Introduction
History of Bitcoin and Blockchain
- What is Bitcoin?
- a type of unregulated digital currency created in 2008 with the intention to bypass government currency controls and simplify online transactions by getting rid of third‐party payment processing intermediaries
Blockchain
Background
- What is Blockchain?
- Blockchain is an open, decentralized ledger (which means it is not controlled by any single governing entity) that records transactions between two parties in a permanent way without needing third‐party authentication
- It is a distributed database that maintains a continuously growing list of ordered records, called "blocks"
- it is a combination of proven technologies applied in a new way.
- It was the particular orchestration of three technologies that made bitcoin creator Satoshi Nakamoto's idea so useful.
- These technologies are:
- private key cryptography;
- a distributed network with a shared ledger;
- an incentive to service the network's transactions, record‐keeping and security
- Blockchain has developed over the last decade into one of today's biggest ground‐breaking technologies with potential to impact every industry from financial to manufacturing to educational institutions
- Canada has emerged as a leading crypto nation based on its innovation, low energy costs, high internet
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