Blockchain in Simple Words :

Love Singh November 27, 2021 Services

  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.

NFTs :

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 :

  1. Secure sharing of medical data
  2. NFT marketplaces
  3. Music royalties tracking
  4. Cross-border payments
  5. Real-time IoT operating systems
  6. Personal identity security
  7. Anti-money laundering tracking system
  8. Supply chain and logistics monitoring
  9. Voting mechanism
  10. Advertising insights
  11. Original content creation
  12. Cryptocurrency exchange
  13. Real estate processing platform

List Of Top Programming Languages Used For Blockchain :

  • C++
  • Java
  • Python
  • Solidity
  • Vyper
  • Golang
  • C#
  • JavaScript
  • Rholang
  • Simplicity

Get more details on Blockchain Applications