Week 1

Final Project

Week 1

This is the First-week of my Project. I have met my Project supervisor Neil Benson and discuss about the project.first few weeks is going to be researching about the block chain ,Ethereum network ,Public key,private key etc..

Blockchain overview

There's a new technology to store and manage data across the internet and other computing networks, it's called blockchain or distributed ledger technology, DLT, and it was created as a result of the introduction of the Bitcoin cryptocurrency.  Today, the application of blockchain and its potential far exceed its genesis in Bitcoin. It supports not just digital money and trusted data movement and storage, but the exchange of value, an internet of value. At a fundamental level, it's not complex technology but it can enable complex solutions. It can help solve some difficult computing challenges around security and it introduces capabilities that are disruptive to the status quo. For example, Bitcoin effectively eliminates the need for banks and a whole host of financial middle men, that's disruptive. Taken further, blockchain technology can be used as a foundation for a new generation of software that distributes code and enables transactions between individuals and machines without the need for complex server infrastructure. It's a peer-to-peer network architecture meaning that all participants are equal in their role on the network and its topology is flat, in other words, unlike for example a client's server, it is without hierarchy. Just as the internet enabled new services such as the World Wide Web, email, and FGP and all the benefits those solutions have created, it is increasingly apparent that the blockchain will enable new computing platforms that ride on top of it too, such as Ethereum, Rootstock, and Tezos. Blockchain forces us to think differently about technology and it presents exciting opportunities in a significant number of use cases and industries.

 

 

 

Blockchain: The basics 

Today, the Internet plays a significant role in how we communicate, learn, work, and play, and so much more. It has decimated industries like the newspaper business, reinvented others, like how we manage our money,  and created new industries such as social media, but this vast network of networks has some stubborn problems. We face ongoing questions such as, is the person you are doing business with online really who they say they are? Is a service real? And are only authorized people being granted access to private systems. We can all think of hundreds of other examples of trust on the Internet. Healthy ecosystems rely on trust. Innovators have worked hard to solve these challenges, and we've come a long way and yet, we still get hacked. Our systems and data bases are compromised, made unavailable, money and identities are stolen, and our confidence to further innovate using the Internet is stifled and at worst impeded. If we want ironclad online voting, workable digital currencies, confidence in machines talking to machines, self-driving cars that securely negotiate with each other, improved methods to authenticate identity, and more, we're going to need a more secure and trustworthy Internet. It's going to need to begin with how we manage data and databases. A core characteristic of a traditional database is that it has essential authority that governs it. For instance, typically any database that is created and owned by an organization has total rights to that database. They can decide who has access and what type of access they can have. They decide what is stored in it, what is deleted, and what is archived. However, this has at least two potential flaws to it. First, with one master database with one major keyholder for each organizational need this can result in a single point of failure. The second major flaw is that all power is held by the central authority. Now in general, this is okay. For example, if you run an e-commerce website you probably want total control over it. Your own central authority, perhaps you as CEO, decides all aspects of that environment, including shutting it down. What central power can do, however, is exert authority that is subject to bias, such as limiting access for subjective reasons. When databases power important and influential systems in the private and public sector rights to access becomes a complex topic. In most cases, people remain the final arbiter of the validity of a transaction. We see this in contract work.

 

 

This is my First week and I  was gathering Information about Block chain Technology cause with out a Basic Knowledge  no point of Continuing to the next Step. In this week I have learn about the Block Chain Basic from that knowledge I have wrote this Post.