Explained | What is a blockchain ecosystem?

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Blockchains have surged in popularity ever since bitcoin introduced the world to cryptocurrency. There has never been a new technology that has grown this fast.

In a blockchain, data is stored in a way that its near impossible to change or hack it. Everyone wants a piece of this pie, from Silicon Valley to businesses and venture capitalists.

But while blockchain has been around for a long time, people mostly associate it with cryptocurrency. Blockchain has now evolved into various decentralised projects that leverage its power.This evolution owes its success to the creation of smart contracts, a self-executing piece of code that is stored in the blocks of a blockchain.

The contracts allow for the automation of tasks that were previously performed by a central entity in software projects and applications.This evolution has resulted in the growth of the blockchain ecosystem -- a network of participants in a blockchain that share business objectives and processes. There is still a long way to go for this nascent technology as more developers and businesses start utilising it for a plethora of reasons.

As time passes, the significance of a sound blockchain ecosystem will grow, but let us understand where the blockchain ecosystem stands as of now.Also read: Blockchain technology could revolutionise these spaces in 2022What is a blockchain ecosystem?A blockchain ecosystem is a group of various technological elements capable of interacting to create a system that performs a specified function. This system encompasses multiple governing structures like individual participation, data ownership, funding, exit and entrance criteria, information shared with the system's participants.The blockchain ecosystem can provide true