Book Image

Mastering Blockchain

Book Image

Mastering Blockchain

Overview of this book

Blockchain is a distributed database that enables permanent, transparent, and secure storage of data. The blockchain technology is the backbone of cryptocurrency – in fact, it’s the shared public ledger upon which the entire Bitcoin network relies – and it’s gaining popularity with people who work in finance, government, and the arts. Blockhchain technology uses cryptography to keep data secure. This book gives a detailed description of this leading technology and its implementation in the real world. This book begins with the technical foundations of blockchain, teaching you the fundamentals of cryptography and how it keeps data secure. You will learn about the mechanisms behind cryptocurrencies and how to develop applications using Ethereum, a decentralized virtual machine. You will explore different blockchain solutions and get an exclusive preview into Hyperledger, an upcoming blockchain solution from IBM and the Linux Foundation. You will also be shown how to implement blockchain beyond currencies, scability with blockchain, and the future scope of this fascinating and powerful technology.
Table of Contents (20 chapters)
Mastering Blockchain
Credits
About the Author
About the Reviewer
www.PacktPub.com
Customer Feedback
Preface

Routes to decentralization


Even though there are systems that existed before bitcoin or blockchain that can be classed as decentralized to a certain degree, such as BitTorrent or Gnutella file sharing, with the advent of the blockchain technology many initiatives are being taken in order leverage this new technology for decentralization. Usually, the bitcoin blockchain is the first choice for many as it has proven to be the most resilient and secure blockchain with a market cap of almost 12 billion dollars. An alternative approach is to use other blockchains, such as Ethereum, which is currently the tool of choice of many developers for building decentralized applications.

How to decentralize

A framework has been proposed by Arvind Narayanan and others that can be used to evaluate the decentralization requirements of a variety of things in the context of blockchain technology. The framework basically proposes four questions that, once answered, provide a clear idea as to how a system can be...