A blockchain ledger is known to have a decentralized structure. Every participant has a continuously updated ledger of transactions where everyone’s personal information is hidden using cryptography.
This means that the transactions can get validated by consensus from all participants without exposing sensitive information so two parties can exchange data or digital assets without the need of a central admin, making it decentralized.
Ethereum is a blockchain platform. The most appealing part about it is the customizability of the transactions it can store. The Ethereum network has actually created a special language that allows anyone to set up an application on the network. This would work exactly the same as any application on your phone. The only difference being the way your data is stored is decentralized. Therefore, Ethereum allows the development of Decentralized Applications, or DApps, which play a very important part in the crypto world. Never heard of this term before? Check out our D’Apps article to learn about them!
For the first time, Ethereum provides the possibility of establishing a decentralized internet. What this means is that two parties could interact with each other in complex ways without having to surrender their sensitive information.