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web3glossaryblockchain
Blockchain

Summary

Blockchain is a decentralized digital ledger technology that records transactions across many computers in such a way that the registered transactions cannot be altered retroactively without the alteration of all subsequent blocks, which requires consensus from the network.

Detailed Description

Blockchain technology allows for secure and transparent transactions without the need for a central authority. Each transaction is grouped into a block and linked to the previous block, forming a chain. This technology is foundational to cryptocurrencies like Bitcoin and Ethereum, enabling peer-to-peer transactions while ensuring data integrity through cryptography and consensus mechanisms.

Category
Technology
Synonyms
Chain of Blocks
Cryptographic Ledger
Decentralized Ledger
Distributed Ledger Technology (DLT)

Impact Details

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Cryptocurrency Transactions

Using blockchain to facilitate peer-to-peer financial transactions securely without intermediaries.

Industries:

Finance
Retail

Platforms:

Bitcoin
Ethereum
Supply Chain Management

Tracking the provenance of goods from source to consumer to ensure transparency.

Industries:

Logistics
Manufacturing

Platforms:

MediaChain
IBM Food Trust
Voting Systems

Using blockchain technology to create tamper-proof digital voting systems that enhance democracy and transparency.

Industries:

Government
Public Sector

Platforms:

Follow My Vote
Voatz

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FAQs

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