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Basic concepts in a Blockchain transaction

ManagementTeamMouli1

Chandramouli Srinivasan

In this blog, Demir talks about the basic terms used in Blockchain like Hashing, Decentralization, Digital Signature, Share Crypto currency, Minors (Agents), Blockchain (The Ledger).

Using Blockchain technology means

  1. All transaction is made over the Internet using P2P communication, thus removing the need for a central authority.
  2. Users can perform anonymous transactions by utilizing asynchronous cryptography and they are identified only by their private key/public key combination.
  3. You have implemented a validated global ledger of all transactions that has been safely copied to every peer in the network.

These decentralized technology fundamentals can be leveraged by any centralized technology currently being used like IoT, Financial systems, insurance systems etc. The increase in computing power requirement for Blockchain is a potential issue for Blockchain implementations. However, there are many types of researchers underway that could change the way a commercial and viable implementation of Blockchain occurs.

More on this blog from Demir here: https://www.toptal.com/bitcoin/cryptocurrency-for-dummies-bitcoin-and-beyond

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