Blockchain Glossary: Most Used Terms in Blockchain

INTRODUCTION: • Having a blockchain glossary will help you understand the terminology which is used

in the blockchain environment.

• As with any developi9ng sector or sub-sector, an understanding of the keywords and key phrases is essential.

• This helps the new individuals of the sector to understand articles or white papers with ease and gain knowledge.

• This technology is said to be causing a revolution around the world.

• Visionary thinkers, investors, and technologists are all talking about its immense potential and how it might trigger a real change in all kinds of ways.

• Blockchain is what structures the digital currency Bitcoin and various other cryptocurrencies that came afterward.

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• Bitcoin is a digital asset and a payment system invented by an unknown person entitled Satoshi Nakamoto, who published the invention of Bitcoin in a white paper in 2008.

• The following year, in 2009, Bitcoin was released as open-source software.

• Since then, bitcoin (and other alternative cryptocurrencies) kept flourishing and developed further.

• One of such promising alternatives is Ethereum, a decentralized platform for applications.

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• Even though it is making headlines every day, the technology in itself and how it works is still obscure.

• In this article, we have assembled a glossary of key concepts that can help us understand blockchain in a better way.

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The Most Used terms are: • Blocks and blockchain networks: A blockchain is a type of distributed ledger that is

shared across a business network. Business transactions are permanently recorded in sequential, append-only, tamper-evident blocks to the ledger. All the confirmed and validated transaction blocks are hash-linked from the genesis block to the most current block, hence the name blockchain.

• Distributed ledgers: A distributed ledger is a type of database, or system of record, that is shared, replicated, and synchronized among the members of a network.

• Participants: A blockchain network for business is a collectively owned peer-to-peer network that is operated by a group of identifiable and verifiable participants.

• Assets, transactions, and channels: Anything that can be owned or controlled to produce value is an asset. Assets can be tangible (such as a car or farm-fresh peaches) or intangible (such as a mortgage or patent). A transaction is an asset transfer onto or off of the ledger.

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