Terms

Blockchain

Blockchain

Blockchain is a type of Distributed Ledger Technology that makes use of decentralization and cryptographic hashing for maintaining a permanent and tamper-proof record of transactional data. The brainchild of Satoshi Nakamoto, it is essentially a digital ledger of transactions that is duplicated and distributed across the entire network of computer systems on the blockchain. Blockchain has been originally devised as the core of digital currency and cryptocurrencies like bitcoin, as it ensures the integrity of a cryptocurrency by encrypting, validating, and permanently recording transactions. Blockchain technology has now found other potential uses, as it provides promising and revolutionary technology because it helps reduce risk, stamps out fraud and brings transparency in a scalable way for myriad uses.