Block chain technology
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Block Chain Technology is the redesigning of the way transactions will be processed. It is tantamount to as paradigm shift the way of doing business.
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Block chain technology
- 13. Block chain platforms permission-less or permissioned In a private, permissioned chain like Multichip, every node might be able to conduct transactions, but participation in the consensus process is restricted to a limited number of approved nodes. In a public, permission less block chain like Bit coin, every node in the network can conduct transactions and participate in the consensus process.
- 14. Block chain consensus/validation algorithms Four Algorithms: Proof-of- work algorithm (Pow)-Most Favored Practical byzantine fault tolerance algorithm (PBFT) Proof-of- stake algorithm (PoS) Delegated proof-of- stake algorithm (Dopes)
- 15. Who uses block chain: Current and Potentials Users Current: Potentials: Bit coin In 2016, the online retail company Overstock.com used block chain to sell and distributed more than 126,000 company shares, marking the first time a publicly traded company used block chain to support stock transactions. R3, a global consortium of financial institutions, also uses block chain to record, manage and synchronize financial information using block chain APIs for specific platforms. Banks and financial institutions across the globe are exploring how they can use block chain to improve security. Healthcare, government and technology, are investigating how they can use block chain to enable secure exchange of data and real estate deeds. Manufacturing and other similar businesses also see the potential to leverage block chain to manage smart contracts
- 16. Important Points about BCT:- 1. The Block chain is a database, which is distributed among all nodes. 2. No one or several nodes control the Block chain. 3. All nodes are able to validate a transaction. 4. All communication on the Block chain is p2p. 5. Anyone using a Block chain is anonymous if that is what they wish. 6. All transactions occurring on a Block chain are recorded there, so the transactions of any person using the network are public and completely transparent, even though they may be anonymous. 7. Once a transaction is recorded on the Block chain and the Block chain has updated, then that transaction cannot be altered. 8. No one person or organization can turn off a Block chain. 9. Although a Block chain is politically and architecturally decentralized it is logically centralized
- 17. What are smart contracts? A warranty claim Derivatives Insurance claims Identity verification The Internet of Things (IoT) Archiving and file storage The protection of intellectual property Crime Social media The use of smart contracts in elections and polls
- 18. Benefits of Block Chain Technology?
- 19. Limitations of Block Chain Technology
- 20. As you can see, block chain technology offers plenty of opportunities for various applications. And as the technology continues to progress, its applicability will only continue to broaden.