IndexBitcoin and BlockchainHow does a blockchain work?Public BlockchainPrivate BlockchainSince the beginning of the information age, we have seen cutting-edge innovations across all industries aimed at simplifying our daily lives, where transactions monetary plays an important role. Although there are numerous software applications and Internet services that simplify online transactions around the world, we note that moving our financial resources from one place to another goes through an unreliable process that takes a long time as it uses antiquated systems that are expensive and could put our business is in danger. To solve this problem, Blockchain was introduced to restructure business transactions and introduce better, faster and more reliable forms that can be accessed and moderated digitally. Say no to plagiarism. Get a tailor-made essay on "Why Violent Video Games Shouldn't Be Banned"? Get an original essay “Blockchain was born to provide legitimacy to its master Bitcoin after the financial cataclysm of 2008. At its heart is a rebellious disdain for central authority control, offering instead a decentralized network of self-compliance and regulation. But the servant has become the master, offering business advantages not foreseen at the time of its conception, it is nothing short of a game changer for those who manage to master it - Steve Treagust, Global Industry Director for Finance, HCM and Strategy. “Blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not only financial transactions but virtually anything of value.” Don and Alex Tapscott, authors Blockchain Revolution (2016).Bitcoin and also known as BlockchainBitcoin. as "Virtual Gold" or "Cryptocurrency", it is the first decentralized form of virtual currency system that allows the exchange of money online without any bank or single administration. All these transactions are recorded in a publicly accessible register, to ensure security and authenticity. The technology that keeps this process working without any requirement for intermediaries is blockchain. Although these two words were used in the same context and are related, they refer to two completely different things. How does a blockchain work? Any exchange of Bitcoin that occurs between two parties is recorded in a "Block" which includes details such as the source, destination, time and date. A single block records similar transactions for a span of ten minutes depending on the specific blockchain and its configuration. These blocks combined form a Blockchain which is a data structure used to digitally curate and share a record of all transactions. The technology facilitates fast, secure and transparent peer-to-peer transfer of financial assets by enabling users to instantly make and validate transactions virtually." As revolutionary as it may seem, Blockchain is truly a mechanism to bring everyone to the highest degree of liability. No more missed transactions, human or mechanical errors or even a trade not made with the consent of the parties involved. Above all, the most critical area where Blockchain helps is to ensure the validity of a transaction not only by recording it on a master ledger but over a distributed system of connected ledgers, all linked through a secure validation mechanism.” – Ian Khan, TEDx speaker | Author | Futurist TechnologyPublic and Private BlockchainPublic BlockchainA completely decentralized platform where anyone can create and verify transactions. Using economic cryptography (a combination of economic incentives and cryptographic verification), only transactions.