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Showing posts from August, 2018

Introduction to Blockchain - Conceptualization and Applications (Part 4)

It's been a long time since my last post as I got stuck in some work. This is the last part of the introduction to blockchain series. In this post, we will touch upon a few more concepts of blockchain and their applications. At the end of the post, we will also look into the concept of Hyperledger Fabric in brief. Permission-less model In this model, anyone can join the network, participate in the process of block verification to create consensus and also create smart contracts. For e.g. Bitcoin and Ethereum network.  In a permissionless world, one does not have to prove their identity to the ledger.  As long as you are willing to commit processing power to be part of the network and extending the blockchain, you are allowed to play.  Any miner who is playing the game by the rule may be able to solve the hash puzzle and verify the block of transactions to win the mining reward (Higher the mining power, better the chances of winning the mining reward). It is good for fin

Introduction to Blockchain - Architectural Overview (Part 3)

source: In today's post, we will look into the architectural details of the blockchain technology. In doing so, we will touch upon the concepts of Smart Contracts and later on, about the internal details of a block that comprises the Bitcoin blockchain. Interesting project but no money ☹️ Let us say your friend Alice has an interesting project idea and she wants to start it as soon as possible but she has no (or little) funding to start it. She is very upset and then as a good friend you come to her rescue (A friend in need is a friend indeed 😊). You suggest her that she should crowdfund the project. She is now intrigued and inquires about it. What is crowdfunding and how it works? Put simply, crowdfunding is the process of getting a large crowd of people to pay a small amount of money to invest in an idea or product, with the promise that when the said idea comes to fruition, they will get first access to it. The idea can be anything, fro