Blockchain versions
Blockchain 1.0: Currency The implementation of distributed ledger technology (DLT) led to its first and obvious application: cryptocurrencies. This allows fincancial 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. It is being used as “cash for the Internet”, a digital payment system and can be seen as the enabler of an “Internet of Money”. Blockchain 2.0: Smart Contracts The new key concept are Smart Contracts, small computer programs that “live” in the blockchain. They are autonomous computer programs that execute automatically and conditions defined beforehand such as the facilitation, verification or enforcement of the performance of a contract. One big advantage this technlogy offers, is the blockchain making it impossible to tamper or hack Smart Contracts. So Smart Contracts reduce the cost of verification, ...