BITCOIN A BLOCKCHAIN TECHNOLOGY
Bitcoin is a type of crypto-currency that uses cryptographic algorithms for the regulation and generation of unit of currency. It is commonly called as decentralised digital currency. Bitcoin Bitcoin is a simply like different monetary forms however is virtual in nature, money exists in wallets only it can’t be drawn out. Transactions are made using public keys and there are no middle men, it is maintained by group of volunteer programmers.
FIELD AND PURPOSE OF THE BITCOIN TECHNOLOGY
In 2008, a pseudonymous developer named Satoshi Nakamoto developed this peer-to-peer electronic cash system with the purpose of transaction globally without going through any financial institution. Here, peer-to-peer means one party can directly send money electronically to other party. The idea behind the development of this technology can be to remove the intermediate i.e. financial institution. Financial institution manages currency regulation, validation and transaction. This all make the transaction costs high. To get a cheap cost service and fast time transaction, this technology overcomes all the issues. The scope of bitcoin investment price is very high these days, but other technologies like ethereum, paypal 2.0 etc will overcome it after several years.
WORKING MODEL OF BITCOIN TECHNOLOGY
For a new user, first the bitcoin app is installed on PC or mobile phone and it will automatically generate a unique address of the device. These addresses are shared when user wants to buy or sell bitcoin currency. New transactions are done in peer to peer network, transaction is represented as block and is shared in public ledger, other networks verifies when money is transferred and approves the transaction is valid then new address of transaction is automatically added into the block chain. In this process money is transferred from one place to another.
- For cryptocurrency like bitcoin, mainstream transactions are growing rapidly leading to increase in blockchain size and ultimately resulting in slow transactions.
- There is a little worry of exchange charges too. At the point when the exchange happens, it goes to diggers where they approve it to pass on, yet the worry is they progress toward becoming tyrants to pass on the exchange, so they need toll to pass on the exchange. The higher the exchange expenses, the quicker the exchange will occur.
FEATURES AND WEAKNESS OF THE APPLICATION
- The basic feature of bitcoin blockchain is its ledger. It means its company or transaction is not present at one place, it is duplicated across digital world.
- The significant feature of blockchain is that there is no intermediation. It has its own proff of validity and authorization.
- Blockchain maintains the process integrity.
- Faster transactions and lower transaction costs.
- Every transaction in blockchain is time stamped.
- Because of its blockchain the process is slower than centralized process.
- As the connection is peer to peer every transaction needs to be digitally signed and the signature verification of blockchain transaction is complex.
- Due to limited scalability in blockchain and further adding of nodes makes transaction a slower process
SOCIO-TECHNICAL ASPECTS OF BITCOIN BLOCKCHAIN
Technologies that affect human welfare through systemic effects reach far beyond “the technology.” A well established example is the innovation of carnot engines. These engines have emerged as an industrial revolution through external combustion of fossil fuels. Later new technology of internal combustion engines was invented. In 19th and 20th century manufacturers were keen to find fossil fuels and operate them. They wanted to run and defend the social systems. In 21st century the concern shifted to filter the byproducts generated by these engines because these byproducts started harming the environment. Similarly, modern systems also started creating environmental concerns. Thus, technology becomes important to social welfare. Today before evolving to marketplace technologies develop socio-technical system for the social welfare. Bitcoin blockchain technology has various aspects in social welfare and many aspects against welfare. These currencies can be used by user globally but it’ll keep them from driving money of their country, this would be against the social welfare.
FIELD AND PURPOSE OF THE ETHEREUM BLOCKCHAIN
Ethereum is a decentralized stage that runs brilliant contracts: applications that run precisely as customized with no plausibility of downtime, control, extortion or outsider impedance. These apps run on a custom built blockchain, an enormously powerful shared global infrastructure that can move value around and represent the ownership of property. This enables developers to create markets, store registries of debts or promises, move funds in accordance with instructions given long in the past (like a will or a futures contract) and many other things that have not been invented yet, all without a middle man or other risks. Ethereum is a moment age blockchain, and the usage of brilliant contracts and decentralized applications makes it a significantly more important interest as I would like to think.
