Chap 5

• Blockchain Technology


  A group of devices (nodes) connected by a decentralized P2P network that makes it difficult or impossible to change, hack, or cheat the system. These devices record the transaction data (any information) and store it in a digital ledger (DLT). The last update of the DLT is distributed across the entire network of computers that represent the blockchain.
• Main parts of a blockchain network

  • Hardware: Computer, Phone, or tablet (Called Node)
  • Software: The program that runs the whole content; the logic, protocol, and wallet management (Called in Bitcoin blockchain (Bitcoin Core))
  • Data: The information or data that is contained in the blocks, is updated and stored continuously (Called Ledger)
  • Network: The internet protocol that connects all the networks
• DLT (Distributed Ledger Technology)


  A decentralized database that is shared, replicated, and synchronized among the members of a network
• Smart Contract


  A bunch of code and protocols written in programming language (Called Solidity in Ethereum Blockchain), which is intended to be executed automatically by perform the legal conditions. It has data and information important to do some changes. Smart contracts stored inside the blockchain Ledger and executed when a special transaction happened. It executed by using gas, gas is a cost (fees) to perform a transaction.
• Cryptocurrency


  A digital asset designed to work as a medium of exchange that individual ownership records are stored in a ledger, it used strong cryptography to secure transaction records. It typically does not exist in physical form (like paper money) and is typically not issued by a central authority.
• NFT (Non-Fungible Token)


  A unique blockchain-based digital entity representing a non-fungible object like digital art or gamming tokens. Each token it is deferent and has unique value. If this token follows a protocol (standard) such as the ERC-1155 or ERC-721, it can be traded as an asset between various blockchain applications.
• ERC20, ERC721, ERC1155


  Ethereum open-source code that used to create and manage the fungible and non-fungible tokens
• The Future of Blockchain Technology

  • Wider Adoption Across Industries
  • Integration with the Internet of Things (IoT)
  • Advancements in Decentralized Finance (DeFi)
  • Enhanced Privacy and Security
  • Interoperability Between Blockchains
  • Regulatory Evolution and Standardization
  • Sustainable and Energy-efficient Solutions
  • Growth of Blockchain-as-a-Service (BaaS)
  • Expansion of Non-Fungible Tokens (NFTs)
• Major future directions of NFTs

  • NFT Digital art
  • NFT Physical art
  • NFT Gaming
  • NFT Ticketing
  • Metaverse (Avatars)
  • NFT fragmentation (F-NFT)
  • Digital twin NFTs
  • AI NFTs
  • NFT streaming
  • Medical NFTs
  • Financial NFTs