “the blockchain” is nothing more than a shorthand for “how Bitcoin works.” But more usefully, the blockchain is a distributed ledger, shared by untrusted participants, with strong guarantees about accuracy and consistency. What does that mean? Let’s unpack it term by term …

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