Book Image

Mastering Blockchain

Book Image

Mastering Blockchain

Overview of this book

Blockchain is a distributed database that enables permanent, transparent, and secure storage of data. The blockchain technology is the backbone of cryptocurrency – in fact, it’s the shared public ledger upon which the entire Bitcoin network relies – and it’s gaining popularity with people who work in finance, government, and the arts. Blockhchain technology uses cryptography to keep data secure. This book gives a detailed description of this leading technology and its implementation in the real world. This book begins with the technical foundations of blockchain, teaching you the fundamentals of cryptography and how it keeps data secure. You will learn about the mechanisms behind cryptocurrencies and how to develop applications using Ethereum, a decentralized virtual machine. You will explore different blockchain solutions and get an exclusive preview into Hyperledger, an upcoming blockchain solution from IBM and the Linux Foundation. You will also be shown how to implement blockchain beyond currencies, scability with blockchain, and the future scope of this fascinating and powerful technology.
Table of Contents (20 chapters)
Mastering Blockchain
Credits
About the Author
About the Reviewer
www.PacktPub.com
Customer Feedback
Preface

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 the author's attempt to provide a generalized definition of a smart contract.

Note

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 key 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 implementation of certain measures and controls...