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What is a blockchain? Why do you need to know this definition? The MoneySense Glossary is your resource for learning and understanding financial terms.
Blockchain is the technology that securely, permanently and transparently records transactions in the form of a distributed digital ledger—shared across a network of computers in different locations—without involving banks or other central authorities. The first blockchain was the public ledger for bitcoin, the world’s first cryptocurrency. Today, the technology is used for a wide range of applications, such as trading digital currencies, transmitting sensitive information, tracking supply chains, preparing “smart contracts,” selling real estate and video gaming.
Example: “Blockchain could transform how artists and musicians sell and get paid for their work.”
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