In the last few years have passed since Bitcoin went live. In the meantime, various blockchain technologies were derived and appeared. However, this instalment first time as self-explanatory even, invented initially to block the chain is what, what is essentially nothing, also think so still there is confusion in the understanding of necessary parts, such as. Perhaps because of that, many of the technologies that advocate blockchain that overflow the market seem to be merely databases that are slightly difficult to tamper with if you dare to say it. This issue and the next, which conclude this series, will once again clarify the challenges faced by the current blockchain technology and briefly introduce some of the next-generation efforts to solve and resolve them.
What problems is Bitcoin solving?
By the way, in the first place, even if you do not accurately grasp what the blockchain is essentially and what kind of functional role it plays, we cannot even understand the problem correctly. For short-distance runners, just because being unable to run long distances fast is not an issue, it is essential to consider the role and function as an issue.
Once again, let’s go back to the Bitcoin is a founder of the blockchain. What problem did this technology try to solve? Back calculating from the technology and the operational concept, the Bitcoin is thought to have been developed not to let anyone stop sending their financial assets freely.
If you entrust a specific third party to verify that you are the person who owns the asset, that third party may deny you the identity. Similarly, if one particular third party confirms and approves the fact of remittance, the third party may deny that the asset has been sent. To avoid these fears, the following two points must be realized. Click at https://bitcoin-billionaire.com for detailed info.
Everyone can confirm that the sender is the person who owns the property.
Once the fact of remittance has been put into the system and recorded, anyone, can confirm that the record is not covered.
To realize both of these, the blockchain is thought to have been designed to make it possible for all who participate to prove that digitally signed transactions are consistently positioned in specific past. To do so, it is premised that everyone has the correct public key of himself, so in many blockchains including Bitcoin, the digest obtained by applying a cryptographic hash function to the public key. The string representation is the account identifier. You pointed out the problems of such a design.
Let’s briefly review once again the contents summarized in Table 1 of the first section as to what kind of functional hierarchy a blockchain designed in this way or a ledger technology with a similar purpose should satisfy.
First, the transactions submitted to and recorded in the system must be legitimate guaranteeing legitimacy. However, the application determines what operations are legal. Also, and that they are not deleted after the lawful sale, justified but must be able to confirm that the transaction did not exist it has not been forged after at that time (in the presence of the certification. Then, if two conflicting legitimate and non-disguised transactions are submitted, everyone involved must choose and record the same one unique agreement.
Of these, or guarantee the validity, part or to agree on the uniqueness is, respectively, or can be realized with existing technology, or as a unique mechanism can be eliminated in the second time, only of the agreement Remember the discussion about. On the other hands, it is easy to prove the existence by relying on the trust and trust of the system operator, not by proof, but it wasn’t comfortable with existing technology. It may be an absolute date and time, or a relative time such as before/ after an event.
What is the intrinsic value of blockchain?
If so, the essential value of the blockchain is to prove that the records have not been tampered with, and more specifically, the digital signatures that have been positioned in the past have no authority.
