What is Chain Key Technology (DFINITY)?

DFINITY's chain key technology is a 48-byte public chain key that allows DFINITY's Internet Computer to finalize transactions. The mechanism is used to render old blocks within the system unnecessary, and enables the Internet Computer Protocol to operate at web-speed by finalizing transactions needed to update smart contract states within 1 to 2 seconds. Chain key technology is also responsible for the communication of different components within the Internet Computer (such as subnets, canisters, and the Network Nervous System (NNS)) and the network's consensus mechanism.