Blockchain’s meaning originally comes from “block chain”. It’s a continuously growing list of records called blocks. The blocks are linked and secured using cryptography. Each block typically contains a hash pointer as a link to a previous block, a timestamp and transaction data. By design, blockchains are inherently resistant to modification of data. Functionally, a blockchain can serve as “an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way”. For use as a distributed ledger a blockchain is typically managed by a peer-to-peer network, collectively adhering to a protocol for validating new blocks. Once recorded, the data in any given block cannot be altered retroactively without the alteration of all subsequent blocks and a collapse of the network majority.
It’s highly possible that you associate “blockchain” with the main technological innovation of Bitcoin – a currency that allows transactions to be made with no middle man. The blockchain stands as proof of all the transactions on the network. A block in this case is the “current” part of a blockchain which records some of the recent transactions, and once completed goes into the blockchain as a permanent database.
So the blockchain system has been designed to use nodes’ agreement to order transactions and prevent the fraud described above. The Bitcoin network orders transaction by putting them together into groups called blocks, each block contains a definite amount of transactions and a link to the previous block.
Given this background information, it’s completely understandable why the popular bitcoin wallet services are appropriating the name Blockchain.
One example is blockchain.info – it is a bitcoin wallet and block explorer service. Launched in August 2011, the service provides data on recent transactions, mined blocks in the bitcoin blockchain, charts on the bitcoin economy, and statistics and resources for developers.
Another examples is blockchain.com. It’s too close to the name of the aforementioned brand name. So it’s good thing that other brands decided to shake things up and choose different name. Such brands are TREZOR, Exodus, Jaxx, Armory, Xapo, Airbitz, BitGo, etc.
If you’re planning to join the industry of bitcoin wallets and you need help in your brand naming, contact us.
Do you know that the first distributed blockchain was conceptualised by Satoshi Nakamoto in 2008 and implemented the following year as a core component of the digital currency bitcoin, where it serves as the public ledger for all transactions. The invention of the blockchain for bitcoin made it the first digital currency to solve the double spending problem, without the use of a trusted authority or central server. The bitcoin design has been the inspiration for other applications.