Bitcoin blockchain technology

Bitcoin is based on a technology called blockchain, which is governed by a consensus mechanism. In simple terms, blockchain records all transactions in a digital ledger that anyone can view publicly online.

Bitcoin is not managed by a centralized authority, but rather a group of stakeholders who work together to maintain the ledger (blockchain) to agree on whether a transaction is correct or not. This is called a consensus mechanism.

Bitcoin relies on the Proof of Work (PoW) consensus mechanism, which is the first blockchain consensus ever.