© The Author(s), under exclusive license to APress Media, LLC, part of Springer Nature 2022
W. Zhang, T. AnandBlockchain and Ethereum Smart Contract Solution Developmenthttps://doi.org/10.1007/978-1-4842-8164-2_3

3. Blockchain Components and Architecture

Weijia Zhang1   and Tej Anand2
(1)
Austin, TX, USA
(2)
Chappaqua, NY, USA
 

The four components of blockchain that working together create its enormous potential to alleviate economic inefficiencies in our current system are distributed ledgers, privacy preservation, algorithms for distributed systems consensus, and smart contracts.

Introduction

The core capabilities of blockchain that have the potential to drive enormous business benefits are a distributed ledger of cumulative transactions, computers with ...

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