What is Blockchain Technology?

By: Geeq

Blockchain technology describes a class of technologies that constructs a sequentially linked database (a blockchain) that is stored, after each block is appended, as a distributed database. A distributed database means the database exists redundantly on a network of computers.

Each blockchain technology specifies its own set of protocols. Protocols define the set of rules that agents are supposed to follow when they update and store the database on their own computers. Depending on the protocol, these agents may be called nodes, validators, or miners.

Geeq does not include mining. Why not? We explain below.