Smart contract is a virtual contract that is encoded in a blockchain network. It allows the user to perform credible transactions without third parties. All the smart contract transactions are trackable and irreversible, making the entity all the more reliable. For more: https://blog.infinitemlmsoftware.com/smart-contract-development-a-complete-guide/
It may seem that the fundamentals of Blockchain technology are not as complicated as you expect them to be. A Blockchain is a decentralized and secure database which is based on a safe network. It is applied to transfer information and save data. Blockchains record and transfer information and data in blocks. Those who take part in these transactions can be anonymous and sure in security, transactional transparency, speed, and cost efficiency.
What does a blockchain look like? Data in a Blockchain is recorded in a linear matter. Every new block in a Blockchain has data from all previous blocks. Think of a block as a sheet of paper which is filled from top to bottom and front to back with a date and time but with a long code written across the sheet. The data in these blocks is encrypted with the help of complex cryptographic principles and security algorithms. Before you add transactions to a Blockchain they must pass validation first. Miners do this validation. For the work, they receive monetary reward in the form of cryptocurrencies, such as Bitcoin.
It is so popular nowadays because this technology will change the world. The data stored and relayed in a Blockchain architecture cannot be controlled by a single party. Transactions and information are constant and transparent. As soon as you add transactions, it can’t be changed, taken down or hidden. As far as transparency is concerned, anyone can see what was sent and when. There can be two individuals behind a Blockchain transaction but we do not know who and why.
You will find out additional information related to this topic here: The Future of the Blockchain Technology
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