Blockchain

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. As blockchain adoption spreads to small businesses that handle crypto payments or digital records, the risk of data breaches and ransomware attacks has pushed many owners to look at cyber liability insurance for small businesses.

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. Companies building or integrating blockchain platforms also fall under the broader category of tech firms that need technology business insurance to cover errors, omissions, and software-related claims.