Given the complex nature of blockchain technology, there have seem to always been a reoccurrence of these set of questions.
What is Blockchain?
This is one of the most asked questions as regards cryptocurrency and its complexities. Despite the widespread understanding of it, there still seems to be a looming cloud over the definition of blockchain.
Blockchain, in its simplest of terms, is the technology behind bitcoin, which is a cryptocurrency. At the core of blockchain is a data store, and any individual that participates in this network has its data store that keeps track of all the transactions that happen on the network. This network is also known as a distributed ledger. This distributed ledger or database maintains an increasingly growing list of entries or records called blocks. Each block is linked to another block, which means data cannot be altered backward. All records and blocks are shared on the network, meaning no singular party has complete autonomy or authority over the database. The blockchain technology allows for information to be continually updated and accurate for its desired use using a decentralized system that portrays a wide range of applications.
What is a smart contract?
Usually, a contract is a binding mutual agreement between two or more parties, where terms and conditions, the pricing system and proof of agreement is needed for it to be legal. In blockchain technology, an enterprise blockchain smart contract is referred to as a piece of code that keeps track of the rules of a transaction and verifies the fulfillment of those rules on a network to make sure that the execution was done according to the contract logic. Simply put, it is a code attached to a blockchain as a predetermined set of inputs that store data, enforce permissions, perform calculations and run workflow logic. It is usually part of the blockchain’s distributed ledger.
What is BlockApps?
These are regarded as the foremost blockchain-as-a-service company in the world, which offers customers ranging from tech startups to insurance companies the service of making the system integration of blockchain easy. They help with the adoption of blockchain technology into organizational systems and make it relatively easy for these companies to build innovative solutions through the open source blockchain standard. To be able to use BlockApps, you must have access to the popular Microsoft product, Azure and GitHub.
What is Ethereum and how is it different from other blockchain Technology?
The Ethereum works majorly with the smart contract function, which is based on the blockchain distributed computing platform. This executes data-driven solutions on a peer to peer contract level on a decentralized network. The Ethereum should not be classified as a cryptocurrency as it is a platform for end-users to connect directly. Ethereum gives developers the opportunity of working as a centralized intermediary between the user and the system without a third party. Ethereum is different from all other blockchain technology. Blockchain tech consists of crypto, decentralized systems and proof of work, which assist in developing a system of verification without the need for a central authority. Ethereum, on the other hand, assists developers to program a collection of automated procedures into a digital transaction— like contract management, conditional enforcement, performance, and payment allocation and the Ethereum network executes.
What are the requisite skills needed for me to run my blockchain platform?
Any programmer or developer, either the front end or back end with C++, Java and Solidity skills, should be able to run a blockchain-powered application.