A blockchain is, in the most straightforward of terms, a period stepped arrangement of unchanging records of information that is overseen by a group of PCs not possessed by any single element. Every one of these squares of information (for example square) is made sure about and bound to one another utilizing cryptographic standards (for example chain).
- Characterise of Blockchain Technology
Block chain is a distributed ledger technology, decentralized, Irreversible Consensus [POW, POS], Based on a peer-to-peer (P2P) topology, Secure, Faster Settlement, and Transparent.
- Blocks” on the blockchain are made up of digital pieces of information.
- SHA256 HASH BLOCK
- BLOCKCHAIN
- DISTRIBUTED
- TOKENS
Types of Blockchain
Public Blockchain
Completely decentralized and transparent – Anyone can peruse, send exchanges and take an interest in the accord procedure.
Permissioned Blockchain
Semi decentralized where agreement is constrained by preselected set of hubs and Read authorization is confined to members
Private Blockchain
Brought together requires ‘high trust’ substance where Write consents are incorporated to one element and Read to all members
Difference between Cryptocurrency & Blockchain
Cryptocurrency is digital assets via Block chain we transfer from one user to another user transparently, securely.
Digital Currency
Computerized currencies are unified, implying that exchange inside the system is regulated in an incorporated area, similar to a bank.
Crypto currency
Cryptographic forms of money are decentralized, and the guidelines inside the system are administered by most of the network.
- Cryptocurrency is only one application domain where blockchain technology initial applied as use case as you all know in Bitcoin Transaction (Buy/Selling).
- Most of people think Blockchain is Bitcoin and vice-versa.
App (platform) to buy/ sell Cryptocurrency asset in India Rs
- com P2P
- Unocoin app
Use case of Block chain Technology
- Individual Identification
- Birth, wedding, and demise authentications
- International IDs
- Blockchain music
- Blockchain casting a ballot framework
- Blockchain Healthcare
- Gracefully Chain
- Brilliant Appliances
- Eccentric cash moneylenders/hard cash loaning
- Protection: Claims handling
- Instalments
- Cross-Border Payments
Resource Management: Trade Processing and Settlement
Evolution of Blockchain Technology
- Blockchain 1.0: Currency
The usage of dispersed record innovation (DLT) prompted its first and evident application: digital forms of money. This permits monetary exchanges dependent on blockchain innovation.
- Blockchain 2.0: Smart Contracts (Ethereum based)
The new key idea are Smart Contracts, small PC programs that “live” in the blockchain. They are self-sufficient PC programs that execute consequently and conditions characterized previously, for example, the assistance, check or requirement of the exhibition of an agreement. One major bit of leeway this technlogy offers, is the blockchain making it difficult to alter or hack Smart Contracts. So Smart Contracts lessen the expense of confirmation, exceution, assertion and misrepresentation avoidance and permit straightforward agreement definition beating the ethical danger issue.
- Blockchain 3.0: DApps
DApp is a truncated structure for decentralized application avoiding brought together foundation. It utilizes decentralized capacity and decentralized correspondence, so most DApps have their backend code running on a decentralized shared system, a blockchain. Conversely, a conventional application has its backend code running on unified servers. A DApp can have frontend code and UIs written in any language that can make calls to its backend, similar to a customary App. Yet, a Dapp can have its frontend facilitated on decentralized stockpiles, for example, Ethereums Swarm.
DApp = frontend + contracts (running for example on Ethereum)