Blockchain

A tech that has ability to change the face of the world.

Definition

src google images
src: google images

problems associated

1. Double spend problem

IN 2008 “satoshi nakamoto” has the paper published for digitial processing which enforces that the money is only spend once.

2. Byzantine fault tolerance

Background of blockchain

** smart networks

need of blockchain

It is the decentralized financial network. similar to the way how the cell phones were replaced with the rise of new technology now the long tail of financial services that needs to be digitalized sooner or later.

How the blockchain works ? ( in crypto basis)

when we place a wallet in our system whether its mobile phone or other systems it initializes the public — private key pair. Their basic structure is PKE infrastructure. What that means is the public key encryption infrastructure. This means that there are pair of 32 alphanumeric characters. Its the user’s bitcoin address. There also exists the private key which is hidden from the user.

when spending the bitcoin

the user scan the QR Code for the bitcoin address of the other party or manually and submit the number of coins and submit and the user submit. The software checks if it is valid number and address that the user have. Then the balance is transferred to the other user. the logs are maintained by the so called sheet that is in the internet. The data can be checked if the user has valid 32 character bitcoin address. But the user of allocated coin is unknown. thus is called as pseudo- synonymous (not completely anon.)

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