Fundamentals of Blockchain Services – 6 Key Blockchain Protocols You Need to Know Whether you are new to blockchain building or a veteran, it is essential to keep revising the various regulations related to your niche. AI and blockchain services are no different. Blockchain protocols include rules and guidelines that you need to follow to decentralize and distribute the product. It also ensures that the transactions are secure. Blockchain is an emerging technology that has become popular in almost all industries. All the industries aim to use the tech to their advantage and offer the option of transacting securely. In technology like blockchain, protocols are the rules for data sharing over a network. A guideline dictates the exchange of information, that too, in a simple, efficient, and secure fashion. Now, the machines may differ, but protocols for communication remain.
What is a Blockchain? For the uninitiated, blockchain refers to a chain of blocks where each block stores information and has a unique address. The data is distributed, making it a decentralized ledger that is stored and shared among the nodes of a computer network. One of the essential roles of blockchain is maintaining secure and decentralized transactions record for cryptocurrencies. The system ensures the accuracy and fidelity of the records and does not rely on a trusted third party like a bank to generate trust.