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Blockchain Summary

Blockchain Explained In Plain English

Blockchain Explained In Plain English

Understanding how blockchain works and identifying myths about its powers are the first steps to developing blockchain technologies After spending two years researching blockchain and the evolution of advanced ledger technologies, I still find a great spectrum of understanding across my clients and business at large about blockchain. While ledger superpowers like Hyperledger, IBM, Microsoft and R3 are emerging, there remains a long tail of startups trying to innovate on the first generation public blockchains. Most of the best-selling blockchain books confine themselves to Bitcoin, and extrapolate its apparent magic into a dizzying array of imagined use cases. And I'm continuously surprised to find people who are only just hearing about blockchain now. It can seem that everyone is talking about blockchain and ledger technologies, but the truth is most people are not yet up to speed. No one should be shy to ask what blockchain is really all about. Many blockchain primers and infographics dive into the cryptography, trying to explain to lay people how "consensus algorithms", "hash functions" and digital signatures all work. In their enthusiasm, they can speed past the fundamental question of what blockchain was really designed to do. I've long been worried about a lack of critical thinking around blockchain and the activity it's inspired. If you want to develop blockchain applications you only need to know what blockchain does, and not how it does it. So I've written a report that explains how the blockchain works . It examines the founding principles of blockchain, describes its properties, and dispels common myths about its powers. The explanation below is an abridged excerpt from the report. Blockchain is an algorithm and distributed data structure for managing electr Continue reading >>

What Is Blockchain Technology? A Step-by-step Guide For Beginners

What Is Blockchain Technology? A Step-by-step Guide For Beginners

What is Blockchain Technology? A Step-by-Step Guide For Beginners Angel Investors, Startups & Blockchain developers... Is blockchain technology the new internet? The blockchain is an undeniably ingenious invention the brainchild of a person or group of people known by the pseudonym, Satoshi Nakamoto . But since then, it has evolved into something greater, and themain question every single person is asking is: What is Blockchain? By allowing digital information to be distributed but not copied, blockchain technology created the backbone of a new type of internet. Originally devised for the digital currency , Bitcoin , the tech community is now finding other potential uses for the technology. Bitcoin has been called digital gold, and for a good reason. To date, the total value of the currency is close to $9 billion US. And blockchains can make other types of digital value. Like the internet (or your car), you dont need to know how the blockchain works to use it. However, having a basic knowledge of this new technology shows why its considered revolutionary. So, we hope you enjoy this, what is Blockchain guide. The blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value. Picture a spreadsheet that is duplicated thousands of times across a network of computers. Then imagine that this network is designed to regularly update this spreadsheet and you have a basic understanding of the blockchain. Information held on a blockchain exists as a shared and continually reconciled database. This is a way of using the network that has obvious benefits. The blockchain database isnt stored in any single location, meaning the records it keeps are truly public and easily verif Continue reading >>

Blockchain: The New Technology Of Trust

Blockchain: The New Technology Of Trust

A transaction's address is a string of letters and numbers that uniquely identify it. Addresses are publicly viewable on the blockchain. A database of information from multiple transactions, similar to a page in a ledger. Each block is time stamped, and those time stamps are used to order the blocks as they're added to the blockchain. The hash, generated by the cryptographic hash function, is what makes the blockchain secure. Each hash is unique to the block it came from a kind of digital fingerprint of the original data. This process only works in one direction: If you start with the hash, its nearly impossible to recreate the original block. The hash function is a piece of cryptographic math. It takes regular data and generates a short alphanumeric code. The function works in one direction: it's easy to turn regular data into a hash, but nearly impossible to reconstruct the original data from the hash. A private key is a string of letters and numbers that works like a password: it "unlocks" a blockchain address, allowing one party in a transaction to establish ownership of money, items or information. The private key is a hash of the transaction address. A smart contract is a computer program with a fixed set of rules that have been agreed to by both parties in a transaction. When triggered, it can work with multiple blockchains to execute those rules. For example, in a stock transaction, it can access one blockchain that tracks stock ownership and another that tracks ownership of cash. That allows it to transfer stock to the buyer and cash to the seller. On the blockchain, a transaction is any movement of goods, payments or confidential data. That could be what we usually think of as a transactionbuying and sellingbut it could also be someone sharing a piece of pers Continue reading >>

