Yesterday, I learned about Blockchain, Smart Contracts, Consensus Algorithm, Hyperledger, Hyperledger frameworks, chaincode and created a basic business network.
DAY TWO Study Plan— Finish up week 1 reading coursera class, “IBM Blockchain Foundation for Developers”. Focus on Hyperledger, framework and modules.
By the end of this article I hope to understand :
- What is blockchain, problem areas and relations to Bitcoin?
- Blockchain in a business environment
- What is a distributed digital ledger?
- What frameworks are available and there components?
- What are modules and how are they useful?
What is blockchain?
Blockchain is a distributed ledger that is open to anyone. It is a chain of blocks that contain information about a transaction, hash, and hash to the previous block.
Blockchain Technology consists of:
- Decentralized
- Immutability
- Trust-less
- Transactions
Decentralized
No central authority, nodes validate and secure the network.
Immutability
When a block is validated and verified it is added to the blockchain and becomes immutable.
Trust-less
Blockchain data does not need to be verified by any third parties, nodes within peer-to-peer network valid and reject new blocks.
Transactions
Can be programmed to record state changes
How are blocks added to create a blockchain?
Each block contains some data, a hash and the hash of the previous block. The data (Transactions) stored in the block contains information about the sender, receiver and asset. When the data is changed in the block, the hash changes and the blockchain is updated. The hash is like a fingerprint because it identifies a block and all of its content. Once the block is verified and validated the block is added to the blockchain.
How do blocks secure themselves?
- Hash
- Proof-of-Work
- Distributed
Hashes
When a block is changed the hash changes and the blockchain in notified.
Proof-of-Work
Slows down the creation of new blocks and addition of new blocks to the blockchain.
Distributed
When a new member joins the network they receive a full copy of the blockchain. When a new block is created it is sent out to everyone on the network. Nodes work together to either validate or reject the new block. Nodes in the network create a consensus, basically agreeing about which nodes are valid and which ones are not. Blocks that have been tampered with will be rejected and not added to the blockchain.
According to authors Don & Alex Tapscott, “The blockchain is an incorruptible digital ledger or economic transactions that can be programmed to record not just financial transactions but virtually everything of value.”
What is a distributed digital ledger?
Keeps track of transactions or contracts supported by the decentralized network.
Overview of Blockchain
Image keeping track of a individual asset (Anything of value) only using excel. Access to updating the asset is limited to only one user. Instead of limiting one person to the data, blockchain technology gives every user in the network a copy of the data.
When the ledger is updated the hash is changed, all nodes within the network either validate or reject the block. If the new block is added the blockchain is updated else the block is rejected. Security of the blockchain network relies on the hash, proof-of-work and the distributed ledger to ensures the data is accurate and secure.
What frameworks are available and there components?
- Hyperledger Fabric
- Hyperledger Sawtooth
- Hyperledger IROHA
- Hyperledger Burrow
- Hyperledger INDY
What are modules and how they are useful?
To me modules are tools, some tools in hyperledger are:
- Hyperledger Composer
- Hyperledger Cello
- Hyperledger Quilt
- Hyperledger Explorer
Still need to finish up frameworks, modules and of course Week 1 Homework for the coursera class. Tomorrow I will go into more detail about each framework and module.
Daily Overview
I learned a lot and noticed writing about what I am learning has helped me understand topics faster and easier. I need to improve on sentence structure and just overall writing in general, I spend a lot of time re-writing / rewording sentences and paragraphs.
Suggestions and comments are appreciated! Looking forward to sharing and learning again tomorrow :) Thanks for reading!!!
DAY THREE Article (adding, creating and validating blocks) — https://medium.com/@tommarler/hyperledger-daily-articles-for-the-next-148-days-day-three-8f5b9ad470ca
DAY ONE Article (Basic Overview of blockchain and hyperledger with project) — https://medium.com/@tommarler/hyperledger-daily-articles-for-next-5-months-day-one-b4f4a7140378
Please checkout the below links
Linkedin — https://www.linkedin.com/in/tom-m-bb4857112/
Links
What is blockchain: https://blockgeeks.com/guides/what-is-blockchain-technology/
Blockchain Technology consist of: https://www.blockchain-council.org/blockchain/5-critical-components-of-blockchain-technology/
