A distributed ledger – It tracks ownerships through historical assets and identities – and everyone has a copy.
Unique Tokens – long numbers are tracked through the ledger
Anonymized Processing / Mining – transactions are processed through miners.
Immutable, encrypted, pseudo anon – and they are immutable once they’ve happened, and are encrypted.
Consensus Mechanisms – as long as 51% of the network agree, it holds.
Is The Blockchain a New Web 3.0?
The blockchain gives internet users the ability to create value. It may revolutionize the future and a couple of places it is making a difference today.
12 potential business applications are listed down for blockchain.
Smart Contracts – Distributed ledgers enable the coding of simple contracts that will execute once the specific conditions are met.
The Sharing Economy – By enabling peer-to-peer payments, blockchain opens the door to direct interaction between parties – a truly sharing economy results.
CrowdFunding – Blockchain takes this interest to the next level, potentially creating crowd-sourced venture capital funds.