Ethereum is a decentralised platform that runs smart application exactly as programmed, without the interference of any third person or any possibility of fraud. All these applications are customised in a form of a blockchain.
These applications are very powerful and work globally. It mobilises value with its ownership rights. The creators are able to built markets. In short, it is the digital form of maintaining ledgers and transactions. This is not as tedious as the traditional method of recording purchase and sales. The method though is the same. It records debits and credits between two people. The main aim of blockchain is to notify who holds the ledger and who verifies the transaction.
Blockchains are a little different, as they do not have any intermediary, they are completely decentralised.
• There is no middleman like a bank in a traditional method. No one holds a central entity.
• The entire entity is distributed in a vast range network of computers. These are called nodes.
• These nodes hold a copy of the entire ledger
• These nodes are connected to one another via a software
• This software makes sure that everybody across the network can see the same ledger at one time
The main benefit of this system is trust. Like in the traditional form, a person may or may not trust the bank to keep its money safe. However, this system is perfectly safe as it has no middlemen and has no possibility of fraud and a third party interference. It is all verified by nodes in this system.
To hack this system is not an easy job as a hacker will have to hack million of computers or practically shutdown all computers and then grab information, which is nearly impossible. Ethereum is still not come in practical for everyday use, but it is the solution for all the problems we face today that makes it more unique and exciting.
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