Bitcoin is most known for being the first cryptocurrency and blockchain officially released in 2009. Bitcoin as defined by its creator Satoshi Nakamoto: “a purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution… We propose a solution to the double-spending problem using a peer-to-peer network.” https://bitcoin.org/bitcoin.pdf
A blockchain is a self-affecting database that is protected from modification using encryption, serving as a digital ledger system that records transacted information in chronological order. Although primarily associated with cryptocurrency, blockchain technology is proving to be a revolutionary way to propagate and store data securely: bestowing this technology the potential to revolutionize entire industries.
The act of removing coins from circulation by sending a specified amount of tokens to a public address, native to its blockchain, where the private keys are unknown. By doing this the quantity of token's burned are visible to the public but unretrievable. This method is used by companies to provide proof of burn when creating a new token or rewarding token holders.
A business transaction conducted between a company and the consumers that use their product or service. For instance: a transaction between an auto repair shop and their customers.