Blockchain can be described as a distributed ledger. That means the ledger can be written onto with new information, but the previous information stored in blocks cannot be edited, adjusted or changed. This is accomplished by using cryptography to link the contents of the newly added block with each block before it, such that any change to the contents of a previous block in the chain would invalidate the data in all blocks after it.
Information held on a Blockchain exists as a shared and continually reconciled database. This is a way of using the network that has obvious benefits. The Blockchain database isn’t stored in any single location, meaning the records it keeps are truly public and easily verifiable. No centralized version of this information exists for a hacker to corrupt. Hosted by millions of computers simultaneously, its data is accessible to anyone on the internet.
The Blockchain is the first technology that enables the transfer of digital ownership in a decentralized and trustless manner. Blockchain is a way to secure and validate ownership in a digital asset or verify a transaction in a trustless, public manner.
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Hyperledger is an internet Meta database protocol that utilizes Blockchain. Blockchain is the core technology of Hyperledger and a key to making shared databases securely and publicly/privately over different systems. Majority of Financial Institutes wanted to maintain the confidentiality of data through privately shared Blockchains, with rules and regulations defined by them. So, Hyperledger was created to fill some gaps from what enterprises such as financial institutes or supply chain industry wanted to deploy but Bitcoin lack of.
Ethereum is an open-source, public, Blockchain-based distributed computing platform and operating system featuring smart contract. It is an open software platform based on Blockchain technology that enables developers to build and deploy decentralized applications. Ethereum Blockchain focuses on running the programming code of any decentralized application. Ethereum Blockchain has some extraordinary capabilities. One of them is that you can build smart contracts.
Smart contract is just a phrase used to describe computer code that can facilitate the exchange of money, content, property, shares, or anything of value. When running on the Blockchain a smart contract becomes like a self-operating computer program that automatically executes when specific conditions are met. Because smart contracts run on the Blockchain, they run exactly as programmed without any possibility of censorship, downtime, fraud or third-party interference.
Corda is an open-source distributed ledger platform especially geared towards the financial world as it handles more complex transactions and restricts access to transaction data. The aim of Corda is to provide a platform with common services to ensure that any services built on top are compatible between the network participants. Corda platform is already being used in industries from financial services to healthcare, shipping, insurance and more. It records, manages, executes institutions’ financial agreements in perfect synchrony with their peers, creating a world of frictionless commerce.