WordValeblockchain
a shared, tamper-resistant digital ledger
In more detail
1. (noun) a digital record system where information is stored in blocks linked together in a chain, making it very difficult to alter or fake the data
2. (noun) the technology behind cryptocurrencies like Bitcoin that allows secure transactions without a central authority
Examples
- 1. Blockchain technology is used to verify and record financial transactions.
- 2. Many companies are exploring blockchain for supply chain management and other applications.
How to use blockchain
Blockchain is a technical term used primarily in computing, finance, and cryptocurrency contexts to describe a specific data structure and its applications. It is often used attributively (blockchain technology, blockchain network) and has become increasingly prominent in discussions of digital currencies and distributed systems, though the term is sometimes used loosely or hyperbolically in business contexts.
Common phrases
- blockchain technology
- blockchain network
- blockchain transaction
- blockchain-based system
- blockchain security
Synonyms
distributed ledger · cryptographic ledger · decentralized database · immutable ledger
Word family
blockchain (noun) · blockchain-based (adjective)
A common mistake
Learners sometimes use 'blockchain' as a synonym for cryptocurrency or Bitcoin itself, when it is actually the underlying technology that cryptocurrencies use; blockchain existed before Bitcoin and can be applied to many other domains beyond finance.
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