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)

Nodes of the Bitcoin network

Now, let's take a look at the various functions that participants on the Bitcoin network perform. These network peers (participants in the network) are referred to as nodes. All nodes can verify transactions, send their own transactions across the network, and keep a full or partial copy of the blockchain database.

In addition to the aforementioned functions, nodes on the network are sometimes involved with the mining function, which we discussed in Chapter 6, Five Forces of Bitcoin – #3 Consensus Algorithm. This involves calculating the Proof-of-Work algorithm and creating new blocks.

Not all nodes on the Bitcoin network do mining, as it requires substantial resources and specialized equipment.

Types of nodes