What is blockchain and Ethereum Where is it used

Question

I just got a chance to work on Ethereum, a block-chain based platform. But I don't have a clear idea in which scenarios this is used, any real-life use of this. Could anybody help me understand blockchain-based platforms and their real-life uses?

Answer 1

A blockchain is an immutable, sequential chain of records called Blocks. They can contain transactions, files or any data you like, really. But the important thing is that they’re chained together using hashes. The bitcoin network is a peer-to-peer payment network that operates on a cryptographic protocol. Users send and receive bitcoins, the units of currency, by broadcasting digitally signed messages to the network using bitcoin wallet software. Transactions are recorded into a distributed, replicated public database known as the blockchain, with consensus achieved by a proof-of-work system called "mining".

Ethereum, a type of blockchain that can be used to develop decentralized applications & several banks have already adapted Ethereum to develop and test blockchain trading applications.