2. Cryptography – The anchor in the storm
Cryptography and network security aim to provide data integrity, data authentication, entity authentication, and nonrepudiation. Blockchain is built upon these principles.
7. Smart Contracts – A range of trustworthy knots
Smart contracts are exactly the same as any type of contract you already know. The only difference is, they are completely digital. A smart contract is a computer program that runs on a blockchain.
10. Token-based Platforms
ICO’s are initiated by companies in the tech industry to raise the funds to develop their technology. Before a platform is accessible to users, the platform building entity issues tokens with the aid of smart contracts during an ICO. The ICO is used to finance further development of the platform. During the ICO, the company sells utility tokens which are bought by investors and gives them access to future products or services.
11. Digital Wallets
A blockchain wallet (e-wallet) is a tool that you use to interact with a blockchain network. It is a digital wallet that allows users to store and manage their digital money (tokens or cryptocurrencies). A blockchain wallet allows the transfer of cryptocurrencies between users, and it has the ability to convert them back into a user’s local currency.
12. Decentralised autonomous organisations (DAO)
A DAO is like a well-built boat – made to conquer the unknown. DAO is a new organisation form where the management and operational rules of the organisation are typically encoded in the form of smart contracts on the Blockchain. It (the DAO) can operate autonomously with limited central authority or management hierarchy.