{"id":674,"date":"2021-08-12T18:54:27","date_gmt":"2021-08-12T18:54:27","guid":{"rendered":"https:\/\/genashtim.sg\/ecornell\/newsletter-v2\/?p=674"},"modified":"2025-09-20T18:55:20","modified_gmt":"2025-09-20T18:55:20","slug":"an-introduction-to-blockchain-fundamentals","status":"publish","type":"post","link":"https:\/\/genashtim.sg\/ecornell\/newsletter-v2\/index.php\/2021\/08\/12\/an-introduction-to-blockchain-fundamentals\/","title":{"rendered":"An Introduction to Blockchain Fundamentals"},"content":{"rendered":"<p>An article on <a href=\"https:\/\/businessblockchainhq.com\/blockchain-fundamentals\/\" target=\"_blank\" rel=\"noopener noreferrer\">Business Blockchain HQ<\/a> introduces blockchain fundamentals and characteristics that make blockchain technology unique.<\/p>\n<p><strong>What is a blockchain?<\/strong><\/p>\n<p>Blockchain is a peer-to-peer distributed ledger technology that securely and immutably records transactions between parties in blocks. Blockchain provides a trusted, accountable, and transparent environment for intermediaries. It makes the necessity to validate and record transactions defunct.<\/p>\n<p><strong>What are its components?<\/strong><\/p>\n<ul>\n<li>Shared ledger \u2013 distributed and decentralized ledger<\/li>\n<li>Permission \u2013 certain blockchains are permission-ed and others are not<\/li>\n<li>Cryptography \u2013 coded message<\/li>\n<li>Consensus \u2013 two or more parties\u2019 agreement on the state of data on the system and its synchronization on the blockchain<\/li>\n<li>Smart contracts \u2013 the programs stored on a blockchain only run when predetermined conditions are met.<\/li>\n<\/ul>\n<p><strong>What are the benefits of blockchain technology?<\/strong><\/p>\n<p>Blockchain is revolutionizing problem perceptions. The benefits of blockchain are closely related to the components of a blockchain. The benefits of blockchain include:<\/p>\n<ul>\n<li><strong>Improved transparency<\/strong>\n<ul>\n<li>Blockchain allows the application of a total decentralized network. Since there is no centralized authority, the system\u2019s transparency is greatly improved.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Stronger security<\/strong>\n<ul>\n<li>In comparison to other platforms or record-keeping systems, blockchain technology uses advanced security measures.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Cost-effective<\/strong>\n<ul>\n<li>Since blockchain does not have a centralized authority, it cuts costs in lieu of 3rd party vendors.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Tangible traceability<\/strong>\n<ul>\n<li>Blockchain technology enables every party to trace goods, ensuring supply chain transparency.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Markedly speedy and efficient<\/strong>\n<ul>\n<li>Blockchain saves time because it automates processes and maximizes efficiency while eliminating human-based errors.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><strong>Using blockchain technology has many advantages:<\/strong><\/p>\n<ul>\n<li>High-level security. Hence, better protection of business processes<\/li>\n<li>Reduced hacking threats<\/li>\n<li>Faster and more transparent transactions that are easily tracked<\/li>\n<li>Automation of account reconciliation<\/li>\n<\/ul>\n<p>Blockchain is a cutting-edge technology that is impacting every industry enormously. Some of the main industries benefitting from blockchain despite their differences are:<\/p>\n<ul>\n<li>Energy sector<\/li>\n<li>Real estate<\/li>\n<li>Trade finance<\/li>\n<li>Government<\/li>\n<li>Healthcare<\/li>\n<li>Logistics<\/li>\n<\/ul>\n<p>By now, you would be well-informed about blockchain\u2019s features, benefits, and advantages. When you enroll in the <a href=\"https:\/\/genashtim.sg\/ecornell\/courses-certificate\/?course=Blockchain-Essentials-%28CTECHC01%29&amp;cs=12&amp;id=105\" target=\"_blank\" rel=\"noopener noreferrer\">Blockchain Essentials<\/a> certificate offered by Genashtim, in collaboration with eCornell, you can better your business processes by enabling you to analyze and understand how blockchain works.<\/p>\n<p><em>eCornell courses are approved by SkillsFuture Singapore for SkillsFuture Credit as well as by HRD Corp Malaysia under its SBL-Khas Scheme.<\/em><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>An article on Business Blockchain HQ introduces blockchain fundamentals and characteristics that make blockchain technology unique. What is a blockchain? Blockchain is a peer-to-peer distributed ledger technology that securely and immutably records transactions between parties in blocks. Blockchain provides a trusted, accountable, and transparent environment for intermediaries. It makes the necessity to validate and record [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":677,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_eb_attr":"","om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[30],"tags":[],"class_list":["post-674","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-august-2021-issue"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/genashtim.sg\/ecornell\/newsletter-v2\/index.php\/wp-json\/wp\/v2\/posts\/674","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/genashtim.sg\/ecornell\/newsletter-v2\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/genashtim.sg\/ecornell\/newsletter-v2\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/genashtim.sg\/ecornell\/newsletter-v2\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/genashtim.sg\/ecornell\/newsletter-v2\/index.php\/wp-json\/wp\/v2\/comments?post=674"}],"version-history":[{"count":1,"href":"https:\/\/genashtim.sg\/ecornell\/newsletter-v2\/index.php\/wp-json\/wp\/v2\/posts\/674\/revisions"}],"predecessor-version":[{"id":676,"href":"https:\/\/genashtim.sg\/ecornell\/newsletter-v2\/index.php\/wp-json\/wp\/v2\/posts\/674\/revisions\/676"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/genashtim.sg\/ecornell\/newsletter-v2\/index.php\/wp-json\/wp\/v2\/media\/677"}],"wp:attachment":[{"href":"https:\/\/genashtim.sg\/ecornell\/newsletter-v2\/index.php\/wp-json\/wp\/v2\/media?parent=674"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/genashtim.sg\/ecornell\/newsletter-v2\/index.php\/wp-json\/wp\/v2\/categories?post=674"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/genashtim.sg\/ecornell\/newsletter-v2\/index.php\/wp-json\/wp\/v2\/tags?post=674"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}