The Blockchain: A Brief Summary

The Blockchain: A Brief Summary

The Blockchain (or distributed ledger technology) is a hot topic for discussion - it has the potential to revolutionise domestic and international transactions - but of course also comes with its disadvantages. The Blockchain was invented in the context of the digital currency, Bitcoin (which by now, most people have heard of). The Blockchain is a public ledger of all the Bitcoin transactions, which continues to grow exponentially. Blockchain allows parties to transact securely in the absence of a third party intermediary and it is clear that some businesses recognise the potential savings connected to Blockchain or other distributed ledger technology. So how does it work? Thousands of computers around the world are connected to the Blockchain, each holding a copy of the Blockchain history record. There is no official copy and no computer is seen as more valid than another - they each mutually verify the ledger and there is no centralised authority (such as a government or a bank). This decentralisation is one of the revolutionary aspects of the technology. "Mining nodes" are computers connection to the Blockchain; they race to validate transactions, create new blocks and have these accepted by the network. The successful computer (or owner thereof) is rewarded in Bitcoin. Once accepted, each new block is sealed permanently and contains a link to a chain of prior blocks, making the chain more secure. Blocks can be added to the ledger but cannot be removed or corrupted. The enhanced security of distributed ledger technology can benefit many - including (perhaps surprisingly) banks and financial institutions. For example, the system can facilitate the effective and secure transfer of ownership of digital assets (such as shares and bonds). Also, you can permanently embed Continue reading >>

Blockchain Technology Explained An Executive Summary

Blockchain Technology Explained An Executive Summary

Blockchain Technology Explained An Executive Summary Researchers and technologists alike are talking about how blockchain technology is the next big thing across industries from finance to retail to even healthcare. According to Gartner, their client inquiries on blockchain and related topics have quadrupled since August 2015. This article attempts to provide a short executive summary on what blockchain technology is, how it works, and why has it captured everyones fancy. First things first, what is blockchain technology? Blockchain is the underlying technology behind cryptocurrencies like Bitcoin. Unlike physical currency, digital cash and cryptocurrencies come with a very real problem called Double-Spending. Let me explain what that is. When I email you a picture of my cat, Im sending you a copy and not my original picture. However, when I need to send you money online, as much as I would love to send you a copy of it, its a bad idea if I really do that! With Bitcoin, there was a risk that the holder could just send copies of the same bitcoin token in different transactions, leading to Double-Spending. Blockchain technology helps counter issues like double spending. The simplest way to think of blockchain is as a large distributed ledger of sorts that stores records of transactions. This ledger is replicated hundreds of times throughout the public network so it is available to everyone. Every time a transaction occurs, it is updated in ALL of these replicated ledgers, so everyone can see it. Every time a new transaction is initiated, a block is created with the transactions details and broadcast to all the nodes. Every block carries a timestamp, and a reference to the previous block in the chain, to help establish a sequence of events. Once the authenticity of the tr Continue reading >>

A Blockchain Primer

A Blockchain Primer

The Blockchain was created to enable the first viable digital currency, known as Bitcoin. The idea was to have a decentralized currency that did not rely on banks or other financial institutions for its integrity or legitimacy. But, as well see, the concept is fundamentally designed to be an integrity decentralization technology in general, and isnt specific to financial use cases. The Block Chain is a distributed database of transactions powered by public-key cryptography. The core concept that makes it different from centralized banks is that all transactions, and in fact all of the currency itself, is stored in a public ledger that is kept by all participants in the system. Blocks are a key part of the technology, and they have the following characteristics: they are small sets of transactions that have taken place within the system each new block includes a SHA-256 hash of the previous transaction that which chains it to all previous blocks blocks are computationally difficult to create, taking multiple specialized processors and significant amounts of time to generate The fact that blocks are both difficult to generate, and that in order to change one youd have to successfully change all previous ones, makes the block chain particularly resistant to tampering. To send or receive money using Bitcoin (the most popular block chain implementation) one creates a Bitcoin address (really just a long alphanumeric token) that can be used to either send or receive. The use of the public/private keypairs ensures that payments are sent and received by the correct individuals. The Blockchain concept is important because it represents a technological framework for decentralization. Many industries, such as banking, credit scoring, money transfers, etc., rely on someone in the m Continue reading >>

