Blockchain Technology
What is Blockchain ?
Starting off as an underlying security mechanism for the Bitcoin network, Blockchain technology has swamped the entire information systems development landscape over the last decade to offer better data security, trust and a decentralized approach to managing transactions, which is now proving to be the bedrock of all future applications built on the web. Together with the Internet, it is re-imagining a new way of building applications that directly puts the power in the hands of users, instead of central custodians.
Top Blockchain Technology Domains
A decentralized network is the fundamental architecture of Blockchain which facilitates peer to peer interactions and value based transactions without being controlled by a single central entity. A decentralized network operates on a redundant and consensus driven doctrine.
Blockchain Applications
Blockchain applications are a specialized form of general purpose applications that are re-designed based on a decentralized model of operation. The most common example is a re-imagined fintech application in decentralized way, which is also known as DeFi (Decentralized Finance). Similarly, DID is a decentralized way of managing identities for facilitating authentication and authorization through them.
A smart contract is a self-executing contract with the terms of the agreement between two or more parties directly written into lines of code. The code and the agreements contained therein exist across a distributed, decentralized network and serves as the application business logic for a Blockchain application.
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Blockchain infrastructure refers to the underlying technology stack and network architecture that supports the operation and functionality of blockchain networks. It consists of network nodes that are individual computers or servers that participate in the blockchain network by running software clients that validate and propagate transactions, maintain a copy of the blockchain ledger, and contribute to the consensus process.
Blockchain middleware refers to software components or services that sit between the blockchain network and applications or services, providing an abstraction layer and additional functionality to simplify and enhance blockchain integration.
Blockchain security refers to the practices implemented to protect blockchain networks from unauthorized access, manipulation, and attacks. It entails taking measures to ensure the integrity, confidentiality, and availability of blockchain-based systems across the key areas of its functioning such as immutability of ledger, consensus measures, smart contracts, and also conducting audits and security testing to ascertain the legitimacy of transactions, and data.
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