[2017-05-25] Firstpost: Ethereum explained: An emerging blockchain based app

Ethereum explained: An emerging blockchain based application platform used by tech giants

http://tech.firstpost.com/news-analysis/ethereum-explained-an-emerging-blockchain-based-application-platform-used-by-tech-giants-378246.html

Bitcoin is a virtual currency that allows for international, anonymous transactions without a central authority. The verification of the transactions is enforced through the Blockchain, which is a immutable public record of all the transactions. Blockchain has become synonymous with distributed ledger technologies, and not just the specific implementation that supports bitcoin transactions.

Blockchain is a disruptive technology, and considered the biggest technological innovation since the internet itself. Wipro, Infosys, Microsoft and IBM all offer blockchain based solutions for a wide variety of purposes. Ethereum is a publicly deployed blockchain based platform with support for smart contracts. Instead of a blockchain being used for just cryptocurrency transactions, think of it as a blockchain for running any kind of application.

What is Ethereum?

Ethereum is a blockchain based application platform, that allows the applications to run from decentralised nodes instead of a central server. Anyone can set up a node, and be compensated for the computational power they provide to the blockchain. The decentralised architecture means that the applications running on the blockchain can not be tampered with, cannot be blocked, and there is no possibility of a downtime.