Blockchain refers to a suite of technologies used in Bitcoin and other cryptocurrencies. Technically, it is the distributed ledger or database shared among computers in a network’s nodes. While blockchain technology became highly popularized because of Bitcoin, crypto, and their related financial transactions, it has now come to represent many different use cases, particularly concerning smart contracts and their role in peer-to-peer online agreements.
Conceptually, blockchain technology lets a computer network agree on the ledger’s true state at regular intervals. The core innovation of Bitcoin, the first cryptocurrency, is that it can reconcile the network’s state and make that state immutable. The shared network data can be in the form of transaction records, credentials, transaction attributes, and other forms of information. Bitcoin’s technology also employs cryptography and game theory to strengthen the network incentives so participants are motivated to stay honest.
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