Blockchain
Quick Answer
A blockchain is a distributed, immutable digital ledger that records transactions across a network of computers, eliminating intermediaries and reducing settlement times from days to seconds.
Full Definition
A blockchain is a distributed, immutable digital ledger that records transactions across a network of computers. Each transaction is grouped into blocks that are cryptographically linked in chronological order. Blockchains can be public (permissionless, like Ethereum) or private (permissioned). In payments, blockchain technology eliminates intermediaries, reduces settlement times from days to seconds, and provides cryptographic proof of every transaction. It is the foundational technology behind crypto payment gateways like SpacePay.
Related Terms
BEP-20
BEP-20 is the token standard for creating fungible tokens on BNB Chain, similar to ERC-20 on Ethereum, commonly used for stablecoins in payment settlement due to low fees.
Block
A block is a data structure containing a batch of validated transactions permanently recorded on a blockchain, with each block cryptographically linked to the previous one.
Block Confirmation
A block confirmation occurs when a transaction is included in a block added to the blockchain. More confirmations mean greater finality and lower risk of reversal.
Block Explorer
A block explorer is a web tool for searching and verifying blockchain transactions, addresses, and smart contracts. Examples include Etherscan and Solscan.
Bridge
A blockchain bridge enables the transfer of tokens between separate blockchain networks by locking tokens on the source chain and minting equivalents on the destination chain.