Glossary

Blockchain (further defined in the ACT-IAC Blockchain Primer)

A blockchain underpins a digital ledger in a peer-to-peer network which timestamps records by cryptographically hashing them into an ongoing chain of blocks, recorded chronologically and publically, forming an immutable record that is distributed across peer nodes.

Colored Coin Protocol / Deployment Model

Colored coin protocols share the user authentication model to associate real assets with addresses on the underlying blockchain.

Custodian

A person or a system that is responsible or looks after something, in the banking environment, custodians are specialized financial institutions responsible for safeguarding an individual’s financial assets.

Decentralized Autonomous Organizations (further defined in Appendix H)

Decentralized autonomous organizations (DAOs) are software-based entities whose decisions are generally made electronically by computer code.

Distributed Ledger Technology (DLT - further defined in the ACT-IAC Blockchain Primer)

A peer-to-peer network, which uses a defined consensus mechanism to prevent modification of an ordered series of time-stamped records.

Immutability

Not subject to or susceptible to be changed.

Membership

The ability or permissioned to participate in a blockchain network, usually controlled by a set of rules such as ‘PoW’ and validated by other members.

Metacoin Protocol / Deployment Model

A metacoin system is a colored coin protocol coupled with a middleware layer in the form of dedicated servers, which verify colored coin transactions.

MGT Act

The Modernizing Government Technology Act is a piece of legislature passed by the United States Congress in 2017 that provides a policy and guidance to modernize technology that supports the Federal Government. https://www.govtrack.us/congress/bills/115/hr2227.

Multi-Asset Blockchain Protocol

A protocol allowing multiple assets to be natively supported by a blockchain.

Node

A system that is part of a decentralized peer-to-peer (P2P) blockchain network.

Open-Source

Denotes software for which the original source code is made freely available to the public and may be redistributed and modified.

Permissioned Blockchain (further defined in the ACT-IAC Blockchain Primer)

A private network where permission to write to the blockchain is controlled by a single or a group of organization.

Phase Input

Material or artifacts needed at the beginning of a phase.

Phase Outcome

Derived effect of activities within a phase.

Phase Output

Specific products or deliverables of a phase that can be used in the subsequent phase.

Proprietary

Software owned by an individual or a company (usually the one that developed it), typically with restrictions on its use or its source code (contrast with open-source).

Public Blockchain (further defined in the ACT-IAC Blockchain Primer)

Generally open-source, public blockchains support multiple readers and writers with open read/write capability. Any participant is able to validate to the integrity of the block.