Digital Society Notes - 25 Feb

Blockchain

A digitally distributed, decentralised, public ledger that record transactions across a network

Hash

Created when a new block is added to the blockchain, serving as a unique identifier for the block.

Proof of Work

A consensus mechanism used in blockchain networks to validate transactions and create new blocks by requiring participants to solve complex mathematical problems.

Blockchain Cryptography

uses cryptographic techniques to secure transactions and control the creation of new blocks in a blockchain.

Consensus

The process by which participants in a blockchain network agree on the validity of transactions and the state of the blockchain, ensuring that all copies of the ledger are the same.

Peer to Peer network

A decentralized network structure where participants can interact directly with each other without intermediaries, allowing for the sharing of resources and data.

Immutable

The property of a blockchain that ensures once data is recorded, it cannot be altered or deleted, providing a permanent and verifiable record.

Decentralised

A system architecture where control and decision-making are distributed among multiple points rather than being centralized in a single entity.