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This lecture covers the basics of blockchains, distributed ledger technologies, and smart contracts. It delves into the history of blockchain development, the need for blockchain, successful use cases, technical parameters, and challenges faced. It also explores the different types of blockchains, node governance, user access, storage, and consensus protocols. The instructor discusses real-world applications in various sectors like finance, supply chain, healthcare, and energy. The lecture concludes with an analysis of blockchain project failures, technical challenges, and upcoming trends in the blockchain space.