Blockchain
A distributed, immutable ledger of transactions shared across a decentralized network.
Also: DLT · distributed ledger technology
Definition
A blockchain is a distributed ledger technology that stores records (blocks) in a chain, where each block contains a cryptographic hash of the previous block, a timestamp, and transaction data. This structure makes tampering detectable, as altering any block changes its hash and invalidates all subsequent blocks. Blockchain is maintained across a peer-to-peer network, eliminating the need for a central authority and enabling trustless transactions.
Example
“Bitcoin uses a blockchain to record every cryptocurrency transaction ever made; because thousands of computers worldwide simultaneously maintain identical copies of the ledger, no single entity can fraudulently alter the transaction history.”
Synonyms
- distributed ledger
- chain of blocks
- cryptographic ledger
Antonyms / Opposites
- centralized ledger
- single database
Images
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Related Terms
- Cryptography
- Distributed Systems
- Hash Function
- Decentralization