The blockchain (blockchain) is a public record of all Bitcoin transactions made over time. The blockchain is constantly growing, each ’completed’ block is added to another with an ever-new series of registrations.
In blockchain technology, blocks are added in linear and chronological order.
Each node (computer connected to the Bitcoin network that uses a client with the task of validating and managing transactions) receives a copy of the blockchain, which is automatically downloaded when it enters the Bitcoin network.
The blockchain has complete information on addresses and related balances from the genesis of Bitcoins to the last completed block added to the chain.
The blockchain is the main technological innovation introduced by Bitcoins, since it contains concrete proof of all transactions carried out on the network using the virtual currency.
Each new block is considered the ’current’ part of a blockchain and records some or all of the most recent operations. Once completed, it is inserted into the blockchain as a permanent database.
Each time a new block is completed, a new block is generated.
The number of blocks in the blockchain is huge.
These are not randomly placed in the blockchain but are linked together (like a chain) in linear and chronological order and each block contains a hash of the previous block.
Comparing it to the conventional banking system, we can define the blockchain as the complete history of banking operations around the world. Bitcoin transactions are entered chronologically into a blockchain just like it works for bank transactions. Blocks can be considered as individual bank statements.
Based on the Bitcoin protocol, the blockchain database is shared by all nodes participating in the system. The full copy of the blockchain includes the records of every Bitcoin transaction performed since the launch of the cryptocurrency. This can then provide useful information such as the address of each transaction that has taken place.
The increasingly large size of the blockchain is considered by some to be a big problem due to the difficulties of storage and synchronization. On average, a new block is added to the blockchain every 10 minutes.
For more information read Blockchain: what it is, how it works and why it is such an important technology
