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Blockchain

ā€œBlockchain is a decentralised, distributed digital ledger which is used to record transactions across several computers in real-time and the details of the transactions cannot be altered without the consensus of the majority of the network.
In the last several years the number of blockchain-driven pilot projects has blossomed around the world to address challenges faced by cities. The following selected use cases are illustrative of blockchain project diversity.


Distributed Ledger


A distributed ledger is a database that can be shared, replicated, and synchronised among members of a decentralised network. The distributed ledger records the transactional data, among the participants in its network.
Participants in the distributed ledger network govern and agree to each other by consensus on the updates to the records in the ledger. No central authority or third party mediator, such as a financial institution/Bank is involved in this process. Every record in this ledger has a timestamp and unique cryptographic signature, making the ledger an tamper-proof and audit-able history of all transactions in the network.

Smart Contracts


Smart contracts/chain codes are software algorithms, that stores the rules pertaining to the negotiated terms of agreement between transacting parties. Smart contracts automatically verifies for the fulfilment of terms and conditions and enforce the contract as per the agreed terms. Smart contracts are designed and implemented within Blockchain and do not depend upon any third party to establish the business relations, and hence the parties can directly transact with each other.

Smart contracts are also immutable and tamper-proof. They are existing in the distributed ledger, which means that nodes/peers in the concerned Blockchain network had validated the outcome. If any of the party force their control to release the funds or break the contract, then the participants of the network would detect such an attempt and would invalidate the attempt.
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