About Blockchain Protocols#
The term blockchain protocol refers to different types of blockchain platforms that can be used for application development. Each blockchain protocol adopts basic blockchain principles to adapt to specific industries or application needs. The following sections provide examples of some blockchain protocols:
Hyperledger Fabric#
Hyperledger Fabric is an open-source project that includes a set of tools and libraries. Enterprises can use it to quickly and effectively build private blockchain applications. It is a modular general-purpose framework that provides unique identity management and access control features. These features make it suitable for various applications such as supply chain tracking and tracing, trade finance, loyalty and rewards, and financial asset settlement.
Ethereum#
Ethereum is a decentralized open-source blockchain platform that can be used to build public blockchain applications. Ethereum Enterprise is designed specifically for enterprise use cases.
Corda#
Corda is an open-source blockchain project designed for enterprises. With Corda, you can build interoperable blockchain networks for transactions in strict confidentiality. Enterprises can directly engage in valuable transactions using Corda's smart contract technology. Its main users are financial institutions.
Quorum#
Quorum is an open-source blockchain protocol derived from Ethereum. The protocol is designed for use in two types of blockchain networks: private blockchain networks where only one member owns all the nodes, or consortium blockchain networks that include multiple members, each owning a portion of the network.
Development History of Blockchain Technology#
Blockchain technology originated in the late 1970s when a computer scientist named Ralph Merkle applied for a patent for hash trees, also known as Merkle trees. These trees are a computer science structure that links blocks together using encryption for data storage. In the late 1990s, Stuart Haber and W. Scott Stornetta implemented a system for tamper-proof document timestamps using Merkle trees. This was the first instance of blockchain in history.
The technology has been continuously evolving and has gone through the following three generations:
First Generation - Bitcoin and Other Cryptocurrencies#
In 2008, an anonymous individual or group known only by the name Satoshi Nakamoto outlined the modern form of blockchain technology. Nakamoto's Bitcoin blockchain concept used 1 MB information blocks for Bitcoin transactions. Many features of the Bitcoin blockchain system still hold a central position in blockchain technology today.
Second Generation - Smart Contracts#
In the years following the emergence of the first-generation cryptocurrencies, developers began considering blockchain applications beyond cryptocurrencies. For example, the inventors of Ethereum decided to use blockchain technology in asset transfer transactions. Their significant contribution was the introduction of smart contract functionality.
Third Generation - The Future#
As numerous companies discover and implement new applications, blockchain technology continues to evolve and grow. Many companies are addressing the limitations of scale and computing power, and in the ongoing blockchain revolution, the potential opportunities are limitless.
Reference article:
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