Blockchain (database) - Definition from the Hotspot Shield Encyclopedia

A Blockchain is used in cryptocurrencies and serves as a public ledger for digital currency transactions. Blockchain technology was initially created as an underlying format for the Bitcoin currency. Each client involved in a transaction will be able to connect to a Blockchain and interact with it by sending transactions, verifying current transactions and creating new blocks. Each block consists of a series of valid Bitcoin transactions together with a hash of the previous blockchain so the two can be linked together. The Blockchain technology has been widely praised for its use of decentralization and openness. Decentralization means that there is no central control over the currency, while openness means transparency of transactions.