A Complete Overview About Blockchain Technology

A Complete Overview About Blockchain Technology

A Complete Overview about Blockchain Technology Octal IT Solution- Mobile App Development Company The blockchain is a decentralized database that records the data (finance contracts, physical assets, and supply chain information). It has acquired a triumphant recognition over the time and is currently dominated and used by Bitcoin. The blockchain is divided into two phrases: Block and Chain. Lets precisely understand both of them. Block is the authenticated entity that documents the time stamp and is encrypted. It is governed by an owner through a private key. In case, edits are introduced, all the distributed chains are updated on the real-time basis. It can be said as the most active part of the blockchain that records the previous transactions. Once completed, the block goes back to the blockchain and the new one is generated thus, forming the chains that are linked to one another. Every new block developed is already connected with the previous block. The blockchain contains the complete history of the users and addresses. The data can be distributed but the copy of it cannot be generated. The Chain is open and distributed that can be accessed by anyone, making the transaction. One thing to note, the chain is not governed by any other third party or the organization. The concept of blockchain can be easily understood with the help of Wikipedia. What happens in Wikipedia? Well, the users can see the information but cannot control its database that is managed and tracked by is authorized controllers. The same goes with the blockchain; you can view it but cannot control it. Taking more, the Blockchain is actually incomplete without Bitcoin. All the transactions are stored on blockchain and user can view the status of his transactions. Each transaction is stored in the Continue reading >>

The Blockchain: A Brief Summary

The Blockchain: A Brief Summary

The Blockchain (or distributed ledger technology) is a hot topic for discussion - it has the potential to revolutionise domestic and international transactions - but of course also comes with its disadvantages. The Blockchain was invented in the context of the digital currency, Bitcoin (which by now, most people have heard of). The Blockchain is a public ledger of all the Bitcoin transactions, which continues to grow exponentially. Blockchain allows parties to transact securely in the absence of a third party intermediary and it is clear that some businesses recognise the potential savings connected to Blockchain or other distributed ledger technology. So how does it work? Thousands of computers around the world are connected to the Blockchain, each holding a copy of the Blockchain history record. There is no official copy and no computer is seen as more valid than another - they each mutually verify the ledger and there is no centralised authority (such as a government or a bank). This decentralisation is one of the revolutionary aspects of the technology. "Mining nodes" are computers connection to the Blockchain; they race to validate transactions, create new blocks and have these accepted by the network. The successful computer (or owner thereof) is rewarded in Bitcoin. Once accepted, each new block is sealed permanently and contains a link to a chain of prior blocks, making the chain more secure. Blocks can be added to the ledger but cannot be removed or corrupted. The enhanced security of distributed ledger technology can benefit many - including (perhaps surprisingly) banks and financial institutions. For example, the system can facilitate the effective and secure transfer of ownership of digital assets (such as shares and bonds). Also, you can permanently embed Continue reading >>

The Truth About Blockchain

The Truth About Blockchain

Contracts, transactions, and records of them provide critical structure in our economic system, but they havent kept up with the worlds digital transformation. Theyre like rush-hour gridlock trapping a Formula 1 race car. Blockchain promises to solve this problem. The technology behind bitcoin, blockchain is an open, distributed ledger that records transactions safely, permanently, and very efficiently. For instance, while the transfer of a share of stock can now take up to a week, with blockchain it could happen in seconds. Blockchain could slash the cost of transactions and eliminate intermediaries like lawyers and bankers, and that could transform the economy. But, like the adoption of more internet technologies, blockchains adoption will require broad coordination and will take years. In this article the authors describe the path that blockchain is likely to follow and explain how firms should think about investments in it. Weve all heard that blockchain will revolutionize business, but its going to take a lot longer than many people claim. Like TCP/IP (on which the internet was built), blockchain is a foundational technology that will require broad coordination. The level of complexitytechnological, regulatory, and socialwill be unprecedented. The adoption of TCP/IP suggests blockchain will follow a fairly predictable path. While the journey will take years, its not too early for businesses to start planning. Contracts, transactions, and the records of them are among the defining structures in our economic, legal, and political systems. They protect assets and set organizational boundaries. They establish and verify identities and chronicle events. They govern interactions among nations, organizations, communities, and individuals. They guide managerial and social Continue reading >>

What Is Blockchain Technology?

What Is Blockchain Technology?

