Throughout this tech talk, I will provide a brief overview of Blockchain and some applications of this technology. Within this post, I will talk about the beginnings, explanation, security, and applications of Blockchain.
Beginnings of Blockchain
To begin, Blockchain technology was first introduced in 1991 a form of notary for online documents. These digital timestamps were intended to secure documents and prevent them from being tampered with. Moving forward, this technology was utilized by Satoshi Nakamoto to form the cryptocurrency Bitcoin in 2009. This begins to illustrate the range of opportunity that becomes available through Blockchain technology.
Explanation of Blockchain Technology
Blockchain operates as a sort of digital ledger that can be accessed by anybody. To illustrate, this ledger can be visualized as a series of blocks that are “chained” together and contain their own individual data.
However, unlike a typical set of data, the block’s each have data that becomes increasingly difficult to alter after each instance of recording. Each of these blocks are composed of this data, an individual hash, and the hash of the block that precedes it in the chain. As for what these components are, the data component will vary depending on the Blockchain, and the hash will function as a “fingerprint” for the individual blocks of data. For example, the Blockchain utilized in the cryptocurrency Bitcoin will contain blocks that record transaction information such as the sender, receiver, and size of the transaction. And, each alteration to this transaction information will result in an alternation to the block’s hash or “fingerprint”.
Video explanation of Blockchain by Savjee:
Security of Blockchain Technology
The secure nature of Blockchain technology is established by a few main elements. Firstly, the blocks within this technology are secured by their hashes. This involves a block’s individual hash and a block’s record of the previous block’s hash. Next, the security of Blockchain technology is enhanced by its proof of work system that hinders a user’s ability to recalculate the hashes of preceding blocks with a single instance of tampering. Overall, this function increases the time that it takes to create a new block by requiring this proof of work for each preceding block in the chain. Lastly, the security of Blockchain is enhanced by its peer-to-peer distribution. Rather than being managed centrally, the management of a Blockchain is related to a “consensus” that is formed by those users participating in the chain. This is a result of each new block being added and validated by every user’s node. These nodes will validate if a block is secure or if it has been tampered with.
Applications of Blockchain Technology
An application of Blockchain can been seen illustrated by Microsoft’s mission towards a platform of digital identity that is formed and secured through this technology. As noted by Lucas Mearian, this would be a “decentralized digital identity management platform that would allow users to own and secure access to their online persona via an encrypted database hub” (Mearian 1). On this new platform, Microsoft would store a user’s “Hashed” ID on a block, while any actual information about their identity would be stored off the chain in a HUB that only Microsoft could access. Additionally, this type of Blockchain-identity technology can be seen utilized by the ID2020 alliance. As stated by Mearian, this alliance is developing “an open-source, Blockchain-based digital identity system for people in the U.S. or nations who lack legal documentation because of their economic or social status.
Conclusion
Overall, this tech talk has touched on the beginnings, explanation, security, and applications of Blockchain technology. Please feel free to leave a comment or reach out to me at ChaceGriffin@email.arizona.edu with any questions or statements that you may have!
Thank you for your time!
Chace Griffin (Mis304) 