The Fundamental Concepts of Blockchain
When I started learning about blockchain, I found many new words or keywords that I needed to learn. Here are the words I wrote down.
Type something in the input field to search the table for keywords or description:
| Key | Define | Example |
|---|---|---|
| Distributed Ledger Technology (DLT) | A way to record data shared, synchronized, and secured across many computers. | Examples of several DLTs: Blockchain (like Bitcoin, Ethereum), Hyperledger Fabric, Corda |
| Smart contract life-cycle management | The whole process of creating, using, and maintaining a smart contract — from start to finish. | It’s how a smart contract goes through its life stages, just like software does. |
| Off-chain data management | Storing and handling data outside the blockchain, instead of putting everything on-chain. Because blockchain storage is slow and expensive, big or sensitive data is often kept off-chain (in another database or cloud), while only a reference or hash is stored on-chain for verification. | A medical records system uses blockchain: - The patient data (large files, private info) is stored off-chain in a secure database. - The hash (digital fingerprint) of that data is stored on-chain to prove it hasn’t been changed. |
| Smart Contract | ||
| Proof of Concept (PoC) | a small test or prototype made to show that an idea or technology actually works before developing it fully | A startup wants to build a drone that delivers coffee. They make a PoC — a simple version of the drone — to prove it can fly and deliver one cup safely. |
| Peer-to-peer payments (P2P payments) | sending money directly from one person to another using a digital app — no bank or middleman needed. | You pay your friend $10 for lunch using PayPal or Venmo — that’s a P2P payment. |
Posts in this Series
- What Is Blockchain
- The Fundamental Concepts of Blockchain
- An Overview of Hyperledger - The Leading Enterprise Blockchain Platform
- Start New Journey
- The Vision
