Fundamentals of Blockchain Technology
Blockchain technology is famous for its building blocks When blockchain technology was introduced in 2007 by Satoshi Nakamoto, it had basic building blocks for its first use case as cryptocurrency, i.e.
- Decentralization: No control by Central entity.
- Distributed Ledger: Increase redundancy and decrease ambiguity of the data.
- Consensus Mechanism: Maximize the participation in decision-making.
- Immutability: No data manipulation and deletion.
- Privacy: Increase the privacy by enforcing the hashing and cryptography techniques.
- Transparent: Accessibility to all makes it transparent.
Smart Contracts were introduced later on by Ethereum to automate its operation and working.
Difference between Various Blockchain Protocols
The blockchain protocol is a set of rules and standards that define the structure and operations of the network on the principles of decentralization, immutability, and peer-to-peer communication.