blockchain

Fake media - A potential solution using Blockchain ? Media is an important pillar of democracy but this pillar is loosing trust and getting weaker due to TRP focused approach. This is a big risk for the democratic fabric of  any country. News channel /media industry needs a refinement to remain responsible and trustworthy.  What is the problem ? - Media is loosing trust due to fake or misrepresented facts. - There is no effective regulating body for media. - U nreliable information going viral online (aka fake news) is one of the biggest threats faced by society. What is the solution ? - Need an effective regulating body to control fake news. There is no central agency which can be trusted today.   - Need a central agency which is unbiased , run automatically and transparently without any human  interaction. How Blockchain can help ? Step 1:  Create an open community controlled by bloc...

Bitcoin - Explained  with a simple use case      →????? Let’s imagine it’s a great evening and we are sitting in a pub. I have one 100 dollar note* with me. I give it to you. You now have one 100 dollar note and I have zero. That was simple, right? Note * : Here 100 dollar note is a banknote (often known as a bill , paper money or simply a note ).  I will refer it as note , please read it as note or bill based on your local convention. Let’s take a closer look at what happened. My 100 dollar note was physically put into your hand. You know it happened. I was there. You were there. You touched it. We didn’t need a third person there to help us do the transfer. We didn’t need to pull in a judge to sit with us and confirm that the 100 dollar note went from me to you. The note is your now, you can do anything you like, you can use it to buy something for you or you can give it to someone else. You have the full ownership of the no...

Basics of Blockchain BUILDING BLOCKS OF BLOCKCHAIN: Core concepts of Blockchain, Bitcoin and Ethereum are explained in layman’s term. Also a step by step guide is provided to build your own blockchain in Java. About the Book & Author “Simplicity is the glory of expression”  - Walt Whitman.  The aim of the book is to put the complexity of blockchain technology in the simplest possible form. I am a software engineer by profession. I am in the field of software development from more than 1.5 decades. I have architected and delivered couple of complex projects for the organizations I worked for. I love to play with the problem of distributed caching, distributed computing and Application Scalability. I am involved with Blockchain technology from last couple of years. The purpose of the book is to share the knowledge I have built over the time, in the simplest possible format. The book covers various aspect of Blockchain like Business, Technology and In...

Proof of Work This is in continuation  of  what is blockchain  .... Now we understand miner needs to solve a puzzle before they get to add new block in the network. This puzzle is called Proof of Work . What is Proof of Work? Yes you have guessed it right, it’s like a rolling a dice. If we (ultra) simplify it, proof of work is similar to rolling a dice. Here it goes. Let’s say only you and I are the only 2 miners in the network. To add a new block, we need a get a number say 5 by rolling a dice. Now let’s say I have 1 dice and you have 1 dice. I roll the dice got 3 (No luck ☹ ) You roll the dice, you got 1 (no luck). I tried again, I got 6, again no luck. You tried again and you got 5! .  Wow lady luck smiles upon you and you get to put the block in the network and you got rewarded for the same. Ok… I felt, I need more processing power, I bought one more dice. So let’s solve the puzzle again. Now I have 2 dice and you have g...

Bitcoin ( What is Bitcoin ? ) is one of the most famous  implementation  of blockchain. Infact bitcoin is the 1st  implementation  of Blockchain so lets take a moment to look at how transaction flows in blockchain, for example if Mr. A want to send some bitcoin to his fried Mr. B, how the flow will look like. Here are the steps: Step 1: A want to send money to B. A started the transaction. Step 2: Transaction is added on a block. For simplicity lets assuming block has the details of this transaction. (In practice block will have more than one transaction).     Step 3: Block is broadcasted to all the parties (all computers)  in the network.     Step 4: Transaction is validated and approved by all the party (all computer) in the network.     Step 5: Block is then added to the chain, which provides an immutable and transparent record of transaction.      Step 6: The money mov...