Throughout the series on “Blockchain in Supply Chain” we reference a number of important blockchain-related terms and concepts. Below is an initial list of blockchain terms used in the articles. We will add to this list as the series progresses.
Block – A set of data.
Block Header – A summary of the data in the block.
Blockchain – A distributed ledger comprised of immutable blocks chained together to create an encrypted history of transactions.
Central Authority – An individual, organization or group which controls a permissioned blockchain.
Centralization (in blockchain) – A system in which control and decision-making is handled by a central authority, which may be an individual, organization or group.
Centralized (or Traditional) Database – A system in which data is stored in a single location.
Consortium Blockchain – A permissioned blockchain governed by a group of organizations.
Cryptocurrency – A virtual, non-government currency that is transacted using blockchain.
Decentralization (in blockchain) – A system in which control and decision-making is handled by a distributed network instead of by a central authority.
Distributed Ledger – A system in which data is stored and shared across multiple sites, countries, or institutions.
Encryption – The encoding of information.
Full node – A node that contains a complete history of the blockchain and which is responsible for validating blocks.
Hash – The encrypted summary of the previous block’s header, which forms the link between blocks and acts as a shorthand way to impart the previous block’s information to the next block.
Hybrid Blockchain – A blockchain that controlled by a single organization, with a certain level of oversight performed by a public blockchain that is required to perform certain transaction validations.
Immutable – Unable to be altered.
Internet of Things (“IOT”) – Real world physical objects that are linked to the internet.
Light Node (or Lightweight Node) – A node that only stores block headers in order to validate transactions on the blockchain. Light nodes are dependent on full nodes to function.
Miner (or Mining Node) – A node which creates a block on a permissionless blockchain.
Nodes – Computers, laptops, servers or other computer devices connected to the internet.
Non-fungible Token (“NFT”) – A digital asset with a unique identifying code, which represents real-world objects.
Permissioned Blockchain – A blockchain that requires permission from a central authority to join.
Permissionless Blockchain – A blockchain that does not require permission to join.
Private (or Managed) Blockchain – Permissioned blockchains controlled by owners.
Pseudo-anonymity – Designation of a user by a pseudonym whereby no actual identity information is revealed.
Public Blockchains – Permissionless, completely decentralized blockchains.
Smart Contract – A computer program that will perform a task when a pre-determined event is triggered.
Validating a Block (or Validating a Transaction) – The act of verifying that data in a block comports with the rules of the blockchain.
[View source.]
from WordPress https://ift.tt/3iHdOiD
via IFTTT
No comments: