Blockchain It is simply a distributed, digital ledger that can serve as a platform for payment, agreement, tracking, and exchange. The network’s nodes must know each other. trust Each other.
What’s a blockchain quizlet?
Blockchain An encrypted, distributed database that is shared among multiple computers or nodes as part of a system or community.
What is this blockchain?
Blockchain defined: Blockchain This shared, immutable ledger facilitates the recording and tracking of assets in a business network. An asset can be tangible such as a house, car or cash. Or it could be intangible such intellectual property, patents, copyrights or branding.
What is true about block chain?
Technology at the heart bitcoin Blockchain, like other virtual currencies, is an open-source distributed ledger that records transactions between two parties in a transparent and permanent manner. It is also possible to program transactions into the ledger so that they are automatically triggered.
What is the blockchain analogous to quizlet?
Blockchain It is the underlying technology. An analogy could be the page of a hardcopy ledger. Blockchain, the first and most prolific technology used to create cryptocurrencies, is what they are. Bitcoin.
What is the blockchain analogous to?
BlockchainDistributed Ledger Technology, also known as DLT (Distributed Ledger Technology), is a system that makes any digital asset’s history transparent and unalterable through cryptographic hashing. An example of blockchain technology that is simple to understand is a Google Doc.
What is Bitcoin quizlet?
A Bitcoin The Bitcoin is an online currency unit that was launched in 2009. It doesn’t have any central control, and can only be used online. Anyone can send Bitcoins (or give your hard drive with the currency) to anyone who has an internet connection.
What is blockchain in simple words?
Blockchain A system for recording information in a way that makes the system difficult to hack or cheat. The blockchain is basically a digital ledger that records transactions and is distributed throughout the entire network.
Why is it called blockchain?
What is it called?Blockchain? Blockchain Its name is a result of how it works and the way it stores data. The information is stored in blocks that link together to create a chain.
What is blockchain with example?
A Blockchain A chain of blocks that contains information. The type of blockchain determines the data that is stored within a block. Examples: A Bitcoin Block includes information about the sender and receiver, as well as the number of bitcoins that will be sent. Bitcoin Block.