What is blockchain?
Blockchain technology is a cryptographic chain of peer-to-peer transactions. Blockchain transactions are stored in an untrustworthy manner, thanks to decentralized nodes that validate and commit them.
Bitcoin, the first cryptocurrency, introduced blockchain technology and the concept of a blockchain ecosystem to the world. When examining the history of blockchain, we have to look back to 2009.
Transactions on the blockchain
Nakamoto developed transactions into untrustworthy entities, eliminating the need for intermediaries.
Nakamoto’s white paper presents their problems with traditional finance, stating that e-commerce has relied almost entirely on third-party intermediaries to process digital transactions. Contracts on blockchain
Blockchain technology has evolved past simple peer-to-peer transactions. Innovation has led to decentralized applications (DApps) being built on top of the blockchain, and solutions for speed and security have improved. Much of this innovation is due to smart contracts.
While the barebones version of smart contract technology is in Bitcoin, Ethereum takes it to the next level by offering developers a platform to build DApps while leveraging the power of smart contracts.
Different types of blockchain permissions
The Blockchain Network runs on a permission-based consensus method, allowing for different levels of use depending on user requirements and permission levels.
namely: Public Blockchain, Allowed Blockchain, Private Blockchain, Hybrid Blockchain
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