Blockchain refers to the mechanism of keeping track of transactions through blocks secured using distributed ledger and decentralized network. Blockchain will change the way we transact today. Blockchain allows many service providers like transport, healthcare, banks, insurance companies, etc. to transact with their customers safely and securely. Since every block is connected to the previous block, no central record keeping is required. Blockchains can be a great way to maintain transactions digitally, enabling smooth calculations and trusted working systems.
This is an open-source blockchain platform which supports blockchain-based distributed ledgers. The inception of Hyperledger happened in 2015 by the Linux Foundation. It uses a modular framework having encrypted channels for sharing confidential information. The hyperledger platform has blockchains with self-storage. It uses tools like Hyperledger Caliper, Hyperledger Cello, Hyperledger Composer, Hyperledger Explorer and Hyperledger Quilt.
Nick Szabo coined the term Smart Contracts in 1994. The Smart Contract Computer Protocol converts contracts to computer codes, which are stored across a decentralized network. It involves two or more parties or digital assets, who enter into an agreement of transaction and deposit assets into smart contracts. There is automated asset redistribution among parties according to a pre-determined formula. Thus, smart contracts negate the need for third parties.
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