What is a Blockchain?
A Blockchain is transaction or record database, which cannot be tampered, muted or reversed. Its every block contains a hash of the previous block. It results in a chain of blocks from the genesis block to the current block. Each block is guaranteed to come after the previous block chronologically because the previous block’s hash would otherwise not be known. Each block is also computationally impractical to modify once it has been in the chain for a while because every block after it would also have to be regenerated. Blockchain (also known as Distributed Ledger Technology or DLT) is constantly growing as ‘completed’ blocks are added to it.
What is a Smart Contract?
Blockchain driven smart contract is fully or partially self executing and self enforcing legal agreement. Unlike paper based contracts, smart contracts provide security that is superior to traditional contract law. Once parties enter into smart contract, self executing or self enforcing parts are set to execute, making non performance impossible.