Cryptocurrencies and Blockchain Technology Applications

CHAPTER 1BLOCKCHAIN: A NEW ERA OF TECHNOLOGY

Gururaj H L,^∗ Manoj Athreya A, Ashwin A Kumar, Abhishek M Holla, Nagarajath S M, Ravi Kumar V

Vidyavardhaka College of Engineering, Mysuru, India

AbstractAs the whole world is moving towards digital payments, ethers and transaction methods with quick payment, information is stored in a blockchain in a distributed network. The distributed network is a network system through which data, software and computer programming are spread across more than one node (computers) and these nodes are dependent on each other. It is nothing but a peer-to-peer network which eliminates a single point of failure. The blockchain is a growing list of records called blocks that are linked using cryptography. It is a decentralized, distributed and immutable ledger to store digital transactions. Its databases are managed using a peer-to-peer network where all the nodes in a network are equal and are the major concern in the types of network architecture. The consensus protocol is used for transacting and communicating between the nodes. In this chapter, an approach for storing data in a blockchain is investigated and reported whereby the record is kept safe and secure, preventing it from being manipulated by others. With the help of the above blockchain technology we are able to achieve data that is secure from manipulators.

Keywords: Blockchain, inter-planetary file system, Ethereum, Web 3.0, consensus protocol, mining, distributed P2P network, Ethereum ...