Book Image

Advanced Blockchain Development

By : Imran Bashir, Narayan Prusty
Book Image

Advanced Blockchain Development

By: Imran Bashir, Narayan Prusty

Overview of this book

Blockchain technology is a distributed ledger with applications in industries such as finance, government, and media. This Learning Path is your guide to building blockchain networks using Ethereum, JavaScript, and Solidity. You will get started by understanding the technical foundations of blockchain technology, including distributed systems, cryptography and how this digital ledger keeps data secure. Further into the chapters, you’ll gain insights into developing applications using Ethereum and Hyperledger. As you build on your knowledge of Ether security, mining, smart contracts, and Solidity, you’ll learn how to create robust and secure applications that run exactly as programmed without being affected by fraud, censorship, or third-party interference. Toward the concluding chapters, you’ll explore how blockchain solutions can be implemented in applications such as IoT apps, in addition to its use in currencies. This Learning Path also highlights how you can increase blockchain scalability, and discusses the future scope of this fascinating and powerful technology. By the end of this Learning Path, you'll be equipped with the skills you need to tackle pain points encountered in the blockchain life cycle and confidently design and deploy decentralized applications.
Table of Contents (25 chapters)
Title Page
Copyright and Credits
About Packt
Contributors
Preface
15
Blockchain - Outside of Currencies
16
Scalability and Other Challenges
Index

Definition


There is no consensus on a standard definition of smart contracts. It is essential to define what a smart contract is, and the following is my attempt to provide a generalized definition of a smart contract:

A smart contract is a secure and unstoppable computer program representing an agreement that is automatically executable and enforceable.

Dissecting this definition further reveals that a smart contract is, in fact, a computer program that is written in a language that a computer or target machine can understand. Also, it encompasses agreements between parties in the form of business logic. Another fundamental idea is that smart contracts are automatically executed when certain conditions are met. They are enforceable, which means that all contractual terms are executed as defined and expected, even in the presence of adversaries.

Enforcement is a broader term that encompasses traditional enforcement in the form of law, along with the implementation of specific measures and controls...