What Is Blockchain Architecture?

In the blockchain architecture, The term was coined by Nick Szabo, a computer scientist, and cryptographer, in 1996.

Szabo claimed that smart contracts can be realized with the help of a public ledger.

Blockchain architecture can be a pioneering technology to realize smart contracts.

The smart contract term was first coined by Nick Szabo who was a computer scientist and cryptographer.

In 1996; he had first coined this term.

Szabo claimed that this smart contracts that whenever you are establishing some kind of contracts between multiple parties that can be realized with the help of a public Ledger.

That was his idea and because it can be realized by a public ledger. The same concept can also be realized using a blockchain. So, blockchain can be a pioneering technology to realize smart contracts.

CONTRACTS IN A CENTRALIZED PLATFORM-CROWDFUNDING

this concept of contracts in a centralized platform with an example of crowdfunding. there is some kind of crowdfunding companies like Kickstarter.

Kickstarter works in this principle like you want to execute some kind of interesting project, but you do not have sufficient money and this can be an individual or a group of people who want to execute some projects, but they do not have sufficient money.

they submit this project to Kickstarter and mean the Kickstarter type crowdfunding company.

And now there are multiple supporters who can support with some small funds to that particular project.

Now, the project can be executed by one or individuals who have submitted the project proposal to Kickstarter.

And on the other hand, you can have multiple supporters; so, these multiple supporters they can support a small fund and the total fund that you are getting with that help of that fund you can support that project or you can execute that project.

Now, the task of this Kickstarter platform is to ensure that when you are completing some milestones of the project, you are getting that fund.

So, Kickstarter is ensuring that whenever some supporters are providing with the fund; the fund is going to the intended project and as and when the project completes some milestones.

So, the project executors are getting the fund and if the project is not completed successfully or in between the project gets scrap then the fund is sent back to the supporters.read more