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Discussion 1:

 A block chain consists of the ledger of records that are arranged in batches referred to as blocks that rely on cryptographic validation in linking the blocks and data together. In simple terms, each of the block will reference as well as identify the previous blocks through the hash function, thus forming a chain that is unbroken hence the name block chain (Tapscott, & Tapscott, 2016).

            Block chain is an incorruptible digital ledger for various economic transactions which can be potentially programmed to record not only the financial records but also everything that has value to an organization. The technology was developed as the accounting strategy for use with the virtual currency, Bitcoin, however, the use has spread to application in a range of commercial applications, education as well as in the medical field. It uses what is referred to as the distributed ledger technology (DLT). This technology was discovered to assist in ensuring that transactions are of integrity and that there is no deletion of any transactions (Tapscott, & Tapscott, 2016).

An advantage of block chain technology is that it cannot be tampered with easily. Each of the block added to the other carries a hard, cryptographic reference to a previous block. This reference is part of a mathematical puzzle which needs a solution so that the next block can be accommodated in the chain.

            The block chain technology is known basically for the underlying basis in the Bit coin. Besides its use in the network of the bit coins, researchers and practitioners expect this technology to revolutionize the manner in which the interactions and transactions are managed over the Internet which is likely to lead to the dawn of a new economy which is predicted to transform the nature of business. A vast potential for the application of block chain technology has been predicted by researchers for instance it is likely to affect the means through which governments, notary services as well as other critical institutions work (Hileman, 2017). Block Chain in undeniably one of the invention or the brainchild of people known as pseudonym Satoshi Nakamoto. Ever since its invention, block chain has evolved into a much greater asset than what was expected during its invention. In this paper, we shall look at the Blockchain technology as well as analyze prior literature that has been done on Blockchain so as to identify the gaps that exist in the current literature. With the motivation being on the technical as well as mathematical nature, previous research predominantly focused on the various aspects of technological infrastructure for instance security, scalability as well as the resilience of the consensus mechanisms. Block chain is relatively a new technology but that comes with greater potential. Some of the Fintech companies that are seeking to offer block chain-as-a-service are likely to realize substantial return on investment when they start off quite early.

References

Hileman, G. (2017). Cryptocurrency and blockchain. London: Henry Stewart Talks.

Tapscott, D., & Tapscott, A. (2016). Blockchain revolution: How the technology behind bitcoin is changing money, business, and the world. New York: Portfolio.

Discussion 2:

Blockchain technology refers to set of block that are chained from its existence to its current formation. The actual data is divided into blocks of information where they store each and every transactions. For example, if a person shopped from e-store, in this case blocks can store information about transaction details like person details, products purchased and site details. Thus, for each transaction there can be multiple blocks of information represented to be as a Merkle tree. Further, unique code called “hash” will distinguish from one block to another and linked to previous blocks by reducing the computational complexities. In other terms this process is termed as ‘distributed recording mechanism’. During this process, the blocks can be traced back to its original block of information (Meth, 2019).

            About popularity of Blockchain, As generations were evolving around digitalization and digital currencies are part of it. Blockchain technology makes easy to track back. Bitcoin was the first case of blockchain that made popular in finance. Moreover, it does not have any traditional structure and uses encrypted public key for security issues which is considered to be a major challenge of IoT. How does this public keys work with Blockchain technology?

References

Meth, M. (2019). Chapter 2: Blockchain Primer. Library Technology Reports, 55(8), 7. https://doi.org/10.5860/ltr.55n8

RUOTI, S., KAISER, B., YERUKHIMOVICH, A., CLARK, J., & CUNNINGHAM, R. (2020). Blockchain Technology: What Is It Good For? Communications of the ACM, 63(1), 46–53. https://doi.org/10.1145/3369752