Is a public database that is constantly updated and shared across a network of computers. Blockchains are generally referred to as a Distributed Ledger Technologies (DLTs). “Block” refers to the storage of data and state in clusters known as “blocks”. Every transaction on the network is recorded on the blocks and dominated in NXT. “Chain” refers to the fact that each block references its parent block cryptographically. In other words, blocks are interconnected.

The data in a block cannot be modified without modifying all subsequent blocks which would need network-wide consensus. Every computer in the network must concur on every new block in the chain. These machines are referred to as “nodes”. Nodes ensure that all parties engaging with the blockchain share the same information.