In October 2008, Satoshi Nakamoto — a pseudonym used by the developer or developers of bitcoin — published a whitepaper detailing how an alternative electronic cash system could permit payments to be sent directly from one party to another, without involving a financial institution.
The document, titled "Bitcoin: A Peer-to-Peer Electronic Cash System," provided an overlook of how key aspects of Bitcoin (BTC) could support a trustless electronic cash system by using cryptographic proof.
The paper defines an electronic coin as a chain of digital signatures. It also outlines how ownership transfer can be executed by using the previous owner’s public and private key, to create a digital signature that is combined with the next owner’s public key into a transaction block.
Each block is linked to the previous one using a hash, and the entire chain of blocks comprises the entire decentralized ledger being built in the process.
This is how the term blockchain came into existence. For...
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