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.

blockchain

Blockchain Technology to Streamline the Vehicle Registration Process

Is blockchain technology the new internet?
The blockchain is an undeniably ingenious invention – the brainchild of a person or group of people known by the pseudonym, Satoshi Nakamoto. But since then, it has evolved into something greater, and the main question every single person is asking is: What is Blockchain?

As we all know, Blockchain has literally enabled the technology ecosystem to take a significant leap of innovation. Along the years, as Bitcoin has managed to take prominence and grabbed attention from all over the world (and rightly so), people took to studying all about cryptocurrency and Blockchain- the very platform that enabled crypto transactions to take place.

By identifying the need to make transactions more secure and recording them seamlessly, Satoshi Nakamoto came up with Bitcoin- the digital, cryptocurrency and Blockchain, the technology Bitcoin works on.

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