What Does BLOCKCHAIN Mean?

BLOCKCHAIN means "Public Online Ledger (Cryptocurrency Term)".

BLOCKCHAIN is a "Public Online Ledger" used to record cryptocurrency transactions. A BLOCKCHAIN is a distributed database (i.e., the storage devices for the database are not all connected to a common processor).  BLOCKCHAIN maintains a list of ordered records, called blocks. Each block has a timestamp and a link to a previous block. In this way, it acts as a record of events that is shared between many parties, all of whom are anonymous.

Once information is entered in the BLOCKCHAIN it cannot be altered. Cryptography ensures that users can only edit the parts of the BLOCKCHAIN for which they posses the private keys necessary to write to the file. It also ensures that everyone's copy of the distributed BLOCKCHAIN is kept in synch.

BLOCKCHAIN is central to the function of cryptocurrencies such as Bitcoin. It allows the transfer of cryptocurrencies by maintaining a public record of each transaction. There is no physical or even online transfer of funds, such as in normal banking. All transactions are purely data transactions recorded in the BLOCKCHAIN.

As well as being used in banking, BLOCKCHAIN has many potential uses in commerce and in technologies such as crowdfunding and online voting. Major financial institutions including JP Morgan and Goldman Sachs have joined a partnership to develop BLOCKCHAIN technologies. 

Summary of Key Points

"Public Online Ledger (Cryptocurrency Term)" is the most common definition for BLOCKCHAIN on Snapchat, WhatsApp, Facebook, Twitter, Instagram, and TikTok.
Definition:Public Online Ledger (Cryptocurrency Term)
Type:Slang Word (Jargon)
4: Difficult to guess
Typical Users:
Adults and Teenagers

Example of BLOCKCHAIN Used in a Text


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