New Era of Transaction

Blockchain refers to the mechanism of keeping track of transactions through blocks secured using distributed ledger and decentralized network. Blockchain will change the way we transact today. Blockchain allows many service providers like transport, healthcare, banks, insurance companies, etc to transact with their customers safely and securely. Since every block is connected to the previous block, no central record keeping is required. Blockchains can be a great way to maintain transactions digitally, enabling smooth calculations and trusted working systems.

Advantages

  • The concept of distributed and open laser is implemented in an intelligent way to maintain the transparency and trust among the parties who are involved in the transaction.
  • By encrypting data in nodes, Blockchain effectively plays its role in making transactions smarter, safer and swifter.
  • Blockchain distributes data over a decentralized network and negates the possibility of data access by unauthorized sources.
  • Blockchain remove the third party involvement between two or more parties in a Transaction

Technologies

Ethereum: Ethereum is a popular blockchain in the market due to it’s robust public chain. One can use the public chain in order to keep the transactions or Ethereum can also be used to build a private chain.

Hyperledger: This is an open-source blockchain platform which supports blockchain-based distributed ledgers. The inception of Hyperledger happened in 2015 by the Linux Foundation. It uses a modular framework having encrypted channels for sharing confidential information. The hyperledger platform has blockchains with self-storage. It uses tools like Hyperledger Caliper, Hyperledger Cello, Hyperledger Composer, Hyperledger Explorer and Hyperledger Quilt.

Smart Contracts: Nick Szabo, coined the term Smart contracts in 1994. The Smart Contract Computer Protocol converts contracts to computer code, which are stored across a decentralized network. It involves two or more parties or digital assess, who enter into an agreement of transaction and deposit assets into smart contracts. There is automated asset redistribution among parties according to a pre-determined formula. Thus, smart Contracts negate the need for third parties.

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