blockchain

Vocabulary Word

Definition

'Blockchain' is like a digital diary of transactions, but with extra security. It's like a chain of blocks, where each block has information and a way to make sure it hasn't been tampered with.

Examples in Different Contexts

'Blockchain' can revolutionize finance. A banker might state, 'Our bank is exploring blockchain solutions to enhance transparency and efficiency in transactions.'

Practice Scenarios

Business

Scenario:

The company's receiving a lot of transactions. We need a system that's secure and automates the audit process.

Response:

Integrating blockchain technology into our system could efficiently manage and secure our transactions.

Creative

Scenario:

You're working on digital art which could be easily copied or stolen. How can we protect your creative rights and ensure undeniable proof of ownership?

Response:

Blockchain could be a potent tool here. It provides a permanent proof of ownership that's virtually impossible to tamper with.