WORKING MODEL OF THE ETHEREUM
In this buyer creates a new contract and the contract is published to the ethereum blockchain. When it becomes visible to machine learning engineer, this engineer downloads the data and creates a machine learning model and sends it back to the chain along with the contract. If the model fulfils the criteria the model is sent to buyer for approval and then ML engineer gets paid.
Ethereum has had a long standing issue with their adaptability. Ethereum does undoubtedly have an issue with scaling like what we have seen with Bitcoin. Still in its earliest stages, the most well known keen contract stage needs to build up a foundation that can be utilized by billions around the globe without security or scaling concerns.One prime case of its versatility issue was delivered with a straightforward amusement based on the Ethereum stage called CryptoKitties. When it initially propelled, the sheer number of exchanges from clients purchasing and offering kitties on the system caused a considerable measure of clog on the system. At its present state, ethereum can just process around 15 exchanges for each second. Contrasted with Visa's 45,000 exchanges for every second, this is unquestionably not a versatile sum, particularly when a solitary DApp can block the whole system.
FEATURES AND WEAKNESS OF THE ETHEREUM
- Permanence – An outsider can't roll out any improvements to information.
- Debasement and sealed – Apps depend on a system conformed to the standard of agreement, making restriction unthinkable.
- Secure – With no main issue of disappointment and secured utilizing cryptography, applications are all around ensured against hacking assaults and deceitful exercises.
- Zero downtime – Apps never go down and can never be turned off.
- Since Ethereum is a stage, it will never be as powerful as different chains that are composed particularly to be a digital currency. Bitcoin just truly goes about as a record, however Ethereum is attempting to be a record/super PC/brilliant contract generator/and so on for significantly more clients. This unpredictability gives it adaptability, however makes it less advanced for any one utilize case.
- The absence of instructional exercises or documentation to help engineers is a genuine deterrent to turning into an Ethereum designer.
- On account of the guide, there are some real updates descending the line for Ethereum, including moving the stage from Proof of Work to Proof of Stake. On the off chance that this progress does not go easily, it could present some basic issues in the engineering and cause a crash of the framework.
SOCIO TECHNICAL ASPECTS
Blockchain innovation is frequently considered as the fourth modern insurgency that will change the world. The excitement of the transformative idea of blockchain innovation has penetrated social insurance. Blockchain is frequently observed as the truly necessary and ideal innovation for medicinal services, tending to the troublesome and complex issues of security and between operability. All the more vitally, the "esteem" and trust-based framework can convey computerized activity and reaction by means of its keen contract component.
Blockchain is another and upcoming changing innovation composed as a total decentralized framework. “Block” holds the group of recently transacted records and once the transaction is completed it goes into the chain and “chain” holds those blocks together using cryptographic algorithms.
"Block" speaks to the arrangement of records that should be spared and "Chain" interfaces those squares together for security reason with the assistance of hashing capacity. Blockchain is basically a database containing exchanges that are approved by arrange group rather than a solitary brought together specialist. After approval the information as a square is connected to the past piece, thus making a Blockchain. Blockchain picked up its current ubiquity as a result of its applications like Bitcoin and Ethereum.
Blockchain innovation utilizes open key cryptography to eradicate the issue of twofold spend. In this innovation, each client is allocated a private key and all other client gets an open key. Exchange is started when coin purchaser sends general society key to the first proprietor. Coins are encoded (in hash frame) utilizing computerized signature and are exchanged to the client. Blockchain contains those open keys whose locations are cryptographically produced. Each coin has its own particular address and transaction is finished by utilizing these addresses from one deliver to other. Blockchain has one exciting feature that public keys are not tied to a real world entity. Transactions are done without disclosing the agent identities. This report briefly describes the different aspects of blockchain technology applications which includes scope, working, scalability, their features and social-technical things.
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