A blockchain is a data structure in which each block is linked to the next in a
time-stamped chronological manner. Each block is cryptographically linked to the
others. This is a global distributed ledger that contains an immutable public record of
financial transactions. Every new record will be reviewed across the distributed
network before being saved in a block. All information is verifiable and auditable once
it is deposited on the ledger, but it cannot be edited. It will be an underestimation to say
that Blockchain Technology is one of the most inventions of this 21st century. More
people are considering that the decentralization and translucence that comes along with
blockchain technology have the prospective to jiggle multiple industries to its very
staple. This article reconnoiters different blockchain applications and their deployment
approaches. In other facets, Multichain is a platform for the creation and distribution of
private blockchains, either within or between organizations. Likewise, there are many
more blockchain applications than just cryptocurrency, and they can unsettle way more
sectors than just the finance sector. We intentionally avoided showing the Blockchain’s
impact on the banking sector to keep the list as non-fintech as possible. Smart contracts
are well customary as the greatest enabling technology for blockchains. With them, a
blockchain ecosystem becomes self-governing, open, consent, and credible. It is
through a compilation of smart contracts that blockchains can operate without human
intervention.
The smart contracts are established to deploy at the predefined blockchain nodes. They
can be entreated by the call-backs either from the blockchain system, the other smart
contracts, or the participants’ information systems.
Usually, blockchain operations and application-related rules can be predetermined as
smart contracts. The use cases and their real-world functions differ, but the benefits
derived from using the technology remain unchanged: immutability, transparency,
redundancy, and security.
Keywords: Multi chain, Block chain, Real world applications, Decentralization, Smart contracts.
