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Merriam-Webster adds Blockchain and Cryptocurrency related terms to its site


Mar 07, 2018 Posted /  8130 Views


Merriam-Webster adds Blockchain and Cryptocurrency related terms to its site

Dictionaries have always been one reliable source to look for definitions and find meanings for the new words. With every year, new words are listed in the dictionary mostly resulting out of  globalization which led to creation of many novel and unique terms and adaptation of many foreign language words. Similarly, the development in different sectors, especially technological and economic has culminated  in the formation of many industry-specific jargons.

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Now despite coverage by mainstream media like CNBC, Bloomberg, CNN, BBC and alike, there is a specific community of people who have awareness pertaining to cryptocurrencies and blockchain. But now the good old Merriam-Webster dictionary has added blockchain and cryptocurrencies vernaculars to simplify your understanding of this space.

Merriam-Webster has added 850 new terms to its site, and this includes trendy words like "kombucha" and "life hack." The creators of the dictionary say that they acknowledge that Cryptos especially Bitcoin, Blockchain, and Fintech are the hot topics and everyone (and, not just technology and finance circles) are interested in knowing about them. The dictionary maker on its web platform created entries for "cryptocurrency," "blockchain" and "initial coin offering." The dictionary explains ICO as "the first sale of bitcoin-like digital currency," and "unicorn," the term venture capitalists use to refer to a startup valued at $1 billion or more.

Since last year, Blockchain, the technology underpinning the leading digital currency bitcoin and many more cryptocurrencies, witnessed unsung popularity. On the other hand, despite gaining enormous value in just one year, Bitcoin experienced its fair share of fluctuations in value over the last year.

The dictionary explains the growing terms that occupy the space currently. However, Blockchain is one technology which certainly needs attention. Blockchain's process can be defined as follows- Certain online transactions create or build blockchains, ever-growing sets of data blocks that act as a kind of ledger. Instead of storing information on a central computer, blockchains distribute it across a group of computers.

And it's not just for finance. Blockchain can be used for a variety of purposes, from ensuring that food ordered online is legit to making sure a prescription drug isn't counterfeit. The blockchain is the technology that does not only empowers bitcoin but is foundation for a myriad of services that will transform your life.


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Tags: cryptocurrency blockchain cryptos fintech finance

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