What is blockchain?

In the present most people use a middleman such as a bank in order to make a transaction. What blockchain does is allow consumers and suppliers to connect directly, removing the need for the third party.

Blockchain uses cryptography to keep exchanges secure and provides a decentralized database, a “digital ledger”, of transactions that everyone present in the network can see. Basically this network is essentially a chain of computers that must all approve an exchange before it can be verified and recorded.

From the developers point of view, the blockchain concept is a paradigm shift in how engineers will design software applications in the future. This is one of the key concepts that needs to be well understood. There are five key concepts that we need to understand. We need to know how they interrelate to one another in the context of this new computing paradigm that is evolving in front of our eyes: the blockchain, decentralized consensus, smart contracts, trusted computing and proof of work. This paradigm is a catalyst for the design of decentralized applications, the next step in the evolution from distributed computing architectural constructs.

In the future there is going to be important to develop new decentralized applications as a way to enable the decentralized world that we are moving toward.

Business owners, visionaries and even governments will need to learn the new vocabulary around crypto related frameworks. Developers need to evolve towards writing decentralized apps that are enabled by blockchain technology. In the future we will probably see comprehensive development environments that support a full stack of capabilities and value components on top of the blockchain services and consensus engines.