Book Image

Advanced Blockchain Development

By : Imran Bashir, Narayan Prusty
Book Image

Advanced Blockchain Development

By: Imran Bashir, Narayan Prusty

Overview of this book

Blockchain technology is a distributed ledger with applications in industries such as finance, government, and media. This Learning Path is your guide to building blockchain networks using Ethereum, JavaScript, and Solidity. You will get started by understanding the technical foundations of blockchain technology, including distributed systems, cryptography and how this digital ledger keeps data secure. Further into the chapters, you’ll gain insights into developing applications using Ethereum and Hyperledger. As you build on your knowledge of Ether security, mining, smart contracts, and Solidity, you’ll learn how to create robust and secure applications that run exactly as programmed without being affected by fraud, censorship, or third-party interference. Toward the concluding chapters, you’ll explore how blockchain solutions can be implemented in applications such as IoT apps, in addition to its use in currencies. This Learning Path also highlights how you can increase blockchain scalability, and discusses the future scope of this fascinating and powerful technology. By the end of this Learning Path, you'll be equipped with the skills you need to tackle pain points encountered in the blockchain life cycle and confidently design and deploy decentralized applications.
Table of Contents (25 chapters)
Title Page
Copyright and Credits
About Packt
Contributors
Preface
15
Blockchain - Outside of Currencies
16
Scalability and Other Challenges
Index

What is a consortium blockchain?


To understand what a consortium blockchain is, or, in other words, what kind of blockchain implementation consortiums need, let's check out an example. Banks want to build a blockchain to make money transfers easier, faster, and cheaper. In this case, here are the things they need:

  1. Speed: They need a blockchain network that can confirm transactions in near-real time. Currently, the Ethereum blockchain network block time is 12 seconds, and clients usually wait for a couple of minutes before confirming a transaction.
  2. Permissioned: They want the blockchain to be permissioned. Permissioning itself means various different things. For example: permissioning can include taking permission to join the network, it can include taking permission to to be able create blocks, it can also be taking permission to be able to send specific transactions and so on.
  3. Security: PoW isn't secure enough for private networks as there is a limited number of participants; therefore, there...