Book Image

Advanced Blockchain Development

By : Imran Bashir, Narayan Prusty
Book Image

Advanced Blockchain Development

By: Imran Bashir, Narayan Prusty

Overview of this book

Blockchain technology is a distributed ledger with applications in industries such as finance, government, and media. This Learning Path is your guide to building blockchain networks using Ethereum, JavaScript, and Solidity. You will get started by understanding the technical foundations of blockchain technology, including distributed systems, cryptography and how this digital ledger keeps data secure. Further into the chapters, you’ll gain insights into developing applications using Ethereum and Hyperledger. As you build on your knowledge of Ether security, mining, smart contracts, and Solidity, you’ll learn how to create robust and secure applications that run exactly as programmed without being affected by fraud, censorship, or third-party interference. Toward the concluding chapters, you’ll explore how blockchain solutions can be implemented in applications such as IoT apps, in addition to its use in currencies. This Learning Path also highlights how you can increase blockchain scalability, and discusses the future scope of this fascinating and powerful technology. By the end of this Learning Path, you'll be equipped with the skills you need to tackle pain points encountered in the blockchain life cycle and confidently design and deploy decentralized applications.
Table of Contents (25 chapters)
Title Page
Copyright and Credits
About Packt
Contributors
Preface
15
Blockchain - Outside of Currencies
16
Scalability and Other Challenges
Index

Decentralization using blockchain


Decentralization is a core benefit and service provided by blockchain technology. By design, blockchain is a perfect vehicle for providing a platform that does not need any intermediaries and that can function with many different leaders chosen via consensus mechanisms. This model allows anyone to compete to become the decision-making authority. This competition is governed by a consensus mechanism, and the most commonly used method is known as Proof of Work (PoW).

Decentralization is applied in varying degrees from a semi-decentralized model to a fully decentralized one depending on the requirements and circumstances. Decentralization can be viewed from a blockchain perspective as a mechanism that provides a way to remodel existing applications and paradigms, or to build new applications, in order to give full control to users.

Information and Communication Technology (ICT) has conventionally been based on a centralized paradigm whereby database or application...