INSUBCONTINENT EXCLUSIVE:
What is blockchainLike much of the technology world, cryptocurrencies such as Bitcoin still rely on some form of database that are able to
track large volumes of transactions and keep them secure
The solution used by many of the world’s largest digital currencies is the blockchain. First implemented in 2009, the technology consists
of 'blocks' that hold batches of timestamped transactions, with each block linked to the previous one through cryptography, thus forming a
chain.As the world becomes ever more smarter and inter-connected, cryptocurrencies have become an increasingly attractive proposition for
growing markets that may not have traditional banking infrastructure
Several developing third-world nations have implemented blockchain-based national currencies, and the technology is also used by several
major charity projects to help those without bank accounts.However blockchain also offers the possibility of creating a fraud-proof system
for transacting exchanges
This therefore gives it huge potential for use outside of the digital currency sphere, helping attract interest not just among traditional
financial institutions, but in areas as diverse as manufacturing, food production and many more.Blockchain - the latest news16/05 - HTC is
making a blockchain smartphone - HTC Exodus will feature beefed-up security protection designed for blockchain transactions14/05 - HSBC
marks major blockchain landmark - World-first transaction using blockchain marks a crucial step forward 09/05 - Facebook launches new
blockchain team - Blockchain team will be led by former Facebook Messenger head David Marcus08/05 - Report urges caution on the benefits of
blockchain - Vast majority of companies reportedly still have no strategy when it comes to blockchain15/03 - Blockchain can 'speed up'
payment settlement between telcos - Colt and PCCW hold trial of Blockchain for wholesale voice call payments06/02 - The best Bitcoin
exchange of 2018 - It’s all about reputation, currency support and transaction fees27/01 - Here are 5 markets that blockchain will
transform beyond recognition - From credit cards to loyalty schemes18/01 - 7 ways blockchain will change the legal industry forever - From
smart contracts to the chain of custody17/01 - 6 things that prevent Blockchain from ruling the world - From energy wastage issues to
worries about bulkiness16/01 - Here are the 10 sectors that blockchain will disrupt forever - From the obvious like banking, to the
not-so-obvious…26/08/2017 - Microsoft is making a blockchain that’s fit for business - Coco Framework aims to remove persistent
stumbling blocksHow does Blockchain workA blockchain system consists of two types of record, transactions and blocks
Transactions are simply the actions carried out in a particular period, these are stored together in a block.What makes blockchain more
unique is that each block contains the cryptographic hash of the previous one, thus forming a chain
What a cryptographic hash does is take the data from the previous block and transform it into a compact string
Since these strings are impossible to predict it means that any tampering with the chain is easily detected. This method means that blocks
don’t need to have serial numbers, the hash allows them to be uniquely identified as well as verifying their integrity
Each block confirms the validity of the previous one right back to the so called ‘genesis block’ at the start of the chain.The linking
of blocks isn’t the only thing that keeps the chain secure, however
It’s also decentralised, each computer with the software installed has a copy of the blockchain which is constantly updated with new
There is no centralised server holding the transactions and because each new block must meet the requirements of the chain nobody is able to
overwrite previous transactions.Other transaction requirements can be added to define what constitutes a valid entry
In Bitcoin for example a valid transaction has to be digitally signed, it has to spend one or more unspent outputs of previous transactions,
and the sum of transaction outputs cannot exceed the sum of input.What are some of the biggest blockchain databasesBlockchain has exploded
in popularity over the last few years, gaining backers throughout the technology and financial sectors.Away from Bitcoin, which remains the
most well-known and arguably most widely-used network, this has led to a number of alternative blockchains coming to the fore in recent
times.This includes R3, which is developing blockchain-esque technology that can be used by major banking institutions, and in May 2017
raised $107 million in funding from backers such as Intel, HSBC and Bank of America. Another major player is Hyperledger, an open-source
cross-industry collaboration created by the Linux Foundation in order to popularise blockchain-based ledgers, with the first generation of
its technology released in July 2017.All the so-called ‘big four’ accounting firms have also said they are testing blockchain
technologies, although so far only Ernst and Young have gone public with their technology, making a digital wallet available to all its
Swiss employees.IBM announced in March 2017 that it will be building its own ‘blockchain as a service’ offering based on Hyperledger,
which will allow customers to build secure blockchain networks.Earlier this year, the London Stock Exchange also revealed it was is set to
start using blockchain to improve transparency for shareholding information among unlisted businesses, showing the impact the technology has
had. How secure is blockchainDue to its advanced cryptographic protection systems, in theory, blockchain offers a far more secure
experience than traditional banking.The fact that the technology is decentralised, and cannot be retroactively altered or edited makes it
ideal for financial transactions and the storing of important information.Blockchain also benefits from being able to preserve the privacy
of the user - however this has unfortunately made it increasingly popular as the payment method of choice for cyber criminals, as a Bitcoin
network node doesn’t have to reveal the identity of the person making or receiving payments.oj2VZAXGAcBQjzMGoTUCR5.jpg#
