blockchain, Cryptocurrency, digital

3 Key Concepts of Blockchain Technology

1. Smart contracts
With more and more companies investing in blockchain technologies, it is becoming vital for organisations to dig deeper into the concept of a smart contract. Smart contracts are gaining traction rapidly. The term smart contract was first used by a computer scientist and a cryptographer name Nick Szabo, long before bitcoin was created. Smart contract is completely digital, typically mini computers stored inside a blockchain.

2. Consensus
In Blockchain, there are different methods or algorithms to achieve consensus about the validity of a transaction. Two most known algorithms are (a.) Proof of Work and (b.) Proof of State.

3. Permission
Blockchain can either be with permission or without permission. Let’s dig deeper into the difference between these two.

Leave a Comment

Your email address will not be published. Required fields are marked *

-