Book Image

Mastering Blockchain.. - Third Edition

By : Imran Bashir
Book Image

Mastering Blockchain.. - Third Edition

By: Imran Bashir

Overview of this book

Blockchain is the backbone of cryptocurrencies, with applications in finance, government, media, and other industries. With a legacy of providing technologists with executable insights, this new edition of Mastering Blockchain is thoroughly revised and updated to the latest blockchain research with four new chapters on consensus algorithms, Serenity (the update that will introduce Ethereum 2.0), tokenization, and enterprise blockchains. This book covers the basics, including blockchain’s technical underpinnings, cryptography and consensus protocols. It also provides you with expert knowledge on decentralization, decentralized application development on Ethereum, Bitcoin, alternative coins, smart contracts, alternative blockchains, and Hyperledger. Further, you will explore blockchain solutions beyond cryptocurrencies such as the Internet of Things with blockchain, enterprise blockchains, tokenization using blockchain, and consider the future scope of this fascinating and disruptive technology. By the end of this book, you will have gained a thorough comprehension of the various facets of blockchain and understand their potential in diverse real-world scenarios.
Table of Contents (24 chapters)
23
Index

Definition

There are many definitions of smart contracts. An online search reveals many definitions. However, while the definitions provided online at various sources are correct and useful, in my opinion, they are not complete. It is crucial to properly and completely define what a smart contract is. The following is my attempt to provide a comprehensive 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 reveals that a smart contract is, fundamentally, 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 according to the instruction that is coded in, for example, when certain conditions satisfy. They are enforceable...