I am happy to share my knowledge on Blockchain. Before starting let me tell you why there is such a hype around Blockchain. Blockchain powers the popular cryptocurrency Bitcoin. And Bitcoin Mining is the buzz these days. Blockchain is the technology that runs Bitcoin. Blockchain is the concept and Bitcoin is the implementation. I am sure you have some idea as to what Bitcoin is. Before moving ahead, check out my short video on Blockchain. Let me give you a short introduction to Bitcoin and how it was first implemented by this technology called Blockchain. Bitcoin is the worlds first digital cryptocurrency. It does not have any central authority exercising control. Imagine that everyone in the world one day decide that they will trade with a new currency. They do not want banks and their governments to have any control in this currency. The currency should be truly universal in all sense and making it digital would allow for the fastest transfers possible. Such a system was indeed created in 2009 by an anonymous person(s) called Satoshi Nakamoto . This system solved all the issues we have with the current banking system. Banks were prone to corruption such as the 2008 Financial crisis involving Lehman Brothers. Banks charge a huge fee on every transaction. The transaction copy is private, i.e., you need to completely trust banks with your hard earned money. Banks have always been prone to hackers and thefts. Bitcoin solves each of these. How Bitcoin solves these issues is what we call as the Blockchain Implementation. Blockchain provides such a platform where Bitcoin overcomes all the issues of traditional banking. Let us look at these in detail. Every single person on the network has a copy of the ledger. There is no single centralized original copy. Ledger here means Continue reading >>

Nistir 8202 (draft), Blockchain Technology Overview | Csrc

Nistir 8202 (draft), Blockchain Technology Overview | Csrc

Comments Due: February 23, 2018 (public comment period is CLOSED) Email Questions to: [email protected] Dylan Yaga (NIST), Peter Mell (NIST), Nik Roby (G2), Karen Scarfone (Scarfone Cybersecurity) NIST announces the release of Draft NISTIR 8202,Blockchain Technology Overview. This publication is intended to provide a high-level technical overview of blockchain technology. It discusses its application for electronic currency as well as broader uses. The document looks at different categories and approaches for different blockchain platforms. This document is intended to help readers to understand the technologies which comprise blockchain systems and to understand how blockchains can be appropriately and usefully applied to technology problems. Section 1 provides an introduction to the topic of blockchain technology. Section 2 defines the high-level components of a blockchain system architecture, including hashes, transactions, ledgers, blocks, and blockchains. Section 3 discusses how a blockchain is expanded through the addition of new blocks representing sets of transactions. Section 4 examines the need for consensus models to resolve conflicts among blockchain mining nodes. Section 5 introduces the concept of forking. Section 6 defines and discusses smart contracts. Section 7 looks at blockchain permission models, discusses their application considerations, and provides use case examples for each model. Section 8 provides several examples of blockchain platforms in use today to indicate the variations from one platform to another. Section 9 highlights some of the limitations of blockchain technology. Section 10 gives a short conclusion for the document. Appendix A contains a glossary for selected terms defined in the document. Appendix B provides a list of Continue reading >>

Know More About Blockchain: Overview, Technology, Application Areas And Use Cases

Know More About Blockchain: Overview, Technology, Application Areas And Use Cases

Know more about Blockchain: Overview, Technology, Application Areas and Use Cases Blockchain technology continues to redefine not only how the exchange sector operates, but the global financial economy as a whole. Bob Greifeld, Chief Executive of NASDAQ In financial markets theres always a mechanism to correct an attack. In a blockchain there is no mechanism to correct it people have to accept it.- Robert Sams, founder and chief executive of London-based Clearmatics. Blockchain technology has the ability to optimize the global infrastructure to deal with global issues in this space much more efficiently than current systems. Marwan Forzley, Founder of Align Commerce Everyone is talking about blockchain, the new technology in the FinTech Industry. The concept of blockchain has energized the financial services industry globally. The concept has already brought a disruption in the financial industry. LTP brings to you the overview, technology, application areas and use cases of blockchain. A blockchain is a public ledger of all bitcoin transactions that have ever been executed. A block is the current part of a blockchain which records some or all of the recent transactions, and once completed, goes into the blockchain as permanent database. Each time a block gets completed, a new block is generated. Blocks are linked to each other (like a chain) in proper linear, chronological order with every block containing a hash of the previous block. To use conventional banking as an analogy, the blockchain is like a full history of banking transactions. Bitcoin transactions are entered chronologically in a blockchain just the way bank transactions are. Meanwhile, blocks, are like individual bank statements. The full copy of the blockchain has records of every bitcoin transaction ev Continue reading >>

