What is blockchain technology?

What is blockchain technology?

Blockchain technology is a distributed ledger system that promotes decentralization, transparency, and data integrity.

How does blockchain technology work?

1. The user requests a transaction.

2. A block representing the transaction is created.

3. The block will be broadcast to all nodes in the network.

4. All nodes verify the information on the block.

5. After verifying the accuracy It will be added to the chain.

6. The transaction has been verified and processed.

Layers of blockchain technology

1. Application layer

2.Service class

3. Class meaning

4.Network layer

5. Infrastructure layer

Examples of popular blockchain platforms

Hyperledger / Ethereum Enterprise / R3 Corda / Quorum

Web 3.0: The modern internet

artificial intelligence

Understand data like a human with natural language processing

prevalence

All devices will be connected to the network.

Better connectivity

Use semantic metadata for better connectivity

Meaning of the web

Focus on web content rather than keywords.

3D graphics

Use virtual reality Features more realistic and natural looking graphics.

peer-to-peer network

A decentralized network that eliminates centralized power.

What is a smart contract?

A smart contract is a legal contract that is self-executing within two participants on a blockchain network.

"How does it work?"

1. A contract is created between both parties.

2. Both parties can choose to remain anonymous.

3. Rules or trigger events, such as deadlines, are set.

4.It is stored in the ledger.

3.Both parties can view the progress of the contract.