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Definitions Edit

Blockchain is

Blockchain is

a type of distributed ledger, comprised of unchangable, digitally recorded data in packages called blocks (rather like collating them on to a single sheet of paper). Each block is then ‘chained’ to the next block, using a cryptographic signature. This allows block chains to be used like a ledger, which can be shared and accessed by anyone with the appropriate permissions.[3]

Overview Edit

"The blockchain is seen as the main technological innovation of Bitcoin, since it stands as proof of all the transactions on the network. A block is the 'current' part of a blockchain which records some or all of the recent transactions, and once completed goes into the blockchain as permanent database."[4]

References Edit

  1. Pillsbury Winthrop Shaw Pittman LLP, Virtual Currency & Beyond: Acronyms, Abbreviations and Key Definitions, at 2 (full-text).
  2. Virtual Currency Schemes: A Further Analysis, at 33.
  3. "Blockchain Technology Glossary" (full-text).
  4. Investopedia (full-text).

See also Edit

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