Date of Graduation

5-2022

Document Type

Thesis

Degree Name

Bachelor of Science in Business Administration

Degree Level

Undergraduate

Department

Information Systems

Advisor/Mentor

Steve Nolan

Abstract

The blockchain based cryptocurrency known as Bitcoin was theorized in a whitepaper published October 28, 2008, by Satoshi Nakamoto (pseudonym) (Nakamoto, 2008). The paper, titled, “Bitcoin: A Peer-to-Peer Electronic Cash System,” laid out a digital currency creation/exchange structure that employs a decentralized ledger that would later run on the author’s open-source application (Nakamoto, 2008). The main innovation of this technology is found within the security benefits provided by the proof-of-work consensus mechanism that requires solving a mathematic trap-door compression function to verify transactions/blocks added to the blockchain. On January 3, 2009, the genesis block, a term for the first block in any given blockchain, was created using Satoshi’s Bitcoin v0.1 software that actualized the concepts in the Bitcoin whitepaper (Bitcoin Core, 2021).

Keywords

Bitcoin; Blockchain; Cryptocurrencies; Hashing; Decentralized; Ledger

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