Block Chain Essay

Cryptocurrency is a digital asset that serves as a medium of exchange with no central authority and was created to prevent the issue of double spending. This problem is solved with the use of blockchains where miners confirm transactions on a public ledger. As of today, there are over 1,000 different types of cryptocurrencies, and at least 600 of these have listed market caps of over $100,000. Bitcoin, Ethereum and Litecoin are top cryptocurrencies trading today with their combined market cap topping $331B. Bitcoin, created in 2009, is the biggest cryptocurrency and has recently reached a net value of over $270 billion, with much of its growth being in the last few months. This has led to much

In this article, block chain is compared to CDROM and the rise of the applications it had in the information technology industry. Blockchain is thus, considered a new technology which would take it`s time to become a positive source and get rid of the dark image it has acquired

The chain is a timeline of all transaction blocks as discussed above. This chain itself is a ledger that records in real-time all events associated with the block and makes it publicly visible. A new block can be added to the chain only when one of the network nodes (participant) successfully solves a complex mathematical problem that often requires high computing power, and gains the right to add the next block. These complex, algorithm-rich computations can also be called as proof-of-work/stake computations, which make blockchain almost Sybil-resistant, and its decentralized nature gives it a high-level of ‘Byzantine Fault Tolerance’. Complex, algorithm-rich proof-of-work computations also act as the ‘consensus mechanism’ that ensures a high-level of data integrity to the transactions on blockchain and reduces chances of falsified entries. People who use high-computational power to solve proof-of-work computations and add the blocks to the chain are called miners in blockchain; they are also the network nodes. To briefly anatomize blockchain transactions, transactions are initially encrypted and added to an online ledger. It is further sent into the blockchain network where network nodes take them up in a block and solve complex proof-of-work computations to add the next block onto the

The PESTEL analysis will be used to examine the cryptocurrencies in the Political, Economic, Social, Technological, Environmental and Legal aspects

Digital currency is an Internet-based means of exchange different from physical currency such as circulating printed paper currency and coins.[1] Digital currency allows for instant transactions and boundaryless transfer-of-ownership. Both virtual currencies and cryptocurrencies are types of digital currencies. Like traditional physical money these currencies may be used to buy physical goods and services. Additionally, this digital currency could also be restricted

Litecoin is a decentralized currency created on October 2011 (Litecoin.com).This currency is considered to be the silver standard to the digital currency as one of the first cryptocurrencies to model after Bitcoin.

Block chain is an open distributed ledger that can record transactions between two parties efficiently and in a verifiable and a permanent way. Block chain ensures that contracts are in a digital code and stored in a transparent and shared database where they are secured from deletion, tampering and revision. In this world every record of transactions, agreement, process task and payment would be stored digitally. Lawyers, bankers, brokers might get obsolete, this is the potential of the block chain. Block chain is a foundational technology. It will take time to dive deep in our economic structure. The process would be gradual instead of sudden.

The hidden power behind cryptocurrency is blockchain technology, which is as tough to recognize as it is to discuss. There are definitely in-depth descriptions of exactly how blockchains work offered, yet generally, each is built on an openly

Claimed to be the successor of the Internet for its booming popularity, Bitcoin has recently surpassed yet another benchmark. The Economist reports on the 25th of May 2017 that one bitcoin is now valued more than twice the price of an ounce of Gold, more precisely and less figuratively, more than $2,600. However, Bitcoin’s revolutionary idea stems from the way it builds its own cryptosystem. Disregarding the bank or any central authority for that manner, Bitcoin sows a global, interconnected network of peers that tries to reach consensus despite adversity. It boils down to the Byzantine Generals Problem that, in many ways, emulates the real challenges any distributed system must face. Voting in the presence of propagation delays,

Many people are still unaware of digital currencies and bitcoin system as it is still in their infancy stage and in the process of developing. Application of bitcoin system in people’s lives and its networking needs to be educated and spread among them. Businesses with the knowledge of bitcoin system are accepting them because of its advantages, but the list is relatively small compared to physical currencies. This system can help workers to manage customers’ financial transactions, but it will definitely take some time and effort for the workers to understand how does this system works and for customers to understand its’

With such wide-ranging possibilities, there is no surprise that blockchain has the potential to enhance the quality of service delivery while improving confidentiality and integrity of data. With its promise of providing secure and transparent transactions, blockchain seems poised to be one of the digital world's key pillars.

Bitcoin (BTC), a cryptocurrency, is a type of digital currency which was introduced in 2009 by pseudonymous developer "Satoshi Nakamoto". Since then 12 million bitcoins have come into existence with a current market cap of around 8 billion USD [1]. The algorithm is designed as to allow only 21 million BTC to come into existence ever. Bitcoin uses peer-to-peer technology to operate with no central authority or banks; managing transactions and the issuing of bitcoins is carried out collectively by the network [2]. Bitcoin is not the first attempt. But none have managed before to take off so dramatically and with such wide adoption to achieve escape velocity. The questions which are important now are how the bitcoin managed this success in

Nowadays, the Internet has implemented great impacts on people’s life, and it also has changed the business world significantly. In order for companies to cope up with the changing customer demands, they must adopt new technologies not only to support their business functions but also to reduce paper works, reduce costs, and provide better services. Bitcoin is a currency of the Internet, distributed, worldwide, decentralized digital money that be developed as a new payment method. In Australia, the regulator has defined Bitcoin as property instead of currency for accounting purposes (King, 2015 February). Although Bitcoins are not materially existed, it can be exchanged for goods and services at places that accept it, the same way you would give someone a dollar for a cookie.

Litecoin – is the second largest cryptocurrency in terms of capitalization in the market today. It reached a market cap of $1 billion by the end of the year, 2013. The litecoin was primarily created as an improvement to the Bitcoin, the market leader. Among the added features are - mining capabilities with the use of an ordinary desktop computer, faster processing time (2.5 minutes versus 10 minutes for Bitcoin), and a maximum limit (84 million versus 21 million) which is four times more than Bitcoin, its leading rival.

With this all nodes will be linked to each other and will form as a chain and this can be called as blockchain.