Blockchain 15

 Blockchain

The blockchain is used by a lot of these projects to solve the problems of the current systems. In the context of Ethereum and the Ethereum Virtual Machine is a blockchain that is being used, like any other, to secure and record data that needs to be distributed and managed. So it does not replace but in fact adds value to other platforms that support the ledger.

The blockchain is used to verify transactions that are stored in the ledger. Anyone can use Ethereum to verify transactions. If a user validates an Ethereum transaction and the account that made it is valid then the payment is made to the correct user account. You can find an example of a Blockchain application using the Ethereum blockchain in the app called MyEtherWallet. This application is currently in alpha and it will allow its users to send money to other users.

The blockchain is also used for governance by creating a decentralized and democratic voting process or a decentralized exchange where you can buy and sell tokens. Another interesting use case for blockchain is digital identity.

Smart Contracts

Smart contracts – that is code written to run on smart devices – are another kind of decentralized and trustless method of working on the blockchain.

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