A Blockchain + Cryptocurrency Summary

A Blockchain + Cryptocurrency Summary

Recently, I delivered a Blockchain talk to a group of entrepreneurs at Neuehouse in NYC . One week later I shared a panel with leaders in the crypto space at Sony Showroom NYC . I have combined the main points of both talks into the below summary because I want everyone to know about this foundational, revolutionary technology known as The Blockchain. Enjoy, and feel free to ask questions in the comments: The Blockchain is a foundational technology like the web and Bitcoin is its first killer app. Blockchain was first introduced in 2008 via a whitepaper written anonymously under the pseudonym Satoshi Nakamoto. The person (or people) who wrote this whitepaper are still unknown. It is widely assumed members of the 1990s technology group cypherpunks are behind the whitepaper since they were privacy activists heavily involved in cryptography. The Blockchain is a digital ledger, but instead of saving just one copy of a transaction in a centralized location (like a bank or voting booth), it gets verified and then recorded on every single computer around the world that is mining Bitcoin (or Ether). Every time a transaction occurs on the Blockchain millions of anonymous computers (nodes) around the world compete to verify the transaction. The first node to verify earns a digital currency, hence the term miners. Once verified, it is virtually impossible to alter the record due to the 51% rule: in order to alter a block, 51% of the computers around the world running the Blockchain must agree. Since the computers are anonymous, it is virtually impossible. Since 2008, The Blockchain has never been hacked even though the smartest programmers in the world, motivated by greed, fame and simple curiosity have tried, constantly. Ethereum is a newer Blockchain that allows for smart contr Continue reading >>

Making Sense Of Bitcoin, Cryptocurrency, And Blockchain

Making Sense Of Bitcoin, Cryptocurrency, And Blockchain

Making sense of bitcoin, cryptocurrency, and blockchain Bitcoin, cryptocurrency, blockchain... So what does it all mean? Some of the noise is hype, but some of it points to important forces in the financial services industry. To help you make sense of it, weve pulled together a few short articles that explain why a lot of industry observers are paying close attention. We can help. Weve pulled together a few short articles that explain why a lot of industry observers are paying close attention. Let's start with some quick definitions. Blockchain is the technology that enables the existence of cryptocurrency (among other things). Bitcoin is the name of the best-known cryptocurrency, the one for which blockchain technology was invented. A cryptocurrency is a medium of exchange, such as the US dollar, but is digital and uses encryption techniques to control the creation of monetary units and to verify the transfer of funds. The blockchain is a decentralized ledger of all transactions across a pier to pier network. Using this technology, participants can confirm transactions without a need for a central clearing authority. Potential applications can include fund transfers, settling trades, voting, and many other issues. Blockchain also has potential applications far beyond bitcoin and cryptocurrency. Blockchain is, quite simply, adigital, decentralized ledgerthat keeps a record of all transactions that take place across a peer-to-peer network. The major innovation is that the technology allows market participants to transfer assets across the Internet without the need for a centralized third party. From a business perspective, its helpful to think of blockchain technology as a type of next-generation business process improvement software. Collaborative technology, such as b Continue reading >>

An Overview Of Blockchain Technology: Architecture, Consensus, And Future Trends

An Overview Of Blockchain Technology: Architecture, Consensus, And Future Trends

Architecture, Consensus, and Future Trends Zibin Zheng1, Shaoan Xie1, Hongning Dai2, Xiangping Chen4, and Huaimin Wang3 1School of Data and Computer Science, Sun Yat-sen University Guangzhou, China 2Faculty of Information Technology, Macau University of Science and Technology, Macau, SAR 3National Laboratory for Parallel & Distributed Processing National University of Defense Technology, Changsha 410073 China 4Institute of Advanced Technology,National Engineering Research Center of Digital Life AbstractBlockchain, the foundation of Bitcoin, has received extensive attentions recently. Blockchain serves as an immutable ledger which allows transactions take place in a decentralized manner. Blockchain-based applications are springing up, cov- ering numerous elds including nancial services, reputation system and Internet of Things (IoT), and so on. However, there are still many challenges of blockchain technology such as scalability and security problems waiting to be overcome. This paper presents a comprehensive overview on blockchain technology. We provide an overview of blockchain architechture rstly and compare some typical consensus algorithms used in different blockchains. Furthermore, technical challenges and recent advances are briey listed. We also lay out possible future Index TermsBlockchain, decentralization, consensus, scala- Nowadays cryptocurrency has become a buzzword in both industry and academia. As one of the most successful cryp- tocurrency, Bitcoin has enjoyed a huge success with its capital market reaching 10 billion dollars in 2016 [1]. With a spe- cially designed data storage structure, transactions in Bitcoin network could happen without any third party and the core technology to build Bitcoin is blockchain, which was rst proposed in 2008 and implem Continue reading >>

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