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.
Table of Contents (16 chapters)
Title Page

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...