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A blockchain can be created by anyone running some bitcoin software, provided they meet certain network properties. This service can also be made available to non-bitcoin users, as in the case of blockchain.info. Lacking a practical use and without the prospects of earning dividends, the idea of running a blockchain server is mostly an experiment in distributed computing.
Blockchain technology can be used in different ways. One such application is the Bitcoin blockchain, a peer-to-peer payment network and digital currency, created in 2009 by developer Satoshi Nakamoto. Bitcoin is the most widely used cryptocurrency.
Definitions
A blockchain is a continuously growing list of records, called blocks, which are linked and secured using cryptography. Each block in a blockchain has a cryptographic hash of the previous block in the chain, a timestamp, and a link to the previous block.
Chain
In the context of blockchains, a chain is a series of blocks that starts with a genesis block which contains the hash of the previous block in the chain. All following blocks contain the hash of the previous block, and therefore all blocks are reachable from the genesis block. This is why the chain of all blocks is called the blockchain.
Each block contains:
cryptographic proof, based on elliptic curve cryptography, that the blockchain is valid, and
a link to the previous block in the chain.
Block
In the context of blockchains, a block is the smallest component of the blockchain that contains information. Each block can include a cryptographic proof of the previous block in the chain and a link to the previous block. For simplicity, the previous block is usually called the previous block in the following.
Blockchain explorer
Blockchain explorers display the information in the blocks. They can provide a subset of the information of the blocks for a subset of the users. As of 2018, there are no major Bitcoin clients that do not use a blockchain explorer. Examples include blockchain.info, Bitcoin Core and Bitcoin XT. Some blockchain explorers are online resources while others are a part of specialized software.
Blockchain nodes
Bitcoin nodes work by downloading and validating new blocks and transactions. The proof-of-work scheme as implemented in Bitcoin verifies and records this activity. Miners perform this proof-of-work, that is, they offer to find a nonce, a number that
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