What in Blockchain, Ethereum, Smart Contracts
The modern world is filled with a plethora of technological advancements that seem like concepts right out of a science fiction movie. From artificial intelligence (AI) to machine learning (ML), and the internet of things (IoT) concept, there seems to be no slowing the relentless march of progress. Since 2009, a new entrant has made its way into the elite class of emerging technologies. This new technology called blockchain has the potential to disrupt the global business process. The technology has spawned numerous systems, networks, and protocols that are attempting to solve nagging issues across the globe.
Blockchain technology first came to light in the 2008 Bitcoin white paper written by the mysterious Satoshi Nakamoto. In this document, the author[s] presented a network architecture that could support a digital currency using cryptography hence the term “cryptocurrency.” Satoshi’s work provided a reasonable solution to the double-spending problem by having an immutable shared ledger, distributed among the participants of a peer-to-peer (P2P) network. This Bitcoin network was ground-breaking as it produced the blockchain; the first ever successful implementation of distributed ledger technology (DLT).