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The cryptocurrency ‘bitcoin’ uses a blockchain that utilises the ‘proof of work’ concept. Explain this concept...

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Operations Management

The cryptocurrency ‘bitcoin’ uses a blockchain that utilises the‘proof of work’ concept. Explain this concept – your explanationshould focus on:

• what ‘the work’ is

• why is it needed

• the operational implication in terms of processing time,and

• the distributed nature of the blockchain processing.

Answer & Explanation Solved by verified expert
3.7 Ratings (521 Votes)
Bitcoin is a type of cryptocurrency The term Balances of Bitcoin tokens are kept using the public and private keys and which are long strings of the numbers and letters that linked through the mathematical encryption model or algorithm that was used to create them The Bitcoin blockchain uses an algorithm or process called ProofofWork The Proof of work describes as a system that requires a notinsignificant role but a feasible amount of effort in order to deter frivolously or track the malicious uses of computing power such as    See Answer
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