What is Blockchain ?

-

 


What is Blockchain ?

Blockchain is a mechanism of storing data (storing information without edit capability), so information with regards to given subject item is stored using independent blocks of data in a decentralized environment with references to next and previous blocks, thus only when all blocks of data is retrieved itemized information could be derived. In an orthodox environment data repository is a Relational Database Management System (RDBMS), where information is scattered among multiple tables in the functionally and spatially most optimized manner. Key difference between the two is the key used in the RDBMS where with a single record key you could access, read, write , delete or modify any record related to the particular block of information, whereas Blockchain, environment there is no single key that allows you to retrieve information related to that particular event/transaction/block-of-information and moreover it allows only read and write ( immutable ) and once written, it cannot be modified/altered or deleted.

For an example, fund transfer situation; the login is a reference to your wallet and wallet has the references to blocks in the blockchain that creates your ledger. Hence for a given transaction blocks from multiple people will be linked together; 

where each block is encrypted with a public & private key. Since any transaction could be characterized as a give and take,  it will be recorded as a one node giving and other node receiving. As each wallet is decentralized and stored in a block chain in-order to transfer money wallet has to be reassembled. 

that can be done by the private key of the person who owns it, hence if you loose your private key, even-though it shows your balance you are unable to reassemble the required blocks and create a new record. Similarly receiving party also needs to reassemble their wallet to receive any money hence, they have to use their private key and re-assemble their wallet.

Comments

Post a Comment

Popular posts from this blog

AI and Game Theory in Risk Management

-
Image
The innovative and potentially transformative idea of integrating AI with game theory to create an agile, predictive risk assessment mechanism had been on my mind for some time. This approach could be highly effective for managing risks in fast-paced environments like startups. Moreover, it could also be expanded to serve as a valuable tool for large enterprises. Integrating AI and Game Theory in Risk Management Concept Overview: Leveraging AI, particularly through neural networks, to model and predict risks using game theory principles can create a dynamic system that evolves with market and economic changes. Game theory provides a structured way to anticipate and respond to competitors' actions, market fluctuations, and other external factors by treating these variables as part of a strategic game. AI can continuously learn and adapt these models based on new data, ensuring a real-time, proactive approach to risk management. ...
Read more

The Global Landscape of Payment Platforms

-
Image
Leaders, Innovators, and Emerging Players The payment industry has undergone a seismic shift over the past decade, driven by the rise of digital wallets, blockchain technology, and the increasing demand for seamless cross-border transactions. Today, the market is dominated by a mix of established giants, innovative newcomers, and niche players catering to specific regions or technologies. This article explores the global landscape of payment platforms , highlighting how each platform is faring in the competitive world of payments. Traditional Payment Platforms: The Established Giants PayPal PayPal remains one of the most widely used payment platforms globally, with over 430 million active accounts . It dominates the e-commerce space, offering secure online payments, merchant services, and peer-to-peer (P2P) transfers through Venmo. Despite its dominance, PayPal faces increas...
Read more

Full Stack of web services & How you choose your components !!

-
Image
Full Stack of Web Services and How you choose your components !! The front or the client side is mainly user-interface of the web application that the user interacts with the system. Usually built with language tools such as HTML, CSS, JavaScript, Libraries etc. However there are exceptions. Then again, the back end of the stack handles the data provided by the client and processes, and makes the connection between repositories+engines and the clients or the front end interface. Basically the web server/cloud that consists of servlets and repositories, that will use different programming languages like PHP, Python, Java, Perl, CGI, C,C++, Micro Languages etc, along with servers like : Apache The Apache HTTP Server, colloquially called Apache, is a free and open-source cross-platform web server software, released under the terms of Apache License 2.0. Apache is developed and maintained by an open community of developers under the auspices of the Apache Software Foundation...
Read more