Figuratively, a chain of chronologically ordered transaction blocks starting from day 1 of Bitcoin’s existence. Blocks are recorded every 10 minutes on average and each new block significantly increases the security of all previous blocks. Each valid transaction on the blockchain has a history of timestamps for every bitcoin address it has received and sent to and how much bitcoin a given bitcoin address currently has access to.
A blockchain is specifically designed for digital immutability but is only achieved when combined with a technology called proof-of-work and given the ecosystem meets very specific criteria such as a decentralized full node network.
Also called: timechain« Back to Glossary Index