ipl-logo

The Pros And Cons Of Blockchain

1726 Words7 Pages

Blockchain, the future of transactions. It worries many people with confusion, but others embrace it as the future. Blockchain is a giant ledger that registers all types of transactions. These transactions can include anything. Blockchain is also very safe, also called “unhackable, ” which it is. Blockchain is so secure because it is decentralized, it utilizes cryptography, and transactions are verified by other users.

Blockchain is basically a giant ledger, recording payments from all accounts. It was originally developed as a part of bitcoin, but bitcoin and blockchain are very different. Bitcoin is a single currency and blockchain is a record of payments that can support many different currencies, the most used being bitcoin. As of Friday …show more content…

Blockchain applications could replace these centralized systems with decentralized ones, where verification comes from the consensus of multiple users” (“Blockchain: The New Technology”). “Blockchain works by gathering, sorting, and organizing information into blocks and then chaining them together securely. A block is a collection of ledgers that are organized chronologically. After a block is successfully created, it is given its own timestamp to prevent duplications. Once fully completed, the new block is sent out into the network where it is formed into a chain with other blocks. Other users may be sending blocks out at the same time, but the timestamps make sure that they are in the right order. The chain is secured by a hash. A hash is a digital fingerprint, a hash is made up of many cryptographic code that is virtually unbreakable. The hash is created by taking specific information from each block to create the whole code, …show more content…

The hash from one block is added to the data in the next block. “So when the next block goes through the hash function, a trace of it is woven into the new hash and so on, throughout the chain. So if there's any attempt to alter a previously created block, the hash that's encoded in the next block won't match up anymore. This mismatch will continue through all subsequent blocks denoting an alteration in the chain” (“Blockchain: The New Technology”). The cryptography also coordinates with decentralization because it enables more people to see that the blocks didn’t match up, meaning earlier detection. As mentioned earlier, a hash is the cryptographic code that protects a block and the chain. The hash is made from a scramble of data contained in the block that forms a code. “Cryptography is a long digital password with many complex symbols” (Bendor-Samuel). The hash can easily be made from the data but is virtually impossible to figure out the data from the hash, ensuring block and hash security. “The hash from one block is added to the data in the next block. So when the next block goes through the hash function, a trace of it is woven into the new hash. And so on, throughout the chain. So if there's any attempt to alter a previously created block, the hash that's encoded in the next block won't match up

Show More
Related

  • Nt1330 Unit 7

    878 Words  | 4 Pages

    Tunneling: It is the protocol that allows the secure movement of data from one network to another. UDP amplification DNS: DNS is attacks in which an attacker delivers traffic to the victim of their attack by reflecting it off of a third party so that the origin of the attack is concealed from the victim. It is substantially easier for an attacker to spoof their source address with UDP. Virtual machine:

    Read More

  • Nt1310 Unit 1 Virtual Private Network

    503 Words  | 3 Pages

    Virtual Private Network enables you to use internet to connect to machines while making sure that the connections are private. VPN is very convenient, but it is not necessary if you want remote clients to connect to you Linux or Unix server. Many people concerned about fast connections might then ask "how fast can a VPN go?" The simplest answer is that; a VPN can go as fast as other types of connection and can be faster if there is fast internet connection at both ends of the network. Actually VPN servers can be as fast as any other internet connections although there are several things that you should do to have faster VPN internet speeds.

    Read More

  • Checks And Balances Of Tyranny In The United States

    576 Words  | 3 Pages

    By using checks and balances in the Legislative Branch to makes sure there is equal likeness for all the states. For example, dividing the power between central and state government can help regulate trade, conduct foreign relations and declare war. While the state can set up local governments, hold elections and establish schools. The central and state governments have enough separate power so they don’t struggle to control everything. The central government has enough power to help the country’s major needs while the state government has enough power to help the state’s that are in need.

    Read More

  • Nt1330 Unit 3 Assignment 1 Research Paper

    1356 Words  | 6 Pages

    TELE 5330 – DATA NETWORKING ASSIGNMENT #2 Name: Prashanth Reddy Edunuri Grade (1) Most applications that use peer-to-peer communication also employs client server communication for some portion of functionality as decentralized peer-to-peer networks have numerous compensations over old-fashioned client-server networks. This system endorsed files to be questioned and shared between users, devoid of a central directory, and as a result shielded the network from lawful issues of individual users. By decentralizing resources, P2P networks have been able to virtually exclude expenses allied with a centralized infrastructure.

    Read More

  • Nt1310 Unit 1 Research Paper

    1610 Words  | 7 Pages

    Encryption Security: Hard drive encryption: Without hard drive encryption if a hard drive becomes lost all the information on the hard drive would be viewable by plugging it into another computer. Particularly with a peer to peer network all the other computers on the network will be available if the hacker can access one. Wireless encryption: Wireless encryption is not as secure as a physical network, especially; if that wireless encryption is going to be the main way that strangers will be connecting to the network. All wireless protocols need to be at least WPA2 because of how many tools are out there and older models can be cracked.

