Knowledge

“Blockchain” is a cryptographically secured data structure which provides an ordered series of blocks which link back to previous blocks to provide a comprehensive picture of variable states. Blockchain is analogous to a ledger, with states readily reconciled because a subsequent state is dependent upon or linked to the previous state. Blockchains can be implemented as distributed ledgers, where multiple nodes possess copies of the ledger and the accuracy of the ledger is predicated on consensus of the nodes as to the content of the ledger.

 Blockchain technology is the underlying system for cryptocurrencies like Bitcoin and Ethereum. Blockchain provides a secure, transaction based infrastructure for decentralization and consensus about the validity of transactions on a distributed ledger. The distributed ledger provides transparency regarding the cryptocurrency and transactions made therewith, and can support varying levels of privacy (from anonymous or pseudo-anonymous to public) for users based on implementation and the behavior of actors within the infrastructure.
Through the combination of a transparent blockchain and smart contracts, the need for a prior trust relationship or trusted third party is eliminated.