Question at position 15 What role does blockchain technology play in the Bitcoin system?It ensures all Bitcoin transactions remain secret and are never recorded in a central databaseIt prevents peer-to-peer transactions and requires a central institution to approve transfersIt connects groups of transactions into blocks that are chained together over time, creating a distributed ledger of all Bitcoin transactions that anyone can access and updateIt stores user passwords in a centralised bank databaseClear my selection

Question

BlackTom AI · Accepted Answer

Blockchain connects groups of transactions into blocks that are chained together over time, creating a distributed ledger of all Bitcoin transactions that anyone can access and update.

1. Relevant knowledge points and concepts
- Block: a bundle of validated transactions plus metadata (timestamp, nonce) and a Merkle root summarizing transactions.
- Hash linking: each block contains the cryptographic hash of the previous block, forming an immutable chain.
- Distributed ledger: every full node stores a copy of the blockchain, so the history is public and replicated.
- Consensus (proof-of-work): miners compete to add blocks; valid updates require meeting protocol rules (difficulty target) and network acceptance.
- Pseudonymity vs secrecy: Bitcoin transactions are public on the ledger; addresses are pseudonymous but not secret.

2. Step-by-step reasoning
- Transactions are broadcast to the peer-to-peer network.
- Miners collect transactions into a candidate block and compute a proof-of-work.
- Once a miner finds a valid proof, the block is broadcast and other nodes verify it (valid transactions, correct hash).
- The new block is appended via its hash pointer to the previous block; every node updates its copy of the ledger.
- Because blocks reference previous hashes, altering a past transaction would break all subsequent hashes, making tampering computationally infeasible.

3. Calculations
- No numeric calculations are required here; the security argument is based on hash linkage and cumulative proof-of-work.

4. Why the correct answer is correct
- The described answer precisely captures that blockchain groups transactions into chained blocks to form a distributed, append-only ledger that nodes store and update through consensus.

5. Why other options are incorrect
- “Ensures all transactions remain secret…” is false: the blockchain is public, not secret (addresses are pseudonymous).
- “Prevents peer-to-peer transactions and requires a central institution…” contradicts Bitcoin’s decentralized, peer-to-peer design.
- “Stores user passwords in a centralised bank database” is unrelated and incorrect; there is no central bank database in Bitcoin.

6. Conclusion
The correct option is the one stating that blockchain connects transaction groups into chained blocks forming a distributed ledger; this matches the provided answer.

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