FinTech Glossary



Term
Meaning
Bitcoin
The first or one of the first cryptocurrencies using the Blockchain distributed ledger technology which was allegedly developed by Satoshi Nakamoto in 2008.
Blockchain
A decentralized digital ledger that records transactions in blocks of data held on computers all over the world. Because the data are held on many computers in many parts of the world it is virtually impossible to tamper with those records.
Cryptocurrency
A currency independent of national governments and central banking institutions that relies on encryption and dissemination of encrypted data to computers around the world rather than regulation by a central bank to gain users’ confidence.
DLT
Distributed ledger technology, the recording of encrypted data and dissemination and storage of such data on computers around the world.
FinTech
A portmanteau of “financial” or “financial services” and “technology”, the application of new technology to existing financial services such as banking, insurance, money transfer or mortgage lending or the development of new services such as Bitcoin using the Blockchain.
Fintech
A variation of FinTech
Peer to peer
A direct transaction between two participants such as a lender and borrower in peer to peer lending that does not involve a bank or other third party institution.
Sandbox
A safe space for the development of new technologies. Originally a not-for-profit corporation known as the FinTech Sandbox established in Boston, Massachusetts by fintech entrepreneurs to assist fintech startups but now used by similar organizations around the world. A variant of Sandbox is the “regulatory sandbox” used by the Financial Conduct Authority in the UK.
Smart contracts
Not really contracts at all but computer programs that arrange for transactions to take place when specified conditions are met.

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