The Blockchain technology was launched through the paper titled Bitcoin, by, Satoshi Nakamoto, in 2008, as an amalgamation of public key cryptography, cryptographic hash functions, and proof-of-work consensus protocol. Technically, Blockchain is a digital ledger of records that are gathered in clumps of data called blocks and these blocks are connected with other blocks, eventually forming a chain - a Blockchain.
What is a Carbon Credit?
Carbon credit is a certificate that allows the holder or any energy company to emit one ton of carbon dioxide. It levies a cost on carbon emissions by creating the value of the credit for every 1 ton of hydrocarbon fuel. And the organizations or the groups that act to reduce the carbon emissions, get the credit granted.
Blockchain, the technology which made the secure exchange of Bitcoins possible is disrupting many industries. It aims to digitalize processes and create a digital identity of physical objects on the Blockchain, so these can be tracked as well as traced back to the source of their origin.
Blockchain is a closed network utilized for secure transfer of value. There are public chains which allow anyone to become a part of the network and there are private chains which allow only certain authorized individuals or institutions to become a member. However, there will always be a world outside this network which might need to be contacted. Hence the question, “How Blockchains communicate with outside world?”
The Ethereum Naming Service (ENS) is a new network that resembles Domain Name Service (DNS) in the allocation of naming rights. But it differs in a lot of ways.