Essay On Blockchain

An RFID reader is a network connected device (fixed or mobile) with an antenna that sends power as well as commands to the tags. The RFID reader acts like an access point for RFID tagged items so that the tags' data can be made available to business applications.

The key point of the article is to get a meaningful comparison between a technology of the past and an upcoming technology. The former being the TCP/IP and the latter being the Block-Chain technology. By comparing the two, article is suggesting that the upcoming technology is gradually following the tracks of the similar technology and gaining momentum. This could be a long-shot but the analysis is worth the time because the analysis of the TCP/IP technology suggests that a technology takes some time to be accepted by the users because of the complexity, novelty, and other factors. When we see block chain technology and its advent, it suggests that

The RFID system mainly includes three parts: reader, antenna, and RFID tag, as shown. Because of the uniqueness of the RFID tag, the reader can locate and

Regardless of the frequency, method of communication, or the power supply, the goal of any RFID system is to enable specific data to be transmitted between a portable device and the tag, and then be processed and used accordingly. RFID systems are used for objects which get lost, stolen often, underutilized, or difficult to locate in a timely manner.

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 block chain database has recently become more widespread in everyday life and some of its benefits has been implemented for the public usage. The governments in several countries has acknowledged the potential of the block chain system. This could simplify the bureaucracy process and provide credibility. Some suggestions have been made of where this database could be enforced. First of all, the block chain system could affect how an ordinary person could deal with property titles. Governments will make it possible for citizens to electronically conduct transactions and queries without lawyers or queuing at government offices. Once registered on the block chain, for example an ownership of a car, a home or other assets to be transferred from one person to another without the need for a government record while still being legal and publicly acknowledged (Forde & Casey, 2016).

Blockchain technology innovation is proliferating in the hedge fund industry. Blockchain technology plays a primary role in front office and investment functions, in the securing of crypto assets, but also in private investment fund managers’ attempts to satisfy the growth expectations of clients. Although the use of blockchain technology in private investment fund strategies is still in its infancy, as it evolves and accelerates, the associated innovation benefits promise lasting change for the industry.

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

Ethereum is “a decentralized platform that runs smart contracts […] on a custom built blockchain” (Ethereum.com). This platform allows for interested parties to use the blockchain in a way which helps move value, represent ownership of property and store registries of debt all without having a third party intercede and even allows for automation of the transfer of funds as defined in contracts (Ethereum.com). Ethereum’s cryptocurrency are the DigixDAO and Augur. Ethereum was first introduced by, the nineteen year old Canadian,Vitalik Buterin on August 2014 however after getting hacked the developers decided to create Ethereum Classic (Blockgeek, “What is Cryptocurrency”).

First, if it's still an international concept for you, cryptocurrency is any of a number of digital money that can be made use of for online deals without intermediaries such as financial institutions. Without financial institutions, cryptocurrency can be traded and made use of for business between 2 or even more individuals without the oversight-- as well as expense-- of those intermediaries.

The public ledger is also called the block chain, which is again distributed to users, to independently verify the chain of ownership of every bitcoin amount which approximately six times per hour, the groups of accepted transactions between users is added to the block chain that in turn publishes it to the nodes. Doing so allows the software to determine when specific bitcoin amounts have been spent which is necessary, in order to prevent the double spending of currency which eliminates the need for a central authority, something that can be thought of like a fail safe to prevent fraud. Preventing double spending by people is necessary for the system to keep the block chain complete, consistent, and unalterable. By making it a necessity

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

How does Bitcoin work? Bitcoin is traded via the internet with a special software, person to person exchange without using the need of a third party such as bank or financial service providers. The software creates a “personal wallet” system for each user. This “personal wallet” is controlled and created using cryptography . All Bitcoin transactions are captured into system known as a shared public ledger called the “block chain” . (Leger, 2013)

To start off primarily, Bitcoin is a digital currency as opposed to physical currency that we’re accustomed to and use in our daily life. Straight off their site, Bitcoin is described as a pseudo-anonymous, P2P technology operating with no central authority or banks, it’s open-source, public, owned by no one and open for everybody to take part; but what does that all mean? “Bitcoin is the leader in a new generation of emerging currencies known as “cryptocurrencies” which aim to, among other things, facilitate the movement of money electronically while still maintaining a sense of privacy,” (Hobson)

Throughput: Currently bitcoin network can process maximum of 7 transactions per second whereas other existing processing systems like VISA and Master Card processes nearly 2000 transactions per second. This needs to be balanced and improved in the network.