Supporting Technologies
Cloud Computing: For scaling blockchain platforms and hosting nodes.
Internet of Things: For automating blockchain-based supply chains or tracking assets.
Artificial Intelligence: For analyzing patterns in blockchain data.
Zero-Knowledge Proofs: Privacy-enhancing technique to verify info without revealing it.
Core Components:
Blocks: Containers of data (usually transactions)
Nodes: Independent computers in the network
Hashing: Converts data into a unique string of characters
Consensus Mechanism: Ensures agreement across nodes
Smart Contracts: Self-executing code triggered by conditions in the blockchain
Here is the list:
Finance: Fast, transparent transactions
Healthcare: Secure medical records
Supply Chain: Product tracking and authenticity
Voting: Tamper-resistant digital voting
Real Estate: Smart contracts for buying/selling property
Types of Blockchains:
Public Blockchain: Open to anyone
Private Blockchain: Restricted access, usually within organizations
Consortium Blockchain: Controlled by a group of organizations
Benefits:
Enhanced security
Greater transparency
Reduced costs (by removing intermediaries)
Faster transaction processing
Auditability and traceability
Blockchain technology is a distributed ledger technology that records data across a network of computers in a way that ensures the data is:
How it works:
Transaction Initiation:
Transaction Broadcast:
Validation:
Block Creation:
Block Linking:
Immutability:
Decentralization – No single person or organization controls the blockchain.
Transparency – Anyone can view transactions on a public blockchain.
Security – Uses cryptography to secure data and ensure only valid transactions are added.
Immutability – Once data is written, it cannot be altered without consensus.