    Read More

  • Centralized Vs Decentralized Organization Essay

    467 Words  | 2 Pages

    Explain the difference between a centralized organization and a decentralized organization. A centralized organization generally relies on a single person or a very small, select group of people to make the decisions for the rest of the organization to follow. Pertaining to criminal justice, this would be a national police force under the federal government or, in the more extreme cases, under a single totalitarian leader. Examples of nations with a centralized police force are Israel, Denmark, Belgium, and Sweden, where centralization has seen some success (Berkley, 1970). Contrarily, examples of centralization could also be found in Nazi Germany, the Soviet Union, and fascist Italy and Spain (Berkley, 1970).

    Read More

  • Voodoo And Witchcraft Similarities

    329 Words  | 2 Pages

    However, Voodoo and Witchcraft are much different because Voodoo relates to a human’s connection to spirits, while Witchcraft relates to the innate power that exists within humans. 2. There are many practices that occur within the Voodoo and Witchcraft belief systems.

    Read More

  • The Pros And Cons Of The World Trade Organization

    1735 Words  | 7 Pages

    Economic Global Governance WORLD TRADE ORGANIZATION: WHY IS IT BAD FOR YOU? Is The World Trade Organization really bad or is it because of the different perceptions of every individual regarding to the organization? Or is it really bad in its own nature? Well for me, I think the WTO is bad because of the different agreements that was set by them have many lapses in every agreements that has been done, there are also many issues that arises because there are some critics of the WTO, they argue that “subtle biases operate within the decision making structures that systematically favor developed countries over developing ones.

    Read More

  • The Pros And Cons Of The Declaration Of Independence

    1149 Words  | 5 Pages

    Throughout American history, we have come across many obstacles to gain rights. It started off with the Founding Fathers establishing the Declaration of Independence but they had to overcome the issues between liberty and slaveholding. Then we had some controversial leaders, people that used political power to manipulate the public, and then the women trying to gain the rights they deserved after many years. Running a country and keeping it sane is an ongoing process in which everyone has to work together to achieve a successful country.

    Read More

  • Persuasive Essay On Digital Art Theft

    940 Words  | 4 Pages

    With two clicks of a button, the picture is instantly duplicated onto a new file. And there 's really no way to determine whether the image is a duplicated forgery because stolen digital art can be completely identical to the original, right down to the individual pixels. Artists can add a watermark to their work and display their name to gain recognition for their art. These watermarks can vary from small signatures in the corner, to large copyright notices stamped right in the middle of the image.

    Read More

  • Summary Of Once More To The Lake

    1447 Words  | 6 Pages

    Simple words nothing too hard or fancy to understand; but the

    Read More

  • The Controversy Over Crowdfunding Funding Around The World

    1828 Words  | 8 Pages

    What it is: Crowdfunding is about persuading individuals to each give you a small donation -- $10, $50, $100, maybe more. Once you get thousands of donors, you have some serious cash on hand. This has all become possible in recent years thanks to a proliferation of websites that allow nonprofits, artists, musicians -- and yes, businesses -- to raise money. This is the social media version of fundraising.

    Read More

  • Pros And Cons Of Legalizing Marijuana

    1178 Words  | 5 Pages

    Cons of Legalizing Recreational Marijuana Marijuana legalization, for whatever reason, has been a topic of heated debate for years now. Different people express different opinions about why or why not it should be legalized for recreational use. The American FDA categorizes marijuana as a Schedule I drug meaning that its benefits are not guaranteed as many people claim. Although the drug has been said to contain medical benefits, the reality is that further research on how and when to use it is needed. Different states have legalized the use of Marijuana for medical reasons.

    Read More

  • Informative Speech: Bitcoin And Other Cryptocurrency

    835 Words  | 4 Pages

    Every time a valid transaction is found the user is rewarded with one new Bitcoin. C. This is some more interesting information I found while researching Bitcoin. 1. Bitcoin is known as a cryptocurrency because it uses cryptography.

    Read More

  • Negative Effects Of Technology Essay

    1874 Words  | 8 Pages

    Technology and new innovations are welcome in the society of the twenty-first century. Technology is advancing every year, and it is being integrated into everyone’s daily life. Technology like smartphones, computers, smartwatches, smart glasses, smart tv’s, and game consoles are being incorporated into people’s homes, jobs, education, transportation, and medicine. Technology makes it easier for people to communicate effortlessly over long distances. People have the ability to search for an abundance of information at their fingertips.

    Read More

More about The Pros And Cons Of Blockchain

Open Document