Notes

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Network nodes can validate and produce proof of work for transactions, link blocks and provide security against double spending. Bitcoin nodes are used to secure more than 60 million bitcoins and are considered nearly immune to attack.

Use of blockchain by other crypto-currencies

In February 2014, developers with the Ripple protocol started using the ledger system of the Bitcoin network as a record of transactions for the currency called Ripple.

The Ethereum blockchain is implemented as a DAG, unlike the linked list of blocks in the Bitcoin blockchain. It may use Cuckoo Cycle hashing instead of SHA256 in order to provide a theoretically constant time requirements per block.: 112–114

By May 2016, Bitcoin accepted some of all transactions. Since then, Blockchain has become more of a generic term for the technology, referring to any distributed application that uses an immutable distributed ledgers to record transactions.

Structure

A blockchain is a linear data structure used to store a set of items. The linear nature of a blockchain is expressed mathematically through a recursive definition. The contents of the blockchain, which are the items being stored, are called blocks. A block is a continuously growing list of transactions.

Each block is organized into a series of headers and transactions. The headers include an identifier of the previous block, a timestamp, and transaction data. The transactions includes a timestamp of the transaction, the inputs of the transaction, and the outputs of the transaction.

A block must contain a value that points to the previous block in the blockchain. In Bitcoin a block contains a hash value of itself called the Merkle root. Other blockchains may use other references to point to the previous block, such as a linear numbering of block for chain analysis, and a set of magic numbers. The other headers and transactions in the block may consist of additional information for the store. This additional information is processed using a cryptographic hashing function, to ensure that the data is not tampered with. This process is also known as securing the data.

The hierarchical nature of the blockchain means that it is possible to store data at different levels of the chain. Blockchain systems can be integrated with other existing data structures as long as they are independent of the remainder of the blockchain.

Distributed storage

The original bitcoin blockchain is stored in an unstructured form across multiple interconnected computing devices. Miners, the people that run the bitcoin software, are required to secure the network by constantly updating the bitcoin blockchain.
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