A Layman's Guide to Bitcoin and Blockchain

Chowdhry, B and Kim, S (2021) A Layman's Guide to Bitcoin and Blockchain. In: The Palgrave Handbook of Technological Finance. Springer International Publishing, London, UK, pp. 61-78. ISBN 9783030651176

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In this chapter, we provide an overview of the Bitcoin blockchain and we describe the underlying consensus protocol (a.k.a., the Nakamoto consensus), which has now been used across many other distributed ledger solutions following the advent of Bitcoin. We also discuss other choices in ledger design (e.g., public versus private, blockchain versus directed acyclic graph), and we discuss other types of consensus protocols. Overall, our purpose is to provide a simple but robust explanation of blockchain's first widespread use case and to dispel common misunderstandings surrounding Bitcoin in particular, and distributed ledgers in general.

Item Type: Book Chapter
Subjects: Finance
Date Deposited: 03 Aug 2023 19:38
Last Modified: 03 Aug 2023 19:38
URI: https://eprints.exchange.isb.edu/id/eprint/1800

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