Skip to main content

Blockchain real story useful beginner to professional

Satoshi Nakamoto created first Blockchain project wished Bitcoin to be secure, anonymous and could work with no centralized intermediary. To achieve that, Nakamoto combined public key cryptography, a distributed ledger, and a consensus algorithm.
  • Nakamoto combined public key cryptography, a distributed ledger, and a consensus algorithm. 
  • The groundwork for each component was painfully laid by people before him, such as Wei Dai, Nick Szabo, Hal Finney, and Adam Back, 
  • The Blockchain can sometimes refer to the combination of all three components or just the distributed ledger
Blockchain ideas
Blockchain ideas

As the name aptly describes, at the heart of the Blockchain there is a chain of blocks, each block containing read-only data that represents monetary transactions. Every time a new block is written, you need to reference the block that immediately precedes it – so at any given point, you can track down the chain up to the very first block created.

How blockchain design works

  • The Blockchain is by design a decentralized and autonomous system, and sometimes more than one block gets created. 
  • To keep the integrity of its ledger, a consensus mechanism is used that considers that the longest chain is always the most trustworthy (it will be mentioned later why that is the case) and nodes can only be allowed to blocks to the chain if they solve an arbitrary mathematical puzzle (also more on that later).

Quiz on blockchain

Messages or transactions are exchanged between nodes through a peer-to-peer network, and there are two types of participants: those who generate transactions and "spend coins" and those who gather and record these operations.

To incentivize the processing nodes, the system rewards them with new brand new coins. so they not only do record keeping but also "make currency."

How technology works

Because of the intended strong analogy to precious metal mining, these particular nodes are called "miners."

This can appear trivial, but keep in mind that when you send something digital – a music file, or written document or picture — you are always making copies. Moreover, although, is not a real problem with files, is a big, big problem with digital currencies.


For a digital currency to work it is crucial that once you give it to someone, the money is not in your possession anymore, and you cannot give this same money to someone else.

This does not happen with wire transfers, for instance, because the financial institutions record and share a ledger of all the money that enters and exits their systems.

However, that is a centralized solution that depends that you trust an organization always to keep their "word."

The real process

Every transaction made in the Bitcoin network is directed to a pending transaction list. The transaction itself is a simple message that senders sign with a cryptographic key with an amount, as well as the sender's and recipient's addresses.
  • A node authenticates and integrates these transactions in the blockchain. 
  • It is useful to recall that every block references the block that came before. 
  • The new block has to have a hash value that equals all data it is trying to add to the chain, PLUS all data already stored in past blocks of the blockchain. 

Top blockchain books

Since the subsequent hashes are always dependent on the previous, that makes the blockchain tamper-proof. Remember that for anyone to change any value – even a single bit – in the already calculated block, means that he would need to update the hashes of every subsequent block.

This is heavily time-consuming and makes it harder to modify past blocks of Blockchain. The deeper the block down the "height," the more difficult.

How secure is it?

  1. The records on a blockchain are secured through cryptography. 
  2. Network participants have their own private keys that are assigned to the transactions they make and act as a personal digital signature. If a record is altered, the signature will become invalid and the peer network will know right away that something has happened. 
  3. Early notification is crucial to preventing further damage.

Blockchain Resources

Comments

Popular posts from this blog

R Vs SAS differences to read today

Statistical analysis should know by every software engineer. R is an open source statistical programming language. SAS is licensed analysis suite for statistics. The two are very much popular in Machine learning and data analytics projects.
SAS is analysis suite software and R is a programming language R ProgrammingR supports both statistical analysis and GraphicsR is an open source project.R is 18th most popular LanguageR packages are written in C, C++, Java, Python and.NetR is popular in Machine learning, data mining and Statistical analysis projects. SASSAS is a statistical analysis suite. Developed to process data sets in mainframe computers.Later developed to support multi-platforms. Like  Mainframe, Windows, and LinuxSAS has multiple products. SAS/ Base is very basic level.SAS is popular in data related projects. Learn SAS vs R Top Differences between SAS Vs R Programming SAS AdvantagesThe data integration from any data source is faster in SAS.The licensed software suite, so you…

Blue Prism complete tutorials download now

Blue prism is an automation tool useful to execute repetitive tasks without human effort. To learn this tool you need the right material. Provided below quick reference materials to understand detailed elements, architecture and creating new bots. Useful if you are a new learner and trying to enter into automation career. The number one and most popular tool in automation is a Blue prism. In this post, I have given references for popular materials and resources so that you can use for your interviews.
RPA Blue Prism RPA blue prism tutorial popular resources I have given in this post. You can download quickly. Learning Blue Prism is a really good option if you are a learner of Robotic process automation.
RPA Advantages The RPA is also called "Robotic Process Automation"- Real advantages are you can automate any business process and you can complete the customer requests in less time.

The Books Available on Blue Prism 
Blue Prism resourcesDavid chappal PDF bookBlue Prism BlogsVi…

Top Differences Read Today Agile vs Waterfall model

The Agile and Waterfall both models are popular in Software development. The Agile model is so flexible compared to waterfall model. Top differences on Waterfall vs Agile give you clear understanding on both the processes. Waterfall ModelThe traditional model is waterfall. It has less flexibility.Expensive and time consuming model.Less scalable to meet the demand of customer requirements.The approach is top down. Starting from requirements one has to finish all the stages, till deployment to complete one cycle.A small change in requirement, one has to follow all the stages till deployment.Waterfall model creates idleness in resource management. Agile ModelAgile model is excellent for rapid deployment of small changesThe small split-requirements you can call them as sprintsLess idleness in resource management.Scope for complete team involvement.Faster delivery makes client happy.You can deploy changes related to compliance or regulatory quickly.Collaboration improves among the team.