Networked Application Management for Block chain-myassignmenthelp

Question: Discuss about theNetworked Application Management for Block chain. Answer: Introduction: The blockchain is one of the most advanced and growing technology in the world now a days. Block chain can be defined as the shared public decentralized ledger which is used in all the type of the crypto currencies. In order words its works for recording transmission transaction which occurs across many computer systems so that the records cannot be altered, tampered without the alteration of the subsequent blocks of thee collusion network. This paper will discuss about the architectures of the block chain, importance and features of the block chain concept and the basic working application of the blockchain process. Block chain Architecture Block chain architecture is a type of network architecture which does not contain a central server [1]. It is a mesh type of network where the computers are connected to each other instead of a central computer [2]. The computers of a block chain work with a shared state of data and adhere certain constraints implied on the data [3]. This is basically an algorithmic and accurate globally spread ledger. The core application of block chain is transaction database modeled as a safe ledger. It is mainly used for the crypto currency transactions like bit coin, Montero and so on [4]. The block chain has a peer to peer architecture for transactions without any middle organization like bank[5]. The architecture is based on various blocks of data and the transaction is done. Features The four main features of block chain are Increased capacity The block chain is a peer to peer technology which increases the capacity of whole network. Many computers work together connectively has higher processing power than centralized servers[6]. An example of increasing network capacity is Folding coin project started by Stanford university. It created a distributed supercomputer that stimulated protein folding for research related to medical technology. The research required very fast computers as the proteins fold very fast and it can not be computed using single computers with low processing power. Instead of using a costly supercomputer the work was done using several low cost computers by distributed computing. Better security Block chain has high security because there is no single server which can be point of failure and can be compromised by hacking[7]. The network is difficult to shut down in a distributed computing system like block chain. It may be possible to hack individual key but the whole network can not be compromised. Block chains are secured by many computers that run nodes and confirm transactions on the networks[8]. Public block chains use their own currency as an incentive mechanism to reward miners for securing transactions on the ledger. Bitcoin system is one of the most secured example of crypto currency based on block chain technology. Immutability The block chains have one of the most important propositions i.e creating immutable ledgers. A centralized database may face issues like being corrupted and have to rely on third party venders to keep the information secured[9]. Block chains like bitcoin keep the ledger in a continuous state of forward momentum because millions of dollars worth of hashing power ensure new transactions that are kept record of. Faster settlement The traditional banking system is very slow and generally has red tape culture involved in most of the international transactions[10]. Block chains can usually settle the transactions in short time and almost instantly. This can save money and time for entire industry. Challenges The few challenges that block chain technology should overcome before it can be adopted in huge scale are Initial costs The block chain if adopted can give long term benefits but on the contradiction it has high cost of implementation. The block chain has high efficiency and productivity, timeliness and low cost of maintenance [11]. The software used to maintain block chain technology is generally used, made by some specific development companies for some specific companies. The specific software development and operation needs trained personnel which is also costly. The organizations have to pay huge salary to the personnel for the work related to block chain [12]. So it is very difficult for a medium or small company to afford block chain technology. Integration with legacy systems In order to implement the block chain the companies have to completely replace the legacy systems. The problem lies in implementing the Block chain as it cannot cater all the needs of an organization. As a result a major change has to be made to the existing system. The expenses of such implementation are huge and also complicated. Energy consumption The crypto currency technology of bit coin and ethereal consumes huge power for mining so the block chain technology is very much energy consuming technology. The proof-of-work mechanism is the reason of the high energy consumption. Apart from the energy required to operate the computers huge energy is also needed to cool down the computers. Public perception The block chain technology is still alien to common public and difficult to make a mainstream move. The public perception presently, block chain technology is nearly synonymous with Bit coin. Though the value of bit coin continues to rise to unprecedented levels, there is still an association of the crypto currency with the shadowy dealings of money laundering, black market trade and other illegal activities. Privacy and security Block chains are according to its design are actually publicly visible. The Bit coin Block chain is visible to all the users who have made transactions in the network. The government and the corporations should be careful about protection and access of data as in place of sensible data Block chain technology cannot be used. Applications of Block chain Currency The block chain is the backbone of crypto currency technology it is the technology used for bit coin and ether which is currency of ethereal [13]. The insurance claiming process is also simplified by use of the block chain. The crypto currencies are based on the block chain technology. The global payments sector is error-prone, costly, and open to money laundering. It takes days if not longer for money to cross the world [14]. The block chain is already providing solutions with remittance companies such asAbra,Align CommerceandBitsparkthat offer end-to-end blockchain powered remittance services[15]. In 2004, Santander became one of the first banks to merge blockchain to a payments app, enabling customers to make international payments 24 hours a day, while clearing the next day. Smart contracts Block chain has helped to implement the smart contract system without the involvement of any third party and made it hassle free. The technology basically based on the concept of vendor machine where the buyer or seller can directly do business. Smart contract enforces the same obligation automatically like a traditional pen paper based contract. Smart contracts provide the users full autonomy and also it is trusted[16]. The safety of smart contracts is maintained by cryptography. Hacking attacks can not affect the smart contracts. The smart contract is less time consuming compared to the conventional pen paper based contracts[17]. Automated contracts are accurate and do not contain any error like manual contracts. Socio technical aspects The blockchain reduces the notary cost. It has made the transactions faster and secured without any involvement of any third party like banking system or any middle agency..Cryptographically signedproofs of existence can be used to enforce the authorship and ownership of data (in the latter case they are called smart properties). In the case, we need to verify if any illegitimate registration ever occurred and we want to discourage anyone willing to register illegitimately data they should not own, the blockchain transparency makes a no-brainer to get the job done. Property right title could not be enforced easier nowadays. The block chain network is difficult to close down in a distributed computing system like block chain. It may be possible to hack individual key but the whole network can not be hacked[18]. Block chains are secured by many computers that run nodes and confirm transactions on the networks. Public block chains use their own currency as an incentive mechanism to rewa rd miners for securing transactions on the ledger. The distributed computing Conclusion: Thus, concluding the topic it can be said that the concept of the blockchain is one of the major thing technology which is becoming more and more advanced with passing days. The concept has not only helped the crypto currency owner to keep a track of the transactions but has also helped them in securing the data from the foul players of the internet. The concept of this is rising day by day as more and more people are learning of the concept.IT has also helped the society to understand the concept and the working principal of the system. The cryptography hashing helps to encrypt the transactions and keep the sensible data and transaction safe from hacking attempts. . It is an important feature of the crypto currencies to be visible to the users. Reference [1]M. Swan,Blockchain. Sebastopol, CA: O'Reilly, 2015. [2]Zyskind, G. and Nathan, O., May. Decentralizing privacy: Using blockchain to protect personal data. InSecurity and Privacy Workshops (SPW), 2015 IEEE(pp. 180-184). IEEE 2015. [3]Kosba, A., Miller, A., Shi, E., Wen, Z. and Papamanthou, C., May. Hawk: The blockchain model of cryptography and privacy-preserving smart contracts. InSecurity and Privacy (SP), 2016 IEEE Symposium on(pp. 839-858). IEEE,2016. [4]Eyal, I., Gencer, A.E., Sirer, E.G. and Van Renesse, R., March. Bitcoin-NG: A Scalable Blockchain Protocol. InNSDI(pp. 45-59),2016 [5]Cachin, C., July. Architecture of the Hyperledger blockchain fabric. InWorkshop on Distributed Cryptocurrencies and Consensus Ledgers, 2016. [6]Iansiti, M. and Lakhani, K.R.. 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