Book Image

Blockchain for Business 2019

By : Peter Lipovyanov
Book Image

Blockchain for Business 2019

By: Peter Lipovyanov

Overview of this book

Blockchain for Business 2019 is a comprehensive guide that enables you to bring in various blockchain functionalities to extend your existing business models and make correct fully-informed decisions. You will learn how decentralized applications are transforming numerous business sectors that are expected to play a huge role in the future. You will see how large corporations are already implementing blockchain technology now. You will then learn about the various blockchain services, such as Bitcoin, Ethereum, Hyperledger, and others to understand their use cases in a variety of business domains. You will develop a solid fundamental understanding of blockchain architecture. Moving ahead, you will get to grips with the inner workings of blockchain, with detailed explanations of mining, decentralized consensus, cryptography, smart contracts, and many other important concepts. You will delve into a realistic view of the current state of blockchain technology, along with its issues, limitations, and potential solutions that can take it to the next level. By the end of this book, you will all be well versed in the latest innovations and developments in the emerging blockchain space.
Table of Contents (17 chapters)

How traditional payment systems work

As anticipated, our goal here is to discuss how the participants in a blockchain network ensure that the double entry accounting principle is taken care of. We'll also show how this solution is different from the other existing solutions of the legacy financial system.

In the Bitcoin blockchain, payments are settled through a so-called consensus mechanism, which works based on economic incentives rooted in game theory. Confused? We will explain it in simpler terms in the following paragraph.

The consensus process aligns the interests of all network participants, so that their best course of action is to support the truthful verification and record-keeping of all transactions. We'll cover the consensus mechanisms in more detail later on. For now, here's what Satoshi himself wanted to share about this issue:

"The problem of...