blockchain

Meanings

• noun

  A decentralized, digital ledger that records transactions across multiple computers so as to prevent alteration of the ledger without consensus.

  - "The blockchain is a decentralized system that records transactions."
  - "Bitcoin uses a blockchain to record all transactions on its network."
  - "The security of the blockchain is ensured through cryptography."

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Variants

List of all variants of blockchain that leads to same result
blockchain , blockchains

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Etymology

origin and the way in which meanings have changed throughout history.

Blockchain is a combination of two words: 'block' and 'chain'. The term 'block' refers to the individual records or transactions, while 'chain' refers to the linked or chained nature of the records.

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Trivia

Any details, considerations, events or pieces of information regarding the word

1. The first block on the Bitcoin blockchain is called the 'genesis block'.

2. The blockchain is not owned by any single entity, making it a truly decentralized technology.

3. The blockchain is estimated to consume around 0.1% of the world's total electricity usage.

4. The term 'blockchain' was first used in a whitepaper by an anonymous person or group called Satoshi Nakamoto in 2008.

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Related Concepts

informations on related concepts or terms closely associated with the word. Discuss semantic fields or domains that the word belongs to

1. Cryptocurrency: Blockchain is the underlying technology that enables the existence of cryptocurrencies such as Bitcoin and Ethereum.

2. Decentralized Finance (DeFi): DeFi is a financial system built on blockchain technology that allows for the creation of financial applications that are decentralized, transparent, and censorship-resistant.

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Culture

Any cultural, historical, or symbolic significance of the word. Explore how the word has been used in literature, art, music, or other forms of expression.

Blockchain has gained significant cultural significance due to its role in the cryptocurrency revolution. It has been the subject of numerous articles, documentaries, and even songs. The blockchain's decentralized and secure nature has made it a symbol of the future of finance and technology.

How to Memorize "blockchain"

1. visualize
   

   - Imagine a chain of blocks, where each block contains multiple transactions. The blocks are linked together through cryptography, forming a chain.
   - Visualize a digital ledger that is distributed across multiple computers, where each computer has a copy of the entire ledger. When a new transaction is added, it is verified by multiple computers and added to the ledger.

2. associate
   

   - Associate the word 'blockchain' with 'security' and 'decentralization'.
   - Think of blockchain as a digital version of a ledger or journal.

3. mnemonics
   

   - B-Big C-Chain: Blockchain is a big chain of blocks.
   - B-Bitcoin C-Chain: Bitcoin uses the blockchain to record transactions.

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