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Fundamentals of Blockchain and Distributed Ledger Technology (DLT)
| Content Provider | Scilit |
|---|---|
| Author | Leema, Roselin G. Rajmohan, R. Usharani, S. Kiruba, K. Manjubala, P. |
| Copyright Year | 2021 |
| Description | Book Name: Recent Trends in Blockchain for Information Systems Security and Privacy |
| Abstract | Blockchain and distributed ledger technology have recently become essential for developing information networks. Although blockchain technology only stands for the recent methods of managing financial properties, its use is largely limitless. However, redistributing intelligence transparency into new democracy introduces new challenges and legalities, particularly in terms of security. This chapter explores the underlying principles of blockchain technologies and functional components about what constitutes a blockchain, and investigates a decentralized network’s vulnerabilities throughout the actual world. In the most profound stage, cryptographic algorithms are comprised of blockchain technologies. The taxonomy strengthens understanding of how blockchain has an effect on business models. It shows prospects for advances in the company model without making their complexity any simpler. We also have highlighted issues where specifications can theoretically solve the problems of varying degrees and foster creativity, development, and competition in the DLT/blockchain ecosystem. The propagation of the DL allows the network members to find consensus on the validity by a collection of guidelines for new data entries. A consensus process defined in the DL’s algorithmic architecture may be accomplished and can differ according to its structure, intent, and underlying characteristics. Innovative consensus protocols via a set of nodes make it easier to decentralize. In this chapter, these protocols are addressed such that perhaps the task of documenting payments and generating new blocks is subject to strict regulations that don’t favor any peers over any other. It is the cryptocurrency of Bitcoin that offers recognition and security for the technology, while the blockchains provide the encrypted, open, and decentralized exchange network of Bitcoin through five main blockchain enterprise concerns. There are many consensus mechanisms throughout the community of the blockchain environment, and even more go into the market. These algorithms are based on various targets, some of which we will explore in this section. Blockchain technology gives the consumers of existing systems a range of benefits. The first truly distributable and decentralized mechanism to maintain a common, trustworthy ledger is blockchain. This helps a network to record its existence and be sure that a malicious attacker cannot alter this history to his own advantage. Competing priorities, such as developing technologies, will guarantee authentication and privacy, and access to the public, and face significant engineering, legal, and operational challenges. It is the same if, upon request, laws mandate data to be deleted and, as the key function of the blockchain, contradict immutability. Blockchain technology, therefore, has multiple hardware authentication implementations. These critical tasks also require maximum reliability, privacy, and security. |
| Related Links | https://api.taylorfrancis.com/content/chapters/edit/download?identifierName=doi&identifierValue=10.1201/9781003139737-2&type=chapterpdf |
| DOI | 10.1201/9781003139737-2 |
| Language | English |
| Publisher | Informa UK Limited |
| Publisher Date | 2021-10-06 |
| Access Restriction | Open |
| Subject Keyword | Book Name: Recent Trends in Blockchain for Information Systems Security and Privacy Functional Blockchain Distributable Technology Chapter Structure Models Decentralized Legal Ledger |
| Content Type | Text |
| Resource Type | Chapter |
