Beyond Bitcoin: Ethereum Blockchain

Originally created as the ultra-transparent ledger system for Bitcoin to operate on, blockchain has long been associated with cryptocurrency, but the technology’s transparency and security have seen growing adoption in a number of areas, much of which can be traced back to the development of the Ethereum blockchain.
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DigiCash (1989)

DigiCash was founded by David Chaum to create a digital-

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B-Money and Bit-Gold (1998)

Cryptographers Wei Dai (B-money) and Nick Szabo (Bit-gold) each proposed separate but similar decentralized

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E-Gold (1996)

E-gold was a digital currency backed by real gold. The company was plagued by legal troubles

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Ripple Pay (2004)

Now a cryptocurrency, Ripple started out as a system for exchanging digital IOUs between trusted parties.

The original blockchain is the decentralized ledger behind the digital currency bitcoin. The ledger consists of linked batches of transactions known as blocks (hence the term blockchain), and an identical copy is stored on each of the roughly 60,000 computers that make up the bitcoin network. Each change to the ledger is cryptographically signed to prove that the person transferring virtual coins is the actual owner of those coins. But no one can spend their coins twice, because once a transaction is recorded in the ledger, every node in the network
1.

Tokens

Ethereum programmers can create tokens to represent

2.

Blocks

Every chain consists of multiple blocks.

3.

Miners

Miners create new blocks on the chain through a process.

4.

Data

  • The data in the block.

Tokens

Ethereum programmers can create tokens to represent any kind of digital asset, track its ownership, and execute its functionality according to a set of programming instructions.

BLOCKCHAIN APPLICATIONS

Blockchain has a nearly endless amount of applications across almost every industry. The ledger technology can be applied to track fraud in finance, securely share patient medical records between healthcare professionals and even acts as a better way to track intellectual property in business and music rights for artists.

Blockchain Technology Defined

Blockchain technology is most simply defined as a decentralized, distributed ledger that records the provenance of a digital asset. By inherent design, the data on a blockchain is unable to be modified, which makes it a legitimate disruptor for industries like payments, cybersecurity and healthcare. Our guide will walk you through what it is, how it's used and its history.

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