Introduction of Blockchain Technology

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.

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)

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