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:

    1. private key cryptography;
    2. a distributed network with a shared ledger;
    3. 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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