Blockchain
Updated: 05 January 2025
What Does Blockchain Mean?
Blockchain is a record of transactions based on digital currency, managed by a community rather than a single entity. While it is currently associated with the Bitcoin network, other developers have shown interest in utilizing it.
Insuranceopedia Explains Blockchain
A block is a single transaction, while a blockchain is a series of transactions in digital currency that operates independently of a government’s central bank. It is also shareable and easily accessible. Its algorithm makes it difficult, if not impossible, to alter any data within it.
Concerns about the Bitcoin database have been growing. Since a blockchain is shared by numerous computers for validation and storage, there are concerns about its high energy consumption.
