Crypto FAQ: What is a cryptocurrency blockchain?
- Defn: blockchain
[compound noun: noun "block" + noun "chain"]
Blockchain refers to a specific Distributed Ledger Technology (DLT), which consists of a continuously-growing list of digital records—called blocks—that are linked and secured using cryptographic techniques. Each block in the blockchain contains transactional data (e.g., cryptocurrency exchange information) as well as a timestamp and a secure link (e.g., a cryptographic hash) to the previous block in the blockchain.
Blockchains are typically managed by peer-to-peer networks that adhere to specific protocols for inter-node communication and verifying new blocks. Once a block is recorded and verified on the blockchain, that block cannot be altered retroactively without the alteration of all subsequent blocks, which requires the collusion of a network majority. Common examples of blockchain protocols are the Bitcoin and Ethereum protocols for the Bitcoin and Ether cryptocurrencies.
Compare: Distributed Ledger Technology (DLT)
Contrast: cryptocurrency
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