With technology comes terminology. While some standard terms are very well known and even under public use, as the protocol is still unraveling before the steadily-increasing users, getting to know the technology and methodology terms is a sure shot.
Nodes: The organs of the blockchain network are the nodes, which are essentially systems worked on by mining individuals or representatives serving as the administrators of the whole process. The nodes in the Ethereum Code mining software are also called miners who in turn win new coins as rewards.
Decentralization: All are important and there is no single boss. Decentralization in blockchain means all the transactions to be verified and added to the ledger are controlled by all the nodes within the said network as a whole and not a single central authority. The method can be also called as a peer-to-peer mechanism.
Distributed networking: The data under relevance is spread over multiple computer systems, all of them having access to it for validating and using in the distributed network.
Public Key: This random arrangement of numbers represents the address of the user who serves as the source of the transaction in the blockchain. For example, if some units of a currency is sent from the particular user, that key becomes the address of the currency.
Private Key: The access of the user to the stored data is given by the private key and is kept highly confidential and unique.
Hybrid block chains: Permissioned public ledgers are also called hybrid block chains or consortium, which require special authority for a user in the network to access the data.
Merkle Tree: A cryptographic tree in which leaf nodes in the network are labeled with the hash of the block and the non-lead nodes are marked by the cryptographic hashes of the succeeding child nodes.
Hashcash puzzles: Puzzles used in cryptocurrency mining algorithm based on proof-of-work protocol to improve authenticity, minimize spam and denial of service attacks by verifying the proof of the work done in smaller parts.
Smart contracts: Contracts constructed on the basis of blockchain, which are executed almost automatically without human involvement when the specially laid conditions are met. The contracts are given life by extensible programming commands or language for achieving the automation in the realization of an agreement.
Internet of Things: The incorporation of predictive analysis, remote sensing and automation for the exchange of data between objects and the operations carried out on and by them are grouped into the Internet of Things. The network which controls the management of this group is based on blockchain technology.