A Layman’s Guide to Bitcoin and Blockchain

Bhagwan Chowdhry () and Seoyoung Kim ()
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Bhagwan Chowdhry: Indian School of Business
Seoyoung Kim: Santa Clara University

A chapter in The Palgrave Handbook of Technological Finance, 2021, pp 61-78 from Springer

Abstract: Abstract 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.

Keywords: Bitcoin; Blockchain; Distributed ledger (search for similar items in EconPapers)
Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-030-65117-6_3

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DOI: 10.1007/978-3-030-65117-6_3

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