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Week review

Congratulations!

Here are the key ideas that you must take away from this week:

  1. A blockchain can present different levels of decentralization, depending on its main objective and value proposition. This flexibility makes blockchain a very appealing option for companies and entities.

  2. Smart contracts leverage blockchain technology to establish a new paradigm in which mutual trust between partners is no longer required. These contracts are based on lines of code, software with records that are immutable and always traceable. Thanks to this, partners have the assurance that the contract is going to be respected. In order to unify all smart contract creation criteria, Ethereum appeared as a platform to give a response to this necessity. Ethereum allows third parties to develop their own decentralized applications and run it on the platform. Decentralized applications offer an unthinkable potential, to the extent that there are new companies that operate entirely through software.

  3. Currently there are still scalability, identification and privacy issues, strictly on the technological side, but will disappear with the pass of time.

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This article is from the free online course:

Blockchain in the Energy Sector

EIT InnoEnergy

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