June 2020
Intermediate to advanced
336 pages
11h 8m
English
book
Cryptocurrencies and Blockchain Technology Applications
by Gulshan Shrivastava, Dac-Nhuong Le, Kavita Sharma
Content preview from Cryptocurrencies and Blockchain Technology Applications
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CHAPTER 15APPLICATION VIEW TOWARDS BLOCKCHAIN: DEMYSTIFYING THE MYTHS
Utkarsh Chitranshi1 and Sunil Kumar Chawla2,∗
1 Computer Science and Engineering, CGC College of Engineering, Mohali, Punjab, India
2 ICAR-Indian Institute of Soybean Research, Indore, Madhya Pradesh, India
AbstractBlockchain is an eccentric technology, at the same time, the most vaunted, least understood and most disrupting technology of the current era. The idea of blockchain is not so old. It is still in its infancy phase. In this chapter, we have tried to view blockchain from an application point of view, throwing some light on mining mechanism, participants of blockchain system, organized and versatile use cases; while demystifying the myths.
Keywords: Blockchain, Bitcoin, myths, applications
15.1 Introduction
The idea of cryptographically secured currency was first published in the year 1991 in a white paper written by S. Haber and W. S. Stornetta. Following this, the idea of decentralized digital currency came into existence in the late 90s. Then, Satoshi Nakamoto proposed the revolutionary idea of bitcoin [1]. After these successful applications a new renaissance began, which is now spreading in all domains and industries.
This chapter explains the nontraditional view of blockchain in multiple industries and the myths that surround the blockchain arcade. Simply defined, Blockchain gets its name from the way it stores transactional data, i.e., in forms of blocks that are linked together to form ...
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