Blockchain

Blockchain is an emerging technology which is adopted by a variety of businesses. In 2009, Bitcoin was built based on this technology. The invention of Ethereum by Vitalik Butarin, and implementing ‘smart contracts’, in 2015, gave new possibilities with Blockchain technology, other than cryptocurrency.

Blockchain is a chain of blocks, which are interconnected in a very secure manner. Each block is linked to all the previous blocks in a cryptographic manner. Data or transactions are stored in these blocks. Adding blocks to the chain is also according to particular rules.

The main attraction of blockchain is the Decentralisation of data. Distributed Ledger Technology is used to achieve this. The data in the blockchain is stored in all the participating nodes in the network. This is very useful in bringing trust to the transactions where many parties are involved.

In Ethereum we can do transactions not only with Ether, its currency, but with any digital asset. We can write self-executing programs to make rules and do transactions based on it. These programs themselves are entered into the blockchain and made public and secure.

Web3.0 is an idea for a new iteration of the World Wide Web which incorporates concepts such as decentralisation, blockchain technologies, and token-based economics. The development of DApps or Decentralised Application are evolving at a fast pace.

Mrudula Mukundan