Research Paper (Blockchain)
varunydd2
blockchaintechnology.pptxBLOCKCHAIN
The Next Phase
BLOCKCHAIN
A decentralized ledger of transactions across a peer-to-peer network. Using this technology, participants can perform transactions without the need for a central certifying authority. Potential applications include fund transfers, settling trades, voting, and many others.
Business networks benefit from connectivity (connected customers, banks, suppliers, and partners.
Wealth is generated by the flow of goods and services across business networks.
Anything that is capable of being owned and controlled to produce value, is an asset.
Two fundamental types of assets (tangible – e.g. a house; intangible – e.g. a mortgage
What is it
BLOCKCHAIN
The ledger - a series of blocks that are the public record of the transactions and the order of those transactions
The consensus protocol - allows members of the community to agree on the values stored in the ledger.
The digital currency - acts as a reward for those willing to do the work of advancing the edger.
COMPONENTS
How transactions are done?
BLOCKCHAIN Goals
ensure the anonymity of Blockchain’s users (use of a public/private key pair). Each participant is identified by the public key, authentication is accomplished through signing with the private key.
provide a public record or ledger of a set of transactions that cannot be altered once verified and agreed to. The ledger is a record of what transactions have taken place, and the order of those transactions.
For the system to not be dependent on any central or trusted authority. This is meant to be a peer- or participant-driven system in which no entity has authority or trust than any other. The design seeks to ensure the other goals based on more than half of the members of the participating community (MINERS) being honest.
Usage of BLOCKCHAIN
BitPeasa
a digital foreign exchange payment platform for frontier markets.
Stori
a cryptocurrency and digital payment system; it is also a Blockchain-based digital storage and data retrieval method.
Riot Blockchain
formally, a biotech company called Bioptix. The company rebranded and is now listed on the NASDAQ exchange under ticker symbol RIOT, making it the first purely Blockchain focused public US stock.
Usage continued
Golem
a global, open source, decentralized supercomputer that anyone can access. It is made up of the combined power of users’ machines – from PCs to entire data centers.
Open Bazaar
one of the first marketplaces that accepts cryptocurrency for transactions. Think of this like a hybrid of eBay and Etsy, that runs on cryptocurrency and charges no fees.
Chronicled
the coolest features allows for better supply chain control and management, and anti-fraud opportunities to protect brand integrity around the world.
BLOCKCHAIN Applications
Smart Contracts
this Project is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of downtime, censorship, fraud or third-party interference.
Cloud Storage
by simply using excess hard drive space, users could store the traditional cloud 300 times.
Supply-Chain communications and Proof-of Providence
most of the things we by are not made by a single entity, but by a chain of suppliers who sell their components to a company that assembles and then market the final product.
Applications continued
Paying Employees
payments made by Bitcoin can save both money and time for both employers and employees.
Electronic voting
Delegated Proof of Stake (DPOS) is the fastest, most efficient, most decentralized, and most flexible consensus model available.
BLOCKCHAIN PROBLEMS
Scaling - An obvious worry about the consensus-by-hashing mechanism used in Blockchain is whether the technology can scale to the levels needed for more general use.
Power consumption - A second criticism of Blockchain technology that is an outgrowth of the consensus mechanism is the amount of energy consumed in the discovery of an appropriate hash for a block.
Trust - Perhaps the most problematic aspect of Blockchain is its core notion of being trustless. Much of the complexity of the technology is caused by this requirement. It is unclear, however, that this is even necessary for the kinds of uses people talk about as core to Blockchain, or that the system is free of trust.
