Blockchain Consensus
/ˈblɒktʃeɪn kənˈsɛn(t)s/
Definitions
- (n.) A protocol mechanism through which distributed network participants agree on the validity and order of transactions in a blockchain, ensuring integrity and consistency of the ledger.
The blockchain consensus algorithm is vital for preventing double-spending in cryptocurrency transactions.
Commentary
Typically framed in the context of technology law and regulatory compliance, its precise definition may vary with the consensus protocol used; clarity in contracts involving blockchain should specify the consensus mechanism to clarify legal obligations and liabilities.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.