Is there a standard for Blockchain today? Not really. What we are attempting to do is to build one.
Since 2008, when Satoshi Nakamoto’s White Paper was published and Bitcoin emerged, we have been learning about a new solution using a decentralized ledger and one of its applications: Blockchain.
Wikipedia defines Blockchain as follows: “A blockchain, originally block chain, is a growing list of records, called blocks, that are linked using cryptography. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data (generally represented as a Merkle tree).”
There are certain drawbacks which are significant in today’s applications for Blockchain solutions:
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