In
very simple words, the blockchain is a list of records called blocks,
in which the content is the writing of information: blocks are linked
each other through a cryptographic Hash, which creates a succession of
verifiable and persistent blocks called blockchain. The blockchain is
distributed over a network of nodes, which stores and replicates in real
time the subscribed data, creating a shared distributed public ledger.
This ledger is based on information verified by the network nodes and
their algorithm, data previously appended are immutable and cannot be
modified, altered or deleted.
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SMART CONTRACTS (Scs)
Thanks
to SCs, I could decide, for example, to award a person a prize in ETH,
if he gets 10 “likes” on his social page within a certain period of
time; or I could issue an automatic refund in case of train or plane
delay, or a cancelled event. I could automatically schedule a
payment/salary every 10th of the month, directly on an employee’s
wallet, whose public key is known.
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AREAS OF INTEREST
The
energy sector could significantly benefit from the blockchain
technology: green energy could be traced back to its production and
prove to have been sold only once, consumers could decide where and what
kind of energy to buy, while network providers could be paid
automatically according to the actual use.
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Although
initially these automatic and decentralized services might seem a
contradiction, benefits from low costs and the downsizing of
intermediaries would be undeniable. In fact, companies that rely on
expensive intermediaries could remove them, creating new business
models, new professionals and market self-management.
Given
the structure of the blockchain, the content and actions defined in the
contract (Smart contract), are permanent and impossible to censor. By
its distributed nature, the contract could be used by anyone and anyone
could participate within a shared blockchain, using applications that
can be hosted without hardware infrastructure directly dependent on
servers !
https://medium.com/takamaka/project-characteristics-costs-and-programmability-use-cases-f9a327492b7d
