Blockchain Evolution
- 1.0: Currency
This allows financial transactions based on blockchain technology or DLT (for the sake of simplicity often seen as synonyms) to be executed with Bitcoin being the most prominent example in this segment. - 2.0: Smart Contracts
Smart Contracts are autonomous computer programs that execute automatically and conditions defined beforehand such as the facilitation, verification or enforcement of the performance of a contract. Most prominent in this field is the Ethereum Blockchain. - 3.0: DApps
It uses decentralized storage and decentralized communication, so most DApps have their backend code running on a decentralized peer-to-peer network, a blockchain. A DApp can have frontend code and user interfaces. - 4.0: Making blockchain usable in industry
Blockchain 4.0 describes solutions and approaches that make blockchain technology usable to business demands. Especially Industry 4.0 demands. It means, making Blockchain 3.0 usable in real-life business scenarios. Satisfying Industry 4.0 demands by making blockchain promises come to life.
Scope
- Public
Anyone in the world can read data that is included in the blockchain, and anyone in the world is allowed to execute transactions. - Private
An only specific user can partake in the procedure. In general, it is used in the business network. - Consortium
Instead of anyone being able to partake in the procedure, consensus participants of a consortium blockchain are likely to be a group of pre-approved nodes on the network.
Smart contract(Ethereum)
A smart contract is a computer protocol intended to digitally facilitate, verify, or enforce the negotiation or performance of a contract. ERC is a proposal of standards to create and exchange tokens on Ethereum network. You can think an interface or a blueprint which propose a set of functions and events.
e.g.)ERC20, ERC223, ERC777, ERC721
Oracles
Oracles feed the smart contract with external information that can trigger predefined actions of the smart contract.
- Software
handle information data that originates from online sources, like temperature, prices of commodities and goods, flight or train delays, etc. - Hardware
Some smart contracts need information directly from the physical world, for example, a car crossing a barrier where movement sensors must detect the vehicle and send the data to a smart contract, or RFID sensors in the supply chain industry.
