{"id":863,"date":"2024-03-07T10:02:00","date_gmt":"2024-03-07T10:02:00","guid":{"rendered":"https:\/\/webs.ddca.se\/fintechscoop\/?p=863"},"modified":"2022-03-22T10:07:13","modified_gmt":"2022-03-22T10:07:13","slug":"how-does-bitcoin-work-ii-blockchain-technology","status":"publish","type":"post","link":"https:\/\/webs.ddca.se\/fintechscoop\/2024\/03\/07\/how-does-bitcoin-work-ii-blockchain-technology\/","title":{"rendered":"How Does Bitcoin Work? (II): blockchain technology."},"content":{"rendered":"\n

Cryptocurrencies are the sensation in the fintech world and, among them, Bitcoin continues to be the most prominent. We have decided to dedicate a series of articles to him and, after the first installment<\/a>, here is a second article dedicated to one of his fundamental aspects: blockchain technology.<\/p>\n\n\n\n

The Bitcoin network works with a protocol known as blockchain. It was first defined in 2008 by a person or group named Satoshi Nakamoto and since then Bitcoin and blockchain have been practically synonymous, despite the fact that they are different issues. Thousands of blockchains have been created with similar techniques, so the term is sometimes used in relation to Bitcoin but, increasingly, to refer to the technology.<\/p>\n\n\n\n

The technology consists of a chain of information blocks arranged chronologically. In principle, that information can be any succession of zeros and ones, so it can include contracts, bonds, emails, wedding certificates… In theory, any contract between two parties can be established on a blockchain as long as both parties agree. agreement. This eliminates the need for a third party, which opens up a multitude of possibilities, for example peer-to-peer financial products such as loans, accounts or decentralized savings.<\/p>\n\n\n\n

Blockchain: the great impact of the recent fervor for cryptocurrencies<\/strong><\/p>\n\n\n\n

Although the current goal of Bitcoin is to be a store of value as well as a payment system, there is nothing to indicate that Bitcoin cannot be used in this way in the future, although a consensus should be reached to add such systems to the cryptocurrency. That versatility is precisely what has attracted the attention of governments and several private companies, which is why experts have pointed out that the blockchain technology it uses will be the great impact of the recent fervor for cryptocurrencies.<\/p>\n\n\n\n

In the case of Bitcoin, however, which is what concerns us in this article, the information stored on the chain is essentially transactions. It is, fundamentally, a list: a person sends an amount N of Bitcoin to another person, who in turn sends an amount to person C\u2026, and so on. On the other hand, not all of those transactions are performed by humans.<\/p>\n\n\n\n

Finally, since anyone can access the Bitcoin network, the possibilities for the Internet of Things are enormous. It could happen, for example, that taxis or autonomous vehicles have digital wallets with blockchain technology.<\/p>\n","protected":false},"excerpt":{"rendered":"

Cryptocurrencies are the sensation in the fintech world and, among them, Bitcoin continues to be the most prominent. <\/p>\n","protected":false},"author":1,"featured_media":864,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[228],"tags":[355,301,552,336,553,257,554,555],"class_list":["post-863","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-blockchain","tag-blockchain-technology","tag-cryptocurrencies","tag-fintech-world","tag-network","tag-peer-to-peer","tag-technologies"],"yoast_head":"\nHow Does Bitcoin Work? 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