Blockchain in Simple Words :
A blockchain is a decentralized digital ledger that saves transactions on thousands of computers around the globe. These are registered in a way that inhibits their subsequent modification. Blockchain technology increases the security and speeds up the exchange of information in a way that is cost-effective and more transparent. It also dispenses with third parties whose main role was to provide a trust and certification element in transactions (such as notaries and banks).
Blockchain is a system of recording information in a way that makes it difficult or impossible to change, hack, or cheat the system. A blockchain is essentially a digital ledger of transactions that is duplicated and distributed across the entire network of computer systems on the blockchain.
- A blockchain is a database that stores encrypted blocks of data then chains them together to form a chronological single-source-of-truth for the data.
- Digital assets are distributed instead of copied or transferred, creating an immutable record of an asset.
- The asset is decentralised, allowing full real-time access and transparency to the public.
- A transparent ledger of changes preserves integrity of the document, which creates trust in the asset.
- Blockchain’s inherent security measures and public ledger make it a prime technology for almost every single sector.
What is a Blockchain Platform?
A blockchain platform allows users and developers to create novel uses of an existing blockchain infrastructure. One example is Ethereum, which has a native cryptocurrency known as ether (ETH). But the Ethereum blockchain also allows the creation of smart contracts and programmable tokens used in initial coin offerings (ICOs), and non-fungible tokens (NFTs). These are all built up around the Ethereum infrastructure and secured by nodes on the Ethereum network.
Smart Contracts :
A smart contract is a computer program or a transaction protocol which is intended to automatically execute, control or document legally relevant events and actions according to the terms of a contract or an agreement.
Smart contracts were first proposed in 1994 by Nick Szabo, an American computer scientist who invented a virtual currency called “Bit Gold” in 1998, fully 10 years before the invention of bitcoin.
A non-fungible token (Something unique values) is a unique and non-interchangeable unit of data stored on a digital ledger. NFTs can be associated with easily-reproducible items such as photos, videos, audio, and other types of digital files as unique items, and use blockchain technology to give the NFT a public proof of ownership.
Blockchain Development Uses Following Areas :
- Secure sharing of medical data
- NFT marketplaces
- Music royalties tracking
- Cross-border payments
- Real-time IoT operating systems
- Personal identity security
- Anti-money laundering tracking system
- Supply chain and logistics monitoring
- Voting mechanism
- Advertising insights
- Original content creation
- Cryptocurrency exchange
- Real estate processing platform
List Of Top Programming Languages Used For Blockchain :
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