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A blockchain is a growing list of records, called blocks, that are linked together using cryptography. Each block contains a cryptographic hash of the previous block, a time- stamp, and transaction data (generally represented as a Merkle tree). The timestamp proves that the transaction data existed when the block was published to get into its hash. As blocks each contain information about the block before it, they form a chain, with each additional block reinforcing the ones before it. Therefore, blockchains are resistant to modification of their data because once recorded, the data in any given block cannot be altered retroactively without altering all subsequent blocks.
It is an economic community supported by a foundation of interacting organizations and individuals, the organisms of the business world. The economic Community produces goods and services of value to customers, who are themselves members of the Ecosystem. The member organisms also include suppliers, lead producers, competitors, and other stakeholders.
An NFT is a unique assignment of a specific number and further data, such as an art- work or a link, to an owner (or their public key) in the blockchain. When a unique assignment of a precise number and data to an owner (or to the public key) in the blockchain, then a Non-Fungible Token (NFT) is generated. It will be immutably and incorruptibly stored on the blockchain A program is needed to create – or “mint” – the token which then will be transferable and able to provide information about the present owner of the NFT: these and other assignments are managed by Smart Contracts. Real-world objects like art, music, in-game items, and videos can be represented as a Non-Fungible Token (NFT), which is a digital asset. NFTs are bought and sold online, also by means of cryptocurrencies with which they share the same underlying software.
A smart contract is a computer program or a transaction protocol that is intended to automatically execute, control or document legally relevant events and actions according to the terms of a contract or an agreement. The objectives of smart contracts are the reduction of need in trusted intermediates, arbitration's and enforcement costs, fraud losses, as well as the reduction of malicious and accidental exceptions.