A Byzantine Fault is an occurrence on decentralized systems where it may appear, for one user, that the system is working perfectly and, to others, that the system is failing. With a public, immutable, registry, managed by collaboration and collective altruism, this digital currency users could easily verify transactions and be assured that the funds were being transferred only once and not digitally copied infinitely.Ī Blockchain is also considered a system with high Byzantine Fault tolerance. The more people are in the network, the more difficult it is for a majority collusion in order to subvert the veracity of the information on the blockchain. This makes it decentralized, as no central authority is needed and each person in the network can write on the ledger, and allows for consensus in the network without the need of a middle-man. Each person that transacts Bitcoin acts as a node in the network, registering a transaction on the Bitcoin blockchain.
Satoshi created blockchain to solve the double-spend problem of digital currency and to act as a ledger, a registry, of the transactions of Bitcoin.
