Simply put it, blockchain is a shared or distributed database of transactions managed by a consensus of nodes confirming
and adding new blocks of data to the already existing ledger. Once inputted, data cannot be deleted or manipulated. This distributed ledger contains a verifiable record of every transaction that ever occured in the network.
One of the most widely known use case of blockchain is bitcoin, bitcoin is cryptocurrency and a digital cash payment system that allows individuals to send payment from one individual to another without an 3rd party institution, and the birth of bitcoin has fostered the growth of other
cryptocurrencies like ethereum, litecoin, zcash, helbiz and groestlcoin but we must have a good understanding that blockchain goes beyond just financial payment and it has enormous potential to
change the this present and futrue digital economy in a very positive and impactful way.
With ethereum , we can imagine a world that offers the opportunity to blockchain developers to build decentralised applications on the ethereum network and embed contracts in digital code which are stored in transparent, shared databases, where they are protected from deletion, tampering, and revision.
Smart contracts are essentially programs that can automatically execute the terms of a contract if certain conditions of the contracts are met, for instance the ownership of a property could become yours if certain percentage of money is received, or a land, it could be used in a university school system where a fresher pays fees, registration number, room number and all necessary items needed are automatically issued without any human intervention. In this world every agreement,
every process, every task, and every payment would have a digital record and signature that could be identified, validated, stored, and shared. Intermediaries like lawyers, brokers, and bankers might no longer be needed. that's the birth of a trustless system.
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