Date of Graduation

5-2022

Document Type

Thesis

Degree Name

Bachelor of Science in Business Administration

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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