Book Image

Mastering Blockchain - Second Edition

By : Imran Bashir
Book Image

Mastering Blockchain - Second Edition

By: Imran Bashir

Overview of this book

Publisher's Note: This edition from 2018 is outdated and does not cover the latest insights on consensus algorithms, Ethereum 2.0, tokenization, and enterprise blockchains. A new and updated edition of this book that includes all the newest developments and improvements in Blockchain including the above topics is now available. A blockchain is a distributed ledger that is replicated across multiple nodes and enables immutable, transparent and cryptographically secure record-keeping of transactions. The blockchain technology is the backbone of cryptocurrencies, and it has applications in finance, government, media and almost all other industries. Mastering Blockchain, Second Edition has been thoroughly updated and revised to provide a detailed description of this leading technology and its implementation in the real world. This book begins with the technical foundations of blockchain technology, teaching you the fundamentals of distributed systems, 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 also explore different other blockchain solutions and get an introduction to business blockchain frameworks under Hyperledger, a collaborative effort for the advancement of blockchain technologies hosted by the Linux Foundation. You will also be shown how to implement blockchain solutions beyond currencies, Internet of Things with blockchain, blockchain scalability, and the future scope of this fascinating and powerful technology.
Table of Contents (21 chapters)
14
Introducing Web3
17
Blockchain – Outside of Currencies
18
Scalability and Other Challenges

Scalability and Other Challenges

This chapter aims to provide an introduction to various challenges that need to be addressed before blockchains can become a mainstream technology. Even though various use cases and proof of concept systems have been developed and the technology works well for many of the scenarios, there still is a need to address some fundamental limitations that are present in blockchains in order to make this technology more adaptable.

At the top of the list of these issues comes scalability and then privacy. Both of these are important limitations to address, especially as blockchains are envisioned to be used in privacy-demanding industries too. There are specific requirements around confidentiality of transactions in finance, law, and health, whereas scalability is generally a concern where blockchains do not meet the adequate performance levels expected...