Blockchain 17

What is the blockchain?

The blockchain is digital code, like the cryptographic keys to any digital computer. It is shared among thousands of computers called nodes, and uses a "public ledger," or blockchain, to record and synchronize transactions.

The blockchain is a record of every transaction ever made in the system -- and it is the ledger that holds and keeps the public's secrets. For instance, one can't go into a restaurant, pay for a meal, and have the bill and the bill's receipt be written on the same electronic log. Instead, the transaction is recorded by the entire system's nodes -- but the transactions are signed by the server at the restaurant, which gives the receipt a value, and the receipt is signed by the server at the server. Both are visible to anyone who has the access to the server, which means everyone can see the bill and see the receipt.

The fact that nodes can see the transaction but not the receipt is called the distributed ledger, or d-list. 

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