Global Market Research Company US Global Blockchain Market Forecast & Opportunities, | Page 11

Product Overview
“The Internet of Value” – The Public Blockchain is a distributed ledger record, that records if a transaction
occurred, when it happened and if it was correctly recorded, without exposing any confidential details about the
sender and receiver involved. Every time a transaction takes place, it is written in a block. The block is then
hashed by the miners (a process of solving the complex algorithm mathematically for verification of the
transaction). Once the transaction is verified, it is permanently written in the block. A block is filled in 10
minutes and linked with the previous chain of blocks, thereby forming a “Blockchain”. A new block is created
and the same process repeats.
The first Blockchain transaction was created in 2009 by Satoshi Nakamoto (The alias for the founder of bitcoin
& blockchain). Blockchain can be Public (bitcoin blockchain), Private (Hyper-ledger) or hybrid.
Bitcoin is an encrypted virtual currency using the Blockchain technology to perform financial transactions.
During the financial crises in 2008, Bitcoin was developed as an alternative to traditional currencies in order to
reduce affect of market fluctuations and inflation along with the motive to enable trust between unknown
parties transacting.
The Bitcoin works on a peer-to-peer digital payment system, on the basis of consensus. Majority of the users
need to agree on the transaction, for it to be written on the blockchain. This removes the need for third party
interference and is far more efficient than traditional banking solutions.
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