As you probably know, blockchain is a linear database where a new “block” is added at the end of the chain. The new block contains “new content” (e.g., a set of transactions) and an encrypte
business question
This week we will take up a discussion on blockchains (also called distributed ledgers) and cryptocurrencies.
As you probably know, blockchain is a linear database where a new “block” is added at the end of the chain. The new block contains “new content” (e.g., a set of transactions) and an encrypted summary, called hash, of the previous block. Once a block has been accepted in the chain, its content cannot be modified, as subsequent blocks depend on its hash.
A user can add a block to the chain only after finding a number called nance, which, together with the block’s hash, leads to a solution to a complex computation problem. These problems are complex enough that the number cannot be guessed. The user has to mine for nance, by searching sequentially through billions of possibilities. Once others have verified the nance, the block is added to the chain. In return for adding a new block to the chain, the user is awarded a digital token (e.g., bitcoin, ether, etc.).
The blockchain s also called distributed ledger as the copy of the chain is kept at all participating nodes in the network.
Blockchain platforms can be permissionless or permissioned. In a permissionless blockchain, anyone can join the network. The cryptocurrency platforms are permissionless. In a permissioned platform, a central entity controls access to the network. An example of permissioned blockchain is Walmart’s use of technology to track produce from farm to store shelf.
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