Blockchain Secrets
Thambran EnterprisesThe technology that allows bitcoin to serve as a digital currency,
as a store of value, and as a medium of exchange is blockchain
because bitcoin transactions are recorded in a blockchain ledge.
This means blockchains are not limited to running bitcoin; rather
blockchain application can span the entire gamut of trade,
finance, healthcare, legal operations, records management,
gaming, online exchanges, probability, and more.
Before you can get started understanding blockchain technology,
you have to know how it fits in with our current currency and
digital currency.
Introduction.....................................................................................................................6
Chapter 1 – A History of Money, Cryptocurrency, and Blockchain.........................11
Money .........................................................................................................................12
Cryptocurrency............................................................................................................13
How Did Cryptocurrencies Develop? ..........................................................................14
Cryptocurrencies, Fiat Currencies, and Stocks......................................................15
Blockchains .................................................................................................................15
Chapter 2 – Blockchain Basics ...................................................................................17
Components of a Blockchain ......................................................................................18
Security Concerns.......................................................................................................21
Types of Blockchain....................................................................................................22
Blockchain Technology Breakdown ............................................................................24
Chapter 3 – The Business of Blockchain...................................................................27
Different Industries that Use Blockchain Technology..................................................28
Adding Value to Your Business...................................................................................29
Growing Money ...........................................................................................................31
The Cloud and Blockchain ..........................................................................................32
Blockchain and Gaming ..............................................................................................33
Supply Chain Management and Blockchain ...............................................................34
Blockchain Technology and Quality Assurance..........................................................34
Chapter 4 – Proof of Work vs. Proof of Stake............................................................35
Proof of Work ..............................................................................................................35
Proof of Stake .............................................................................................................38
Benefits of the Proof of Stake Model...........................................................................39
Proof of Stake Challenges ..........................................................................................41
Chapter 5 – Benefits of Blockchain Technology.......................................................42
Eliminating Third Parties .............................................................................................43
Control Over Data .......................................................................................................43
Better Data Quality and Integrity .................................................................................44
Durability and Reliability..............................................................................................44
The Integrity of Data Processing and Transfers..........................................................44
Transparency and Auditability.....................................................................................45
Faster Transactions ....................................................................................................45
Lower Transaction Costs ............................................................................................46
Chapter 6 – Risks and Challenges of Blockchain Technology................................47
Major Hurdles of Blockchain .......................................................................................50
Risks of Blockchain Technology .................................................................................51
Chapter 7 – Deciding if Blockchain Technology is Right for You ...........................53
Know Who Will Be Looking at Your Data....................................................................53
Writeable Data ............................................................................................................54
Data Alteration ............................................................................................................55
Data Restoration .........................................................................................................55
Easy to Share..............................................................................................................56
Storage Limitations .....................................................................................................56
Verification Process ....................................................................................................57
Taking the Next Step...................................................................................................58
Chapter 8 – Blockchain Implementation Mistakes to Avoid ....................................60
Having Unrealistic Expectations..................................................................................60
Underestimating the Time Commitment......................................................................62
Being Impatient ...........................................................................................................62
Not Limiting Access.....................................................................................................63
Conclusion....................................................................................................................64
Blockchains are digital ledgers and can be formally defined as a continuously-growing list of records that are linked tougher and secured using advanced cryptography. In more simple terms, a blockchain is literally a chain of blocks. Each record in the list of a blockchain’s chain is called a block that contains specific types and pieces of information. Each block will usually include some sort of pointer as a link to the previous bock, transaction data, and a timestamp, which can take a variety of forms. Another way to look at is that a blockchain is much like a database where each entry is linked to the previous and next entry. This means that the information contained within the blockchain can't be changed, once a block with specific data is added to the chain. Depending on the chain that you are looking at, there are often useful tools for exploring that will allow you to scan the transaction data