Understanding Blockchain Design in Swift

Bitcoin. The name invokes reactions of interest, speculation and curiosity. As someone interested in iOS development and computer science, it has been hard to resist exploring the technology and how it works. It is fascinating that even though crypto-currencies like Bitcoin are seen as new solutions, their design is based on a few concepts based on computer science. For this introductory content on Bitcoin, we’ll review its core technology — known as a Blockchain, in Swift.

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These days, the idea of sending or receiving money online is anything but new. On the contrary, much of the world economy is now conducted through the Internet, with some countries openly discussing the elimination of paper currencies altogether. Even though consumers, banks and institutions have designed a system that works, opportunities still exist for improvement. To see how ideas like Bitcoin differ from traditional banking consider the following:

In traditional commerce, Banks act as the coordinator and trusted authority for financial transactions. As a result, if person A wants to send or receive funds with person B, the exchange must be authorized by the Bank before any action takes place. Assuming the exchange is authorized, the Bank will facilitate the exchange and record the transaction in its books — otherwise called…