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Blockchain Terminology: 7 Key blockchain storage terms

Blockchain Terminology- Blockchain technology is conceptually rather complicated. It is, however, based on basic, known technologies such as peer-to-peer networks and distributed ledger.

At its core, blockchain is a distributed ledger technology for recording transactions between two or more parties. It’s been used primarily to support cryptocurrencies, but that’s changing as other uses, such as data storage, are emerging.

When a blockchain approach is combined with a peer-to-peer (P2P) network, a pool of distributed storage resources is created, providing the nodes for the blockchain storage. The beauty of blockchain is it’s decentralized and completely shared. No one entity owns it or controls it. What follows is blockchain terminology you’ll need to know to understand blockchain storage and how it works.

Peer-to-peer distributed network technology Knowing how a P2P network works is key to understanding blockchain terminology. P2P is a decentralized communications model in which all parties have equal ability to initiate communication and function as both a client and a server on the network. Computers on the network serve as file sharing nodes, storing files and acting as a server for those files. All computers on a P2P network can access files stored on other computers on the network.

Paired with blockchain technology, a P2P network can be used to enable a group of organizations to share storage. Each organization functions as a node on the network, offering and consuming storage resources. Distributed ledger technology Blockchain technology uses a distributed ledger to maintain the details of each transaction in what is essentially a decentralized database. Distributed ledger technology (DLT) records details about asset transactions in multiple places at the same time. A distributed ledger doesn’t have a central data store or administrator.

Each DLT node in a blockchain system processes and verifies every transaction, generating a record of each item and creating consensus on the veracity of each item. The ledger includes details about individual transactions, such as the shard location and hash and leasing costs. A copy of the ledger is stored on every node in the blockchain network. The ledger is transparent, verifiable, traceable and tamper-proof.

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