Everyone’s probably heard of “bitcoin,” but many only have the vaguest idea about it and little understand the underlying technology. Even fewer realize the true impact this technology may have on the future. Bitcoin is a cryptocurrency. A cryptocurrency is a digital program or asset designed to work like currency. It seeks to have the following properties: a store of value, a unit of account, and a medium of exchange Bitcoin is the most popular cryptocurrency of the seven hundred out there. Other major cryptocurrencies are Ethereum, Ripple, and Litecoin.
Cryptocurrencies work via a system of paired-public, private keys - randomly generated numbers. Each user in the cryptocurrency network has a unique pair of public and private keys. The public key is a string of numbers available to everybody on the network. They are used for encryption. The private key is only available to an individual. It is used for decryption of the paired public key. The bitcoin transfer mechanism works…
NOTE: Previously, I wrote an introductory article on cryptocurrencies and other applications of blockchain, The article can be found here: http://twisri.blogspot.com/2017/05/summary-of-bitcoin-and-its-underlying.html. The article below builds on this by explaining the actual “nuts and bolts” of the bitcoin blockchain. Our goal is to have the reader walk away with a better, more technical understanding of the bitcoin blockchain. If the reader is not familiar with terms and concepts such as: blockchain, cryptocurrencies, distributed ledger, bitcoin mining, etc. It may be best to read the introductory article first or obtain the basic knowledge from other sources.)
Many people have a rough idea of how the bitcoin blockchain works,
but few understand precisely how it
works. This article intends to explain the blockchain in a clear, simple, and
visual way. Part 1 The Hash and the Blockchain  Before we talk about blockchain, let’s talk about a hash . The hash is the foundation of blockc…
The "Killer" Blockchain Application? On February 14, four witnesses (an analyst in Cybersecurity Policy from the Congressional
Research Service, the director of NIST's Information Technology Laboratory, the vice president
of food safety of Walmart, the vice president of blockchain technologies of IBM
and the Associate Clinical Professor of Benjamin N. Cardozo School of Law) showed
up in 2318 Rayburn House Office Building, to testify about blockchain technology before the
Subcommittee on Oversight and Subcommittee on Research and Technology. The
witnesses answered questions from members of the two subcommittees. Summary
I attended this hearing and below are my summarized findings, in case you didn’t have the time to attend this mind-blowing hearing.
Mr. Chris A. Jaikaran, analyst in Cybersecurity Policy,
covered blockchain applications in cryptocurrencies, healthcare, identity management, and supply chain management. He discussed certain pitfalls of the technology.