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Blockchain Glossary - Most Used Terms in Blockchain


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This is a brief study about the most used term in Blockchain.

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Blockchain Glossary - Most Used Terms in Blockchain

  1. 1. Blockchain Glossary: Most Used Terms in Blockchain
  2. 2. 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. Copyright© BlockchainCouncil 2
  3. 3. • 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. Copyright© ToshendraSharma 3 Sign Up Now
  4. 4. • 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. Copyright© ToshendraSharma 4 Sign Up Now
  5. 5. 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. Copyright© ToshendraSharma 5 Sign Up Now
  6. 6. OUR CONTACT DETAILS @chaincouncil WEBSITE: EMAIL: THANK YOU FOR YOUR TIME Copyright© BlockchainCouncil 6 Blockchain CouncilComPany: Sign Up Now