Updated: 29 February 2024

What Does Blockchain Mean?

Blockchain is a record of transactions based on digital currency. It is managed by a community, rather than a single entity. It is currently associated with the Bitcoin network but other developers have become interested in using it.

Insuranceopedia Explains Blockchain

A block is a single transaction and a blockchain is a series of transactions in digital currency that is not a part of a government’s central bank. It is also shareable and can be accessed easily. Its algorithm makes it difficult, if not impossible, to change any data within it.

Concerns about this Bitcoin database have been growing. Since a blockchain is shared by a large number of computers for validation and storage, there are worries that it consumes too much energy.

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