Blockchain Technology in Business?
Blockchain Technology in Business – Application Process of Blockchain Technology? –
The application process of Blockchain Technology is
one that needs to be looked at in closer examination.
This is because of its unfamiliar nature and background, and this study has
different areas of progression that need to be addressed.
To start, we start with the question:
“What’s the purpose of exploring this topic of discussion in the first place?”
This is because of this new type of technology
has revolutionized the industry of currency exchange.
To have a system of digital information,
without the understanding to work it, becomes confusing.
Blockchain Technology in Business – Coding?
Coding Example of Confusion:
It is computationally infeasible to find two or more inputs
that 366 produce the same output. 367 with an output size of 256 bits (SHA-256).
Many computers support this algorithm in hardware, 369
So, to reduce any confusion of the development of
blockchain, the application process will be put under focus.
This will ensure a better understanding of what blockchain technology really does.
For example, understanding the computer science mechanisms, that link
and distributed on a network, such as cryptographic.
What is Cryptographic?
According to Wikipedia, it is the underlying or hidden practice of study and techniques.
These practices were to ensure for a secure communication transmission,
no matter what external or internal forces were present.
For example, in this case, any third parties, which are also known as adversaries.
This piece of knowledge is the reason for the
use of secret or hidden information for transmission.
Primitives (hashing, digital signatures, public/private keys)
mixed with financial concepts (such as 354).
Application of Cryptography?
This process of cryptography is to construct and analyze computer protocols.
These protocols are in place for the prevention of third parties or public readings.
Other areas of security involved the following communication methods, such as:
• Information security
• Confidentiality information
• Data Integrity
• Reading of Private messages
Central Technological Themes
These are all centralized themes, in the study of cryptography or cryptology.
The modern approach of cryptography was known as known as the encryption process.
This information conversation came from a readable state to that of nonsense.
So, the originator of the encrypted message had to share the decoding technique
to uncover the original message or information intended for recipients.
In doing so, this process would secure outside
parties from receiving unwanted personal information.
This type of study was successfully integrated
into other disciplines within the field.
Some of these areas included:
• Study of mathematics
• Computer science
• Communication science
• Electrical engineering
An important component of the blockchain technology is
the use of cryptographic hash functions 357
So, as you can see, this new type of technology has entered
other areas of academia and information sources.
This helps to pave a broader spectrum for this new technology
since it is not limited to one area of study, research or practice.
Having this cross integration into other areas of study,
help to further its overall advancement.
Administration Applications of Cryptophytic
All these applications of cryptophytic,
include other components that need to be addressed.
This will help provide an overview of the inherent technology
and technology that has already hit the online marketplace of users.
This is because there are certain levels of usage
from each below group depending on the recipient.
For example, if the channel of communication
and operations involved that of the U.S.
Military, then a government channel of secured communication
and distribution of information is needed.
Online Resources and Reference
Some of these include:
• Chip-based payment cards
• Digital currencies
• Computer passwords
• Military communications
In modern cryptography, it is mainly based on the mathematical
approach and theory for computer science and practice.
This is because cryptography has algorithms that are
based inside for computational hardness assumptions.
This type of algorithm makes the process of
breaking it in any method extremely difficult.
algorithms are designed to be one-way
(known as being preimage resistant): it is computationally 362?
Theory in Reality?
So, in theory, it is possible to break this system.
However, it is impossible to do so by any other practical or known means.
This is because the schemes are secured under the term, computational securement.
This ensures improvements to the algorithm
itself and for faster computer technology and solutions.
This can help solve other problems faster with this
advancement, reducing other areas of workload.
These areas of discussion are grounded in the
theoretical approach and not the practical application approach.
Practical versus Actual Application
This is a big difference since theory and practicality
do not always align in actual numbers.
Also, due to the comparison difference, these computational
schemes are more difficult to implement than the
unbreakable theory for computational secure mechanisms.
The interest and growth of cryptographic technology have been rising in numbers.
However, with this rise in numbers, also increase
the legal issues surrounding this information age of technology.
This is because cryptography has the possibility to be used for ill will such as:
The Ledger of Digital Technology
As you have learned, a digital ledger exists within the technology of blockchain.
This development is the reason for the improvement of security
and privacy, and growth in blockchain technology.
A ledger by definition is a collection of transactions.
When speaking of blockchain technology, this ledger is in the form
of a digital application instead of the traditional pen and paper ledgers.
Purpose of Ledgers – Traditional versus Digital
The transformation of the digital application of the ledger from
the old purposeful use is a stark contrast.
This is because, with the advancement of technology, is also
the need to advance the inherent tools within the programming.
Therefore, the old application or tool for processing account
and balance sheet information was upgraded onto a digital platform.
This alleviated the need for a tangible document,
which creates a high risk for a security breach.
The purpose of this application was to keep track
of the exchanged goods and services met for the:
The process of keeping record digitally and in large
databases revolutionized the blockchain platform.
It enabled large databases that were owned and
operated by a solo and centralized trusted third party.
This information can be used by a community of
users, which normally is the owner of a ledger.
Shortcomings of Centralized Ledgers
With every piece of technology entering the online marketplace,
or open source market, there always exists the weak points.
For example, centralized ledgers could possibly be lost or destroyed.
This could occur if the owner did not properly
back up the files or information stored on the database.
This could create for reduced trust in the system,
so this area needs to be curtailed and addressed for future security concerns.
The Masses and Technology
This is vital with this type of technology since trust from all parties involved,
including the watching public, is mandatory for its success.
Another area for error is that the transactions may
not be valid when processed or retrieved from the database of storage.
So, in this case, the owner of the data may want to find an
approach to verify each transaction for optimal success.
Error Reduction in Blockchain Technology
This also reduces any future errors, when recording information and data sharing.
There are other areas where issues can arise from this database storage and transmission.
For example, even if a transaction was properly inputted into the database,
a loose end on the system may cross with the retrieval process.
This means, that an internal system error can cause
a failure for communication and storage delivery.
Information that is altered by a user,
is another reason for technological shortcomings.
This is because it allows for human or user error.
These areas are still being focused on for improvement.
Concluding Thoughts on Technology & Improvement
As with most technological advancements,
there is always room for improvement and the fixing of any bugs.
We all see this in our normal daily functions with technology.
You may have encountered mandatory updates on certain installed applications.
These warnings are to ensure the update is processed so,
that any bugs or internal issues are updated and resolved.
Usually, applications will undergo a series of transformations.
This is necessary since many new developments are constantly
being explored and evolving with time and new equipment.
So, with the progression of technology, also displays the necessity of security.
The question of security is always discussed in relation, to trust.
That is because of blockchain technology,
unlike other pieces of technology, must rely on the public’s trust.
This is supported by the entities that
work on the outside of these new inventions.