Polymesh Glossary

A form of DLT, blockchain underlies a distributed ledger and permits it to be shared collectively and securely, facilitating easier transaction recording and asset tracking. It differs from other forms of DLT in that it stores information in blocks that are chained together. New data comes in and is added to a new block, which is then chained onto the previous block, linking the chain in chronological order and preventing the erasure of previous blocks. Ultimately, blockchain can provide immediate, shared, and completely transparent information stored on an immutable ledger accessible by all network members. Its most common use is as a ledger for transactions.