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Consensus Algorithm

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STUDENT’S NAME INSTITUTIONAL AFFILIATION WHAT IS BLOCKCHAIN TECHNOLOGY?? • Blockchain is considered a digital technology which is a public ledger which is involved in the recording of transactions electronically. • It is the core technology which is applicable in the cryptocurrencies arena. • The technology primarily works towards ensuring integrity in transactions is achieved. CHARACTERISTIC OF BLOCKCHAIN COMPUTING COMPONENTS IN BLOCKCHAIN NODE APPLICATION CONSENSUS ALGORITHM/ PROCESSOR VIRTUAL MACHINE SHARED LEDGER KEY BENEFITS OF BLOCKCHAIN TECHNOLOGY TYPES OF BLOCKCHAIN TYPES OF BLOCKCHAIN PUBLIC BLOCKCHAIN • This is a permission -less and a non - restrictive ledger system which is distributed. Any user who is registered is given access to the public blockchain and continue with mining among other transactions. • Examples include: Litecoin and Bit Coing PRIVATE BLOCKCHAIN • This is a permission oriented blockchain which operates in a closed network. Only used within the vicinity of an organization and not from outside. The security features are primarily manned from within the organization. • Examples include: Hyperledger and Multichain. TYPES OF BLOCKCHAIN CONSORTIUM BLOCKCHAIN • It’s a partially decentralized system when multiple organizations are involved in the management of the network. It is considered an advancement of private blockchain. • Used by government agencies and banks • Example include, R3 and Energy Web Foundation among others. HYBRID BLOCKCHAIN • This is a combination of both public and private Blockchain. Both private and public security features are utilized in its functionality. The access to the system is manned both locally and remotely. This fosters flexibility and efficiency. • Examples include: DragonChain BLOCKCHAIN SELECTIONS PROCESS Access needed Determine scale Select technology BLOCKCHAIN RECOMMENDATION - CONSORTIUM • For the organization on board, from the above explained types of Blockchain, Consortium technology becomes the best option for our client. Why Consortium?? • The client runs a series of banks with aims of optimizing their back office operations, cutting costs and increasing their process optimization. • The suitable Blockchain for the organization is Hyperledger Blockchain • It is an opensource Blockchain technology which is aimed at development of frameworks which are stable and can be used in organizations which want to utilize an advanced level of a private type of blockchain. • It is a level playground for multiple distributed ledger frameworks which are distributed n various parts of the world some of the commonly known frameworks include Hyperledger Fabric, Indy, Sawtooth, as well as tools like Hyperledger Caliper and Hyperledger Ursa libraries. WHY HYPERLEDGER????? WORKING OF HYPERLEDGER KEY BENEFITS OF HYPERLEDGER GDPR FEATURES OF HYPERLEDGER LIMITATIONS OF HYPERLEDGER BLOCKCHAIN IS HYPERLEDGER BLOCKCHAIN SUSTAINABLE ?? • In spite of the fact that the idea of blockchain is straightforward, it will bring extensive reserve funds for banks. Hyperledger Blockchain innovation will permit our client to diminish extreme administration, manage quicker exchanges at lower costs, and improve its mystery. • One of the blockchain expectations made by Gartner is that the financial business will infer 1 billion dollars of business esteem from the utilization of blockchain -based digital currencies by 2023. CONCLUSION • With no doubt, Hyperledger blockchain technology is predicted to be in the future affecting every businesses’ aspect, but this is considered a process gradually coming on board requiring timing and patience. • Gartner, a researcher, has gone forward and predicted that majority of the conventional financial businesses will focus on blockchain technology, but may fail to plan any actions which will be triggered by waiting for more and better examples of suitable financial applications of technology that suits their market. ANY QUESTIONS ?????? REFERENCES • Yaga , D., Mell, P., Roby, N., & Scarfone , K. (2019). Blockchain technology overview. arXiv preprint arXiv:1906.11078 . • Treleaven , P., Brown, R.G. and Yang, D., 2017. Blockchain technology in finance. Computer , 50 (9), pp.14 -17. • Milani, F., García -Bañuelos , L. and Dumas, M., 2016. Blockchain and business process improvement. BPTrends newsletter (October 2016) • Petrov, D., 2018. Application of blockchain and smart contracts in the financial industry. Izvestia Journal of the Union of Scientists -Varna. Economic Sciences Series , 7 (2), pp.24 -33..

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