Blockchain Technology Overview

This set of flashcards covers the fundamental vocabulary and concepts of blockchain technology based on the Chapter $$1$$ transcript.

Distributed ledger

A ledger that is available for anyone to see and is maintained by everyone participating on the blockchain, with everyone holding their own copy.

Blockchain use cases

Applications for the technology that include payment processing, digital identification, monitoring of the supply chain, and digital voting.

Blockchain transaction examples

Actions such as transferring Bitcoin, creating a data backup, or transferring a house title from one individual to another.

Block

A larger collection of individual transactions that are grouped together to be processed into the blockchain.

Hash

A value added to a block to provide integrity; if any transaction within the block is modified, this value becomes invalid, causing other devices to discard the block.

Transaction distribution

The process where transaction information is sent to every individual device participating in the blockchain rather than to a single person.