Blockchain jar­gon buster

Capacity - - Special Report: Blockchain -

Per­mis­sion­less chain Any­one can con­trib­ute with­out be­long­ing to an ap­proved group. Suit­able for the cen­sor-free anonymity of a dig­i­tal cur­rency such as Bit­coin

Per­mis­sioned chain With iden­ti­cal copies of a ledger, but open only to a limited num­ber of trusted par­tic­i­pants – suited for ap­pli­ca­tions re­quir­ing sim­plic­ity, speed and greater trans­parency

Smart con­tracts A trans­ac­tion or busi­ness agree­ment en­shrined in soft­ware that can po­ten­tially enable au­ton­o­mous trans­ac­tions be­tween ma­chines, al­low­ing a car to pay a charging sta­tion for power or set­tle a bill at a road toll, for ex­am­ple

Distributed ledger A blockchain is dis­tinct from other distributed ledgers inas­much as it fea­tures digitally recorded data en­coded in pack­ages or blocks. Links be­tween dif­fer­ent blocks en­sure data has not been tam­pered with and re­mains un­changed

Open source blockchain stan­dards The likely fu­ture of blockchain tech­nol­ogy will in­volve mul­ti­ple types of im­ple­men­ta­tion, hope­fully in­ter­op­er­a­ble with each other to avoid a mess in no one’s in­ter­ests

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