Faculty of Science and Technology, ICFAI Foundation for Higher Education, Hyderabad, Telangana, INDIA
Date Written: February 18, 2019
Abstract
Blockchain is a trusted, distributed, peer to peer, open, public, techno-cryptographic ledger to manage and transfer the value of digital assets, to provide immutability, anonymity and security. Bitcoin is a decentralized virtual, digital and programmable currency. Wallet is an interface to user in bitcoin network where we can store send and receive funds. This paper follows a novel approach in elaborating the underlying technical concepts of a transaction which comprises of locking and unlocking scripts, verification. Additionally, it also presents the details of block header that incorporates the concepts of difficulty, Merkle tree and proof of work. The paper highlights the mechanism of resolving ambiguity when there is more than one chain is available.
Puranam, Karthik Sai RadhaKrishna and Gaddam, Mani Chandra Teja and K, Vara Prasad Rao and Panda, Sandeep Kumar and Reddy, G Sudhaamsh Mohan, Anatomy and Lifecycle of a Bitcoin Transaction (February 18, 2019). Proceedings of International Conference on Sustainable Computing in Science, Technology and Management (SUSCOM), Amity University Rajasthan, Jaipur - India, February 26-28, 2019, Available at SSRN: https://ssrn.com/abstract=3355106 or http://dx.doi.org/10.2139/ssrn.3355106
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