Blockchain
A blockchain is the foundational data structure behind Bitcoin.
A blockchain is the foundational data structure behind Bitcoin. As its name suggests, a blockchain is a list of blocks. Each of these blocks contains data.
In Bitcoin’s case, each block contains transactions created when one party sends bitcoin to another. The blockchain can be thought of as a digital ledger that keeps track of every account on the network.
The entire blockchain is the book that stores the record of every transaction that has ever taken place on the network. Each block, then, is like a new page added to the ledger to update the state of accounts on the network. Bitcoin’s blockchain is public, and thousands of nodes store identical copies of it, making it a decentralized ledger.
One special property of a blockchain is that it is immutable. Once a block is added to the blockchain, it is difficult to alter it. As more and more blocks are added on top, changing the original block becomes ever more difficult until it is practically impossible.
A blockchain is a distributed, immutable ledger that records transactions in linked blocks secured by cryptographic hashes. Bitcoin's blockchain is the most secure and longest-running blockchain network, and Onramp provides services built on this foundational technology.
Frequently Asked Questions
What is a blockchain?
A blockchain is a chain of cryptographically linked blocks, each containing a batch of validated transactions. Bitcoin's blockchain produces a new block approximately every 10 minutes and has operated continuously since January 2009.
How does Bitcoin's blockchain work?
Bitcoin miners compete to solve a cryptographic puzzle (proof-of-work), and the winner adds the next block of transactions to the chain. This process secures the network with over 500 exahashes per second of computing power.
Why is blockchain technology important?
Blockchain enables trustless, decentralized record-keeping without intermediaries. Onramp builds on Bitcoin's blockchain — the most secure distributed ledger — to provide institutional-grade financial services.
