A seemingly ordinary computer file for storing transaction data, which can be aggregated with others to form a blockchain.

A block is one of the basic units of a blockchain, along with nodes. In itself, the block is only a computer file that is used to store the information of a transaction, especially the parties involved, a time stamp, and records of previous transaction blocks which take the form of a cryptographic hash. When placed in a logical sequence with other blocks, this computer file eventually forms a blockchain with the individuals or machines coordinating the transactions serving as the nodes on the network.

Blocks are the core elements of the blockchain revolution. Without them, the idea of a distributed ledger, peer-to-peer (P2P) payment networks, and other terms and concepts associated with the world of cryptocurrencies will fall apart.

Previous term

Black Swan Event

Read More

Next term

Block Explorer

Read More