Blockchain technology

Definition

Blockchain technology is a decentralized, digital ledger system that records transactions across many computers in a way that ensures the security and integrity of the data. Each block in the chain contains a number of transactions; once completed, a new block is generated and linked to the previous one, making it nearly impossible to alter past transactions.

Related terms

Cryptocurrency:

A digital or virtual currency that uses cryptography for security and operates independently of a central bank, often built on blockchain technology.

Smart Contract: A self-executing contract with the terms of the agreement between buyer and seller directly written into lines of code, leveraging blockchain technology for enforcement.

Decentralization:

The transfer of control and decision-making from a centralized entity (individual, organization, or group thereof) to a distributed network, characteristic of blockchain technology