Blockchain Buzzwords: Common Blockchain Definitions | Foley & Lardner LLP

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Blockonomics is a decentralized and permissionless bitcoin payment solution


All through the sequence on “Blockchain in Supply Chain” we reference a lot of essential blockchain-related phrases and ideas.  Under is an preliminary checklist of blockchain phrases used within the articles.  We are going to add to this checklist because the sequence progresses.

Block  – A set of knowledge.

Block Header – A abstract of the information within the block.

Blockchain – A distributed ledger comprised of immutable blocks chained collectively to create an encrypted historical past of transactions.

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Central Authority – A person, group or group which controls a permissioned blockchain.

Centralization (in blockchain) – A system during which management and decision-making is dealt with by a government, which can be a person, group or group.

Centralized (or Conventional) Database – A system during which knowledge is saved in a single location.

Consortium Blockchain – A permissioned blockchain ruled by a gaggle of organizations.

Cryptocurrency  – A digital, non-government foreign money that’s transacted utilizing blockchain.

Decentralization (in blockchain) – A system during which management and decision-making is dealt with by a distributed community as a substitute of by a government.

Distributed Ledger – A system during which knowledge is saved and shared throughout a number of websites, international locations, or establishments.

Encryption – The encoding of data.

Full node – A node that accommodates an entire historical past of the blockchain and which is accountable for validating blocks.

Hash – The encrypted abstract of the earlier block’s header, which types the hyperlink between blocks and acts as a shorthand technique to impart the earlier block’s data to the following block.

Hybrid Blockchain – A blockchain that managed by a single group, with a sure stage of oversight carried out by a public blockchain that’s required to carry out sure transaction validations.

Immutable – Unable to be altered.

Web of Issues (“IOT”) – Actual world bodily objects which might be linked to the web.

Gentle Node (or Light-weight Node) – A node that solely shops block headers to be able to validate transactions on the blockchain.  Gentle nodes are depending on full nodes to perform.

Miner (or Mining Node) – A node which creates a block on a permissionless blockchain.

Nodes – Computer systems, laptops, servers or different laptop gadgets linked to the web.

Non-fungible Token (“NFT”) – A digital asset with a singular figuring out code, which represents real-world objects.

Permissioned Blockchain – A blockchain that requires permission from a government to hitch.

Permissionless Blockchain – A blockchain that doesn’t require permission to hitch.

Non-public (or Managed) Blockchain  – Permissioned blockchains managed by house owners.

Pseudo-anonymity – Designation of a person by a pseudonym whereby no precise id data is revealed.

Public Blockchains – Permissionless, fully decentralized blockchains.

Good Contract  – A pc program that may carry out a activity when a pre-determined occasion is triggered.

Validating a Block (or Validating a Transaction) – The act of verifying that knowledge in a block comports with the foundations of the blockchain.

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