#Blockchain = #cryptography powered token-based environment for #Anonymous #decentralized environment to avoid visibility of real #Beneficiaries
Key Notes
- Blockchain is a decentralized ledger used to securely exchange digital currency
- Distributed database that maintains continuously growing tamper-proof data structure
Algos
- The Blockchain metadata is stored in Google’s LevelDB by Bitcoin Core client
- The individual blocks are identified by a hash which is generated using secure hash algorithm (SHA-256)
- Decentralized and no central authority has full control
- Transaction is broadcasted over Bitcoin network to inform everyone that new owner of these coins
Business Process
- Buy Bitcoins
- Trade based on bitcoins
- Avoid visibility to institutions
- Set your own values for bitcoins
- Finally based on current rates reverse back or buy something property / material
- Avoid any tracking / Value of transaction
How it may work
- Distributed databases
- Broadcasted to all nodes
- Decentralized
- Everyone has common access across ledgers which are consistemt
Security
- Once we get into the system / datanases
- Keys to decrypt
- Every transaction may have its own hashkeys / token
- Hard to crack without getting complete details as token may play a key role to deter breaking into ledgers
Key Notes
- peer-to-peer version of electronic cash without going through financial institution.
- DCS (Decentralization, Consistency, Scalability) theorem for the blockchain systems
- Consistency - Any read in the distributed system gives the latest write on the nodes.
- Availability - A Client always receives a response at any point of time irrespective of whether the read is the latest write.
- Partition Tolerance - In case of partition between nodes in the distributed system, the system should still be functioning.
- Decentralization - There is no trusted entity controlling the network, hence no single point of failure
- Consistency - The blockchain nodes will read the same data at the same time.
- Scalability - The performance of blockchain should increase with the increase in the number of peers
Blockchain and database both can achieve many functionalities and features by coping with each other.
More Reads
- Blockchain Technology Overview
- Cryptocurrencies and the Future of Money
- Editorial: Understanding Cryptocurrencies*
- Understanding the Evolution of Blockchain Ecosystems: A Longitudinal Measurement Study of
- Bitcoin, Ethereum, and EOSIO
- A Survey on Blockchain for Big Data: Approaches, Opportunities, and Future Directions
- Non-Fungible Token (NFT): Overview, Evaluation, Opportunities and Challenges
Papers - Dec30th
- Evaluation of Distributed Databases in Hybrid Clouds and Edge Computing: Energy, Bandwidth, and Storage Consumption
- Building Blocks of Sharding Blockchain Systems: Concepts, Approaches, and Open Problem
- What is a Blockchain? A Definition to Clarify the Role of the Blockchain in the Internet of Things
- Digital Building Twins and Blockchain for Performance-Based (Smart) Contracts
- A GENERALISED LOGICAL LAYERED ARCHITECTURE FOR BLOCKCHAIN TECHNOLOGY
- A Proof of Useful Work for Artificial Intelligence on the Blockchain
- Connecting AI Learning and Blockchain Mining in 6G Systems
- Machine learning in/for blockchain: Future and challenges
- Blockchain as a Service: A Decentralized and Secure Computing Paradigm
- BAASH: Enabling Blockchain-as-a-Service on High-Performance Computing Systems
- uBaaS: A Unified Blockchain as a Service Platform
- Integration of Blockchain and Cloud of Things: Architecture, Applications and Challenges
- A Survey of Blockchain Applications in Different Domains
- A Survey on Blockchain & Cloud Integration
- DATA STORAGE IN THE DECENTRALIZED WORLD: BLOCKCHAIN AND DERIVATIVES
- BLOCKCHAINS VS. DISTRIBUTED DATABASES: DICHOTOMY AND FUSION
- Evaluation of Distributed Databases in Hybrid Clouds and Edge Computing: Energy,
- Bandwidth, and Storage Consumption
Keep Exploring!!!
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