5.2 · Lesson 1 of 1
Digital currency and blockchain
Syllabus 5.2.1Syllabus 5.2.2
What this lesson covers
- Explain what a digital currency is and how it is used
- Explain how blockchain tracks transactions
Key vocabulary
- Digital currency
- Money that only exists electronically.
- Cryptocurrency
- A decentralised digital currency that uses cryptography and blockchain.
- Blockchain
- A digital ledger of time-stamped records that cannot be altered.
- Digital ledger
- An electronic record of all transactions.
- Block
- A group of transaction records, with a timestamp, its own hash and the previous block's hash.
- Hash
- A unique value calculated from a block's contents. It changes if anything in the block changes.
- Distributed ledger
- A ledger copied across many computers (nodes) in a network.
- Private key
- A secret key used to authorise payments from a digital wallet.
Check your learning
- Quick check: 4 questions
- Key vocabulary test: 8 terms
- Activity 1: Blockchain detective · 8 questions
- Activity 2: Order the steps · drag and drop
- Activity 3: Digital currency quiz · 8 questions