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Blockchain

Last updated 17 October 2026Last verified 17 October 2026

What is a blockchain?

A distributed ledger maintained by a network of independent nodes, where transactions are grouped into blocks and linked cryptographically. No single party controls it: that is both its security property and its governance challenge. Immutability means errors, exploits, and theft generally cannot be reversed by any single authority, and the rare exceptions, such as Ethereum's 2016 DAO hard fork, required network-wide agreement.

TradFi equivalentA shared settlement ledger every participant holds a copy of, doing the work of a depository's register with no operator able to amend it. Errors and theft generally cannot be reversed by any single authority.