Cryptocurrencies and Blockchain: Eve of Disruption
Glossary of Terms
According to PwC, blockchain is a decentralized ledger of all transactions across a peer-to-peer network. Using this technology, which employs digital tokens that are built on a distributed ledger infrastructure, participants can confirm transactions without the need for a central certifying authority. (Per the World Bank, distributed ledgers use independent computers to record, share and synchronize transactions in their respective electronic ledgers, instead of keeping data centralized as in a traditional ledger.) Potential applications of blockchain include fund transfers, settling trades, voting, and many other uses. Cryptocurrency is a type of digital token, and is designed as a medium of exchange. Other digital tokens provide rights to use assets or services, or in some cases represent ownership interests.
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