Book Image

Blockchain for Decision Makers

By : Romain Tormen
Book Image

Blockchain for Decision Makers

By: Romain Tormen

Overview of this book

In addition to cryptocurrencies, blockchain-based apps are being developed in different industries such as banking, supply chain, and healthcare to achieve digital transformation and enhance user experience. Blockchain is not only about Bitcoin or cryptocurrencies, but also about different technologies such as peer-to-peer networks, consensus mechanisms, and cryptography. These technologies together help sustain trustless environments in which digital value can be transferred between individuals without intermediaries. This book will help you understand the basics of blockchain such as consensus protocols, decentralized applications, and tokenization. You'll focus on how blockchain is used today in different industries and the technological challenges faced while implementing a blockchain strategy. The book also enables you, as a decision maker, to understand blockchain from a technical perspective and evaluate its applicability in your business. Finally, you'll get to grips with blockchain frameworks such as Hyperledger and Quorum and their usability. By the end of this book, you'll have learned about the current use cases of blockchain and be able to implement a blockchain strategy on your own.

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Table of Contents (16 chapters)
Title Page
Title Page
Copyright and Credits
Copyright and Credits
Blockchain for Decision Makers
About Packt
About Packt
Why subscribe?
Contributors
Contributors
About the author
About the reviewers
Packt is searching for authors like you
Preface
Preface
Who this book is for
What this book covers
To get the most out of this book
Get in touch
Free Chapter
1
Basics of Blockchains and the Illustration of Village Beta
Basics of Blockchains and the Illustration of Village Beta
The significance of blockchain in the business world
Understanding blockchains
Breaking down blockchains
Summary
2
A Technical Dive into Blockchain
A Technical Dive into Blockchain
No network, no blockchain
Cryptography
Understanding the data structure
Creating identities
The Byzantine Generals Problem
Understanding the consensus protocol mechanism
Summary
3
Ethereum and Smart Contracts
Ethereum and Smart Contracts
Which is better, Bitcoin or Ethereum?
The EVM
Comparing proof-of-work and proof-of-stake
Real-world applications
Summary
4
ICOs and Tokenized Fundraising Methods
ICOs and Tokenized Fundraising Methods
What are ICOs?
Illustration of an ICO – the case of Ethereum
Utility tokens and security tokens
What is so revolutionary about ICOs?
Summary
5
An Economic and Historical Approach of Blockchain
An Economic and Historical Approach of Blockchain
The economic global picture
Blockchain as the missing tool for a collaborative economy
Exchanging value in the digital world
Summary
6
Blockchain Legality, Compliance, and Regulation
Blockchain Legality, Compliance, and Regulation
Laying the groundwork
How to legally define a blockchain
How to legally define tokens and other cryptoassets
Overview of regulation frameworks
Overview of accounting frameworks
Summary
7
Blockchain for the Business World and Achievements
Blockchain for the Business World and Achievements
Authentication and trustworthiness
Interoperability
Traceability
Automation, disintermediation, and self-organization
Digital identities
Smart cities and public issues
Financial securities and fundraising
Digital uniqueness
Blockchain in the banking and finance sector
Summary
8
Future Outlook for Blockchain
Future Outlook for Blockchain
Increasing investment in blockchain
The next GAFA
A plausible shift for governments
Threats and risks in the ecosystem
Summary
9
Infrastructures and Cloud-Based Solutions
Infrastructures and Cloud-Based Solutions
The evolution of blockchains
Private, semi-private, and public blockchains
J.P. Morgan's Quorum
Hyperledger
Aergo
Corda
Microsoft Azure
AWS
IBM
Oracle
Key takeaway
Summary
10
Defining Your Needs
Defining Your Needs
Deciding to implement a blockchain
How much does a blockchain cost?
Challenges and issues
Business leaders' perception of blockchain
Summary
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Understanding the data structure

A blockchain can also be defined as a sequence of blocks containing data that are chained together. There are two types of data:

  • Transactions
  • Block information (also called metadata)

The transaction section is built by gathering all of the transactions that happened in a certain period of time and gathered in the block. If I send you one Bitcoin, this transaction will be part of the transaction section. Three fields are consistently active:

  • The recipient
  • The sender
  • The amount

When I send you one Bitcoin using the Bitcoin blockchain, the transaction is composed as follows:

  • The recipient is your account (your Bitcoin address).
  • The sender is my account (my Bitcoin address).
  • The amount is 1 Bitcoin.

An example of a Bitcoin address is 3QSuhbsJUZJRgYX965CwMHgsdaU8KuTg4H.

Once all of the transactions are filled in the block, the block is hashed...

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