What is the blockchain platform? Why is blockchain important? Blockchain is sometimes called distributed ledger technology (DLT), which makes the history of any digital asset unchangeable and transparent by using decentralized network and cryptographic hash technology. What is the blockchain platform? Now let's get to know.
What is the blockchain platform?
The blockchain network describes the distributed ledger infrastructure, while the blockchain platform describes the media through which users can interact with the blockchain and its network. The creation of the blockchain platform is extensible, and as an extension of the existing blockchain infrastructure, it allows information exchange and services to be directly supported from the framework.
An example of blockchain platform includes Ethereum, a software platform that holds Ethereum or Ethercoin cryptocurrencies. With the Ethereum platform, users can also create programmable tokens and smart contracts directly built on the Ethereum blockchain infrastructure.
Beyond Bitcoin: Ethereum Blockchain
Blockchain was originally created for Bitcoin operation and has been associated with cryptocurrency for a long time. However, the transparency and security of this technology are increasingly used in many fields, most of which can be traced back to the development of Ethereum blockchain.
At the end of 2013, Vitalik Buterin, a Russian Canadian developer, released a white paper, proposing a platform that combines traditional blockchain functions with a key difference: computer code execution. Therefore, the Ethereum project was born.
Today, the Ethereum blockchain allows developers to create complex programs that can communicate with each other through the blockchain itself.
Similar to Bitcoin, it is worth noting that Ethereum blockchain and Ethereum cryptocurrency are two independent entities.
Ethereum programmers can create tokens to represent any type of digital asset, track its ownership and perform its functions according to a set of programming instructions.
Tokens can be music files, contracts, concert tickets or even patient medical records. Over the past few years, the irreplaceable token (NFT) has become increasingly popular. NFT is a unique token based on blockchain, which is used to store digital media (such as video, music or art). Each NFT has the ability to verify the authenticity, past history and sole ownership of digital media. The reason why NFT is so popular is that it provides a new wave of digital creators with the ability to buy and sell their works, while obtaining appropriate credit and fair share of profits.
The new use of blockchain has expanded the potential of ledger technology to penetrate other fields such as media, government and identity security. Thousands of companies are currently researching and developing products and ecosystems based entirely on emerging technologies.
Blockchain challenges the status quo of innovation by allowing companies to experiment with breakthrough technologies (such as peer-to-peer energy distribution or decentralized forms of news media). Just like the definition of blockchain, the use of ledger system will only develop with the development of technology.
What is a smart contract? These are digital and procedural contracts. When specific agreement terms are met, they will automatically formulate or record relevant events. Each contract is directly controlled through the code lines stored in the blockchain network. Therefore, once the contract is executed, the agreement transaction becomes traceable and unchangeable. Although smart contract is the foundation of Ethereum platform, it can also be used in Bitcoin, Cardano, EOS Create and use smart contracts on blockchain platforms such as IO and Tezos.
Industrial blockchain application
As mentioned earlier, the application of blockchain technology is far beyond its application in the field of cryptocurrency, and almost every modern industry is being transformed by this technology in some way.
In addition to banking and finance, blockchain is revolutionizing healthcare, record keeping, smart contracts, supply chain and even voting. Although the capabilities of such technologies continue to increase, all possible applications of blockchain remain to be discovered.
Why is blockchain important?
Blockchain is a particularly promising revolutionary technology, because it helps reduce security risks, eliminate fraud and bring transparency in a scalable way.
Blockchain technology has gained popularity due to its association with cryptocurrencies and NFT, and has since developed into a management solution applicable to all types of global industries. Today, you will find that blockchain technology provides transparency for the food supply chain, protects healthcare data, innovates games, and comprehensively changes the way we deal with data and ownership on a large scale.
In general, the above content introduces in detail what is a blockchain platform and why blockchain is important. I believe you will understand it after reading it. In short, blockchain is a digital database, composed of encrypted data blocks "linked" together, and protected by complex mathematical problems.