Since the beginning of Block-Chain, it has become a hype in the field of technology. In November 2008.
A Block-chain is an innovative technology which has emphasised the networking marketing very fast.
What is BlockChain ?
Blockchain technology is a series of data blocks that are cryptographically chained together.
Each block contains a cryptographic hash of previous block and the timestamp (when the block created)
and the information to be shared.
So, originally speaking, Blockchain is nothing more than a mere data structure with distributed type system.
Since Blockchain is a distributed ledger, creating a distributed network of participant called as Nodes,
each node contains a full copy of Blocks on its side.
The Blockchain becomes unique because of the reason that each node has to authenticate every
transaction in the network and thus, not following the method of centralised system.
Another feature which makes it trusted is its immutability.
Why Block-Chain ?
Suppose in case of transferring money from one account to another, the intermediary involved here is the bank.
Buyers and sellers have to trust the intermediaries for their own transactions.
What intermediaries do is add value to marketplaces and risk of moral hazard through third-party verification.
This includes forcing extra disclosures, monitoring participants and maintaining trustworthy system.
This thus becomes more valuable and they charge a huge amount of fee. Additionally, intermediary then have
access to the transaction data (a privacy risk) and have power to select which transactions to execute
(a censorship risk).
Working of Block-Chain
The main motive of Blockchain technology is to perform a secure transaction with digital identity reference.
i.Suppose two people say. A and B are present over the network and A wants to send money to B, both of them
holds a Private key and Public key.
ii. Now A taking its private key, performs transactions and attach it to B’s public key. A. Block: containing
digital signature, timestamp and information (data) is then broadcast to all the nodes over the network
(connected over P2P Network).
iii. Digital Signature is verified on the basis of authentication. The nodes verify the authenticity of A and thus
prevent fraud and impersonation.
iv. Validation is necessary to add the block to the main chain. This involves Mining. For a Public Blockchain
Network, mining works on the concept of Proof-of-work: some mathematical puzzles which the nodes have
to solve in order to validate the transaction.
v. Node can be updated when the mining is completed and the block has been validated and added to the main chain.
vi. The Miner, who did mining and validated the block gets some mining reward as well.
Case Studies on Block-Chain
CASE STUDY: Agri10x
Agri10x is a Global E-Marketplace for the farmers, started by Pankajj Ghode, Abhijith Naraparaju, and Sundeep Bose
in 2016. It is a decentralized Blockchain platform that creates a transparent ecosystem, which gives farmers
more autonomy. The data security and no price manipulation is the key role of this platform. Also,
NLP(Natural Language Processing) tools used to fill the communication gaps between farmers and buyers.
CASE STUDY: BLOCKCERTS WALLET
Blockcerts Wallet, a Blockchain app, under a pilot program resulted from a partnership between the MIT
Registrar’s Office and Learning Machine, a Cambridge, Massachusetts-based software development company
came in 2017.
This app allows students to quickly and easily get a verifiable, tamper-proof version of their diplomas or certificates.
The app follows the same security feature as in Blockchain. It allows the students to have ownership of their
records and be able to share them in a secure way, with whomever they want.
CASE STUDY: OPENBAZAAR
OpenBazaar is a Blockchain-based e-commerce platform that allows totally free transactions between sellers
and buyers. Since there are no intermediaries, there is no transaction fees or trading restrictions of any kind
at all. Products can be purchased globally from the market and their payments are done in the form
Their has been emerged and implemented with respect to the Blockchain. While Blockchain is still evolving,
their has to be explored in the future.
In Today’s digital world concerns are mainly focused on data integrity and data security and this can be
achieved successfully with Blockchain.
The technology can replace the traditional trading system by providing immutable, transparent and distributed
system. Shifting from centralized system to decentralized. Blockchain system will take a huge leap in the
field of digitalization with data security, integrity, authenticity and validity.
Digital Certificates Project: MIT Labs