A transactional database where the changes in state are made by updating the difference from A to B. The transactions are bundled into blocks and cryptographically hashed to produce a unique signature. Blocks are arranged forward in time with the hash of the previous block included in the next block, this prevents tampering. Merkle tree data structures are used to efficiently store transactions and compute the current state from the root of the blockchain. Typically what is computed is the balance of an account.
A network designed to update a blockchain database. Distributed and decentralized are not prerequisites. Allows for the creation and tokenization of digital scarcity through consensus, game theory or mechanism design. Allows for the individual ownership, exchange and administration of cryptographically secured assets.
Network participants chosen by centralized entity, consortium or federation.