Book Image

Building Blockchain Projects

By : Narayan Prusty
Book Image

Building Blockchain Projects

By: Narayan Prusty

Overview of this book

Blockchain is a decentralized ledger that maintains a continuously growing list of data records that are secured from tampering and revision. Every user is allowed to connect to the network, send new transactions to it, verify transactions, and create new blocks, making it permission-less. This book will teach you what blockchain is, how it maintains data integrity, and how to create real-world blockchain projects using Ethereum. With interesting real-world projects, you will learn how to write smart contracts which run exactly as programmed without any chance of fraud, censorship, or third-party interference, and build end-to-e applications for blockchain. You will learn about concepts such as cryptography in cryptocurrencies, ether security, mining, smart contracts, solidity, and more. You will also learn about web sockets, various API services for Ethereum, and much more. The blockchain is the main technical innovation of bitcoin, where it serves as the public ledger for bitcoin transactions.
Table of Contents (16 chapters)
Title Page
Credits
About the Author
About the Reviewers
www.PacktPub.com
Customer Feedback
Preface

What is a consortium blockchain?


To understand what a consortium blockchain is, or, in other words, what kind of blockchain implementation consortiums need, let's check out an example. Banks want to build a blockchain to make money transfers easier, faster, and cheaper. In this case, here are the things they need:

  1. Speed: They need a blockchain network that can confirm transactions in near-real time. Currently, the Ethereum blockchain network block time is 12 seconds, and clients usually wait for a couple of minutes before confirming a transaction.
  2. Permissioned: They want the blockchain to be permissioned. Permissioning itself means various different things. For example: permissioning can include taking permission to join the network, it can include taking permission to to be able create blocks, it can also be taking permission to be able to send specific transactions and so on.
  3. Security: PoW isn't secure enough for private networks as there is a limited number of participants; therefore, there...