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Blockchain 1.0 is the first generation of blockchain technology, which focuses on cryptocurrency and decentralization.
Blockchain 2.0 is an extension to blockchain 1.0 as it introduced the concept of decentralization of business and markets through smart contracts and improved security and transparency.
Blockchain 3.0 is the final developmental stage of blockchain technology, defined by global, institutional and enterprise adoption.
Blockchain is a secure database shared across a network of participants, where up-to-date information is available to all participants at the same time. At the same time, it is a system of recording information in a way that makes it difficult or impossible to change, hack, or cheat the system, making it one of the safest systems of recording transactions and what hence spurred the incredible levels of DeFi innovation we are living through.
A blockchain is essentially a digital ledger of transactions that is duplicated and distributed across the entire network of computer systems on the blockchain. Each block in the chain contains a number of transactions, and every time a new transaction occurs on the blockchain, a record of that transaction is added to every participant’s ledger. The decentralized database managed by multiple participants is known as Distributed Ledger Technology (DLT).
Blockchain is a type of DLT in which transactions are recorded with an immutable cryptographic signature called a hash.
Research from the McKinsey Technology Council suggests that by 2027, up to 10 percent of global GDP could be associated with blockchain-enabled transactions.
Extra reading:
https://www.ibm.com/topics/what-is-blockchain
https://www.euromoney.com/learning/blockchain-explained/what-is-blockchain
https://www.mckinsey.com/featured-insights/mckinsey-explainers/what-is-blockchain
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