Blockchain was conceptualized by Satoshi Nakamoto in 2008.It is a continuously growing list of records, called blocks, which are linked and secured using cryptography. They are secure by design and are an example of a distributed computing system. This makes blockchains potentially suitable for the recording of events, medical records, and other records management activities, such as identity management, transaction processing, documenting provenance, or food traceability. The blockchain Training will cover the fundamentals of blockchain technology, including the three core layers and the three types of blockchains.
A blockchain database consists of two kinds of records: transactions and blocks. The Blocks hold batches of valid transactions. Each block typically contains a hash pointer as a link to a previous block, a timestamp and transaction data. By design, blockchains are inherently resistant to modification of the data. A blockchain is “an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way. For use as a distributed ledger a blockchain is typically managed by a peer-to-peer network collectively adhering to a protocol for validating new blocks.
Bitcoin was invented by Satoshi Nakamoto in 2009 and is an open source software. It is worldwide cryptocurrency and digital payment system called the first decentralized digital currency, since the system works without a central repository or single administrator.The system is peer-to-peer, and transactions take place between users directly, without an intermediary.These transactions are verified by network nodes and recorded in a public distributed ledger called blockchain.
Ethereum was proposed in late 2013 by Vitalik Buterin, a cryptocurrency researcher and programmer.It is an open-source, public, blockchain-based distributed computing platform featuring smart contract (scripting) functionality. Ethereum also provides a cryptocurrency token called “ether”, which can be transferred between accounts and used to compensate participant nodes for computations performed.”Gas”, an internal transaction pricing mechanism, is used to mitigate spam and allocate resources on the network.
Smart contracts were first proposed by Nick Szabo in 1996. A smart contract is a computer protocol intended to facilitate, verify, or enforce the negotiation or performance of a contract. Proponents of smart contracts claim that many kinds of contractual clauses may be made partially or fully self-executing, self-enforcing, or both. The aim with smart contracts is to provide security that is superior to traditional contract law and to reduce other transaction costs associated with contracting.
Smart contracts have been used primarily in association with cryptocurrencies. The most prominent smart contract implementation is the Ethereum blockchain platform,where they are known as a decentralized application
HyperLedger is an open source collaborative effort created to advance cross-industry blockchain technologies. It is a global collaboration, hosted by The Linux Foundation, including leaders in finance, banking, Internet of Things, supply chains, manufacturing and Technology.