🌐WEB 3.0

Blockchain is a decentralized, encrypted, immutable, and ever-growing distributed database. It can be used to transfer various types of assets between peers [32]. Essential features underlying the working principle of blockchain technology are being secure, anonymous, transparent, distributed, decentralized, and public, yet unbreakable and unhackable. Even if any of the nodes is lost, the information in the ledger is stored at other points in the network.

Each block timestamp in the blockchain contains the cryptographic hash function and transaction data of the previous block. The blocks holding the data are associated with the prior and subsequent blocks with cryptographic encryption. Associating blocks through a chain structure ensures data integrity and immutability. Consensus algorithms are used for the problems of reaching consensus and reaching consensus on the formation of blocks within the distributed system. The chain that starts with the first data entry has a structure that can go on forever.

The basic structure of the blockchain and the consensus algorithm ensures that the parties record the data in an unchangeable way and mutual agreement is formed. Different agreements and rules are needed for different parties on the blockchain. Smart contracts have been developed so that the parties can make various commitments over the blockchain without having to know each other or have mutual trust.

Acting similarly to a traditional contract but eliminating the need for a third party's involvement, smart contracts are programs that reside in decentralized blockchains and execute transactions according to triggered instructions [33].