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Blockchain for Smart Systems
Computing Technologies and Applications
Latesh Malik, Sandhya Arora, Urmila Shrawankar, Vivek Deshpande, Latesh Malik, Sandhya Arora, Urmila Shrawankar, Vivek Deshpande
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eBook - ePub
Blockchain for Smart Systems
Computing Technologies and Applications
Latesh Malik, Sandhya Arora, Urmila Shrawankar, Vivek Deshpande, Latesh Malik, Sandhya Arora, Urmila Shrawankar, Vivek Deshpande
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About This Book
Blockchain technology has been penetrating every aspect of Information and Communications Technology (ICT), and its use has been growing rapidly in recent years. The interest and development of this technology has primarily been driven by the enormous value growth of cryptocurrencies and large investments of venture capital in blockchain start-ups. Blockchain for Smart Systems: Computing Technologies and Applications is intended to clarify and define, in simple terms, the technology behind blockchain. It provides a deep dive into the core fundamentals of blockchain: hashing algorithm behind each block, distributed technology, smart contracts, and private vs. public blockchain.
Features
- Discusses fundamental theories of practical and sophisticated applications of blockchain technology
- Includes case studies
- Discusses the concepts with illustrations, appropriate figures, tables, and simple language
This book is primarily aimed at undergraduates, graduates, research scholars, academicians, and industry and technology enthusiasts working in various aspects of blockchain technology.
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Information
Section IBlockchain Fundamentals
1Introduction to Blockchain and Terminologies
DOI: 10.1201/9781003203933-2
CONTENTS
Introduction
1.1 History of Blockchain
1.1.1 Why the Name āBlockchainā?
1.2 Basic Concepts
1.2.1 What is inside the āBlockā?
1.3 Architecture
1.3.1 Data Layer
1.3.2 Network Layer
1.3.3 Physical Layer
1.3.4 Virtualization Layer
1.3.5 Consensus Layer
1.3.6 Contract Layer
1.3.7 Incentive Layer
1.3.8 Service and Optional Component Layer
1.3.9 API Layer
1.3.10 Application Layer
1.4 Characteristics
1.5 Appending Transaction
1.5.1 ABCD of Transaction Getting into the Blockchain
1.6 Transaction Request Authentication
1.7 Consensus Algorithms
1.8 Smart Contract
1.9 Types of Blockchain
1.9.1 Public Blockchain Network
1.9.2 Private Blockchain Network
1.9.3 Consortium Blockchain Network
1.10 Issues and Concerns of Blockchain
1.11 Challenges of Blockchain Technology
1.12 Case Study
1.12.1 Digital Content Management Using Blockchain
References
Introduction
Internet and computing devices together made business and every aspect of life easier. The entire globe is reachable and available at our fingertips 24/7. Business transactions are made all over the globe with increasing velocity. So the need is for efficiency, cost-effectivity, reliability and trustworthiness in business transactions.
Currently, business transactions are going well, but not great. The scope of improvement is there regarding cashless facilities, redundant localized updates, transaction cost, transaction settlement time, monetary fraudulent and cyber-attacks. The possible architectures for business transactions required are decentralized, shared and at the same time distributed.
This requirement invented the concept of Distributed Ledger Technology (DLT). Consider the analogy of a spreadsheet and a Google spreadsheet. In the case of spreadsheet use, each application has its own copy available for updates. In the end, all copies need to be referred to duplicate in a final version of the spreadsheet [1]. The process is definitely painful. Google saved time and effort with the Google spreadsheet solution. Google spreadsheet is shared amongst all users: everyone can simultaneously update the same shared copy in real time. At the same time, everyone can have their own copy made. Such is the technology requirement for todayās growing business transactions [2].
In Figure 1.1, Node represents the User and Transactions Record is each Userās individual copy of transactions done. The transactions are appended to a common copy of transactions record which can be accessed by all users on a network of nodes. The network in Figure 1.1 is implemented using P2P (peer-2-peer) architecture. In a P2P network, all nodes are at equal privilege, unlike in a client-server architecture. Each node is a computing machine representing a user participating in a transaction. A P2P network allows access to all other nodes from each and every node on the network. Such DLT architecture forms the base for blockchain technology [2, 4].
Distributed ledger architecture [3].
1.1 History of Blockchain
Blockchain technology is the byproduct of Bitcoin. Satoshi Nakamoto worked towards building the concept of electronic cash system Bitcoin in 2008. By November 2008, the thesis with electronic cash system concept was submitted and finalized with cryptographers from a US mailing team. By January 2009, Bitcoin was up with its first block. Since then, there has been no downtime in this chain of Bitcoin. Itās growing day by day without any requirement of maintenance. Considering this feature of Bitcoin chain, people were curious about the technology behind this chain and its working. So from 2015, the technology on which Bitcoin chain is based came into the focus and it was known by the name of blockchain technology.[5, 6]
1.1.1 Why the Name āBlockchainā?
Block structure is used to store data related to a transaction. All blocks are chained as per time stamp ordering. So it forms a chain of blocks, referred as āblockchainā. As all the users/nodes have access to each and every block, it is also referred as āDistributed Ledgerā.
Hashing is the concept which is used as the basis of chaining. Blocks are connected to each other using hash values. Each next block stores hash value of the previous block. Thus hashing forms a logical connection between blocks. This logical connection is termed as āchainā. So in Figure 1.2 for visualization purposes of blockchain, it is given that blocks of data are actually connected with a physical chain. Chain is implemented using hashing [7].
1.2 Basic Concepts
1.2.1 What is inside the āBlockā?
The blocks are of two categories, genesis block and transaction block.
- Genesis block: It acts as the block zero, the origin of b...