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What Is Block Chain

The Blockchain is a public ledger which is used to keep the record of Bitcoin transactions or the transactions made in some other cryptocurrency.

There are three essential technologies used in Blockchain and none of them are new. Instead, it is their arrangement and application methods that are new.

These technologies include:

  1. Cryptographic keys
  2. Distributed Network
  3. Record-keeping and network security.

In this article, we have tried to make clear as to how these technologies cooperate to secure the digital relationships.

Technologies Used in Blockchain – Cryptographic Keys:

Suppose, two individuals need to make an online transaction of bitcoin, each of them holds a public and a private key. Both the keys are in an encrypted form.

The principle motivation behind having a public and private key is to create a digital identity reference. The Identity of a client depends on the blend of two keys.

The blend of these keys is additionally called “digital signature”, which, consequently, gives a strong control of possession.

However, having strong control of possession is not enough to secure digital relationships. While authentication is solved, it must be consolidated with a means of approving transactions and authorization.

In Blockchains, this starts with a distributed network.

Distributed Networks:

The concept of distributed networks can easily be understood with the “falling tree in the forest” example.

If a tree falls in a forest and we have cameras to record the event, we can positively say that the tree fell since we have the visual confirmation. Same can be said in regards to distributed networks.

A substantial piece of bitcoin Blockchain is a huge system of validators – similar to the cameras in above example – where they reach an agreement that they all witnessed the similar event in the meantime. But instead of cameras, they utilize mathematical verification.

To put it plainly, the size of a distributed network is critical for the security of the system.

Distributed networks are one of the primary elements of “Bitcoin Blockchain“. At the time of writing, the system is secured by 3,500,000 TH/s, more than the top 10,000 banks on the planet combined.

The System of Record Keeping and Security:

Lastly, cryptographic keys are consolidated with the system to create a super useful form of digital interactions. The procedure starts with taking sender’s private key, then making a declaration that he is about to make a Bitcoin transaction — and finally appending his private key to the recipient’s public key.

With regards to the earlier example of falling tree, a realist may come up with the question, why there were dozens of PCs with cameras, holding up to record whether or not a tree falls.

Now, translating the same question in blockchain terminology, how do you attract the computing power for the maximum network security.

With blockchains, clients are offered special rewards in return for giving their PC’s processing power to secure the system. Which, ultimately, pulls in an extensive number of clients offering their machines’ computing power. The more the power, the more secure the system.

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Dara Khosrowshahi, Uber’s new CEO has plans for Bitcoin

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Most commonly known for running the traveling site Expedia, Dara Khosrowshahi has just accepted the CEO job for Uber.

Khosrowshahi made a bold move when Expedia had announced that it will accept bitcoin as means of payment back in 2014. Back then the currency was still quite new and not many institutions were willing to invest in it.

Now, it’s very intriguing to think how Khosrowshahi is going to experiment with the world’s best cryptocurrency and the largest ride-sharing platform. Travis Kalanick, the founder and former CEO of Uber never gave in to the ideas of having Uber accept bitcoin but, this could change under Khosrowshahi’s charge. With the increase in interest shown by major companies, one can only imagine how far Uber would go if it joins forces with the cryptocurrency.

Nonetheless, we have only well wishes for Dara Khosrowshahi as he takes on this new challenge. No doubt, he’s got the potential to take the ride-sharing platform to places.

 

News Credits: fortune.com

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Burger King Launches Own Cryptocurrency In Russia – WhopperCoin

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Burger King has taken the world by a storm as they launched their all new cryptocurrency “WhopperCoin” in Russia.

Reportedly, with each purchase of their signature Whopper sandwich, customers can now get WhopperCoin tokens through a digital wallet. The token is based upon the Waves blockchain.  It allows users to trade, transfer and issue tokens, on an integrated peer-to-peer exchange.

Customers can transfer and trade their coins online or simply use them to purchase food from BK. Although, the actual exchange rate for such transactions has not been revealed yet.

Just a year ago, Bitcoin users were threatened with being thrown in jail if they were ever caught using cryptocurrencies but that was soon to change. It is pleasing to know that the Russian Government has relaxed its grudge on cryptocurrencies.

The Burger King chain is set to launch an app for the digital tokens in both the Apple Store and Google Play in the coming future.

 

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What Does Mark Zuckerberg Have To Say About Cryptocurrencies?

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Facebook founder and CEO Mark Zuckerberg has uncovered his intentions to study decentralized technology, particularly cryptographic forms of money, as part of his promise to ‘fix’ Facebook in 2018.

On his Facebook page, Zuckerberg posted a message with the details of his ‘own challenge’ – like a resolution – for the new year, joined by a promise to study technologies “like encryption and digital money.”

“My personal challenge for 2018 is concentrating on settling these critical issues,” Zuckerberg composed, alluding to people’s rights being impeded by the government and different concerns expedited by media, government, and technologies. “One of the fascinating questions in technology at the moment is about centralization versus decentralization,” the billionaire added, uncovering his own particular motivations to get into technology was its capability to “be a decentralizing power that puts more power in peoples’ hand,” especially after the introduction of internet in the 90s.

“But, today, many individuals have lost confidence in that promise,” Zuckerberg included, indicating a centralized control of information and technology a relatively smaller but elite group of huge tech organizations, Facebook included, and governments who routinely participate in surveillance.

Mark promised to pledge his time and endeavors into understanding decentralized technologies, or ‘counter-trends’ to the worries stated previously.

He wrote:

“There are critical counter-trends to this – like encryption and digital currency — that take control from incorporated frameworks and put it back into individuals’ hands. However, they accompany the risk of being harder to control. I’m intrigued to go further and think about the positive and negative parts of these advancements, and how best to utilize them in our administrations.”

Zuckerberg is the latest mainstream figure to public commend decentralized blockchain advancements and it remains to be seen how he intends to ‘fix’ Facebook, the world’s greatest social platform with an estimated 2 billion users, by adopting p2p, decentralized technologies.

 

Story credit: ccn.com

Image: Google images

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Alibaba sues “Alibabacoin” For Trademark Violation

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Recently the well known Chinese e-commerce platform Alibaba has sued a Dubai-based ICO for copyright infringement. The dubai ico was functioning by the name of Alibabacoin Foundation and had initially raised $3.5 mln qaccording a Reuters report. The firm was involved in continuous misleading behavior related to Alibaba’s company name. Alibaba clarified that there was no relationship between them and the Alibabacoin Foundation. Furthermore Alibaba also made clear that it had no future intentions to enter the cryptocurrency business.

ico fraud

It was being reported that the Alibabacoin Foundation was aiming to create its own  e-commerce platform by making use of cryptocurrency Alibabacoin which was also generated by the foundation. It introduced itself as a digitally optimized firm which was going to use blockchain technology for various departments such as finance, shopping, security and marketing etc. The firm succeed in generating a handsome amount until it was declared as an ico fraud and a lawsuit was filed against it by Alibaba whose trade name was unlawfully being used by it.

Clarification by Alibaba

Though it was made clear by Alibaba that they had no intention of entering the cryptocurrency business but it should be remembered that it is not the first time that Alibaba has been a part of such rumors regarding its involvement in the crypto industry. It had to eliminate rumours early this year regarding its venture into the cryptocurrency mining industry with the help of its newly developed P2P platform. Alongwith dispelling that rumour the company also announced that Alibaba Cloud had never issued a single fraction of any digital currency from its platform neither it had any intentions to do so in the future.

 

According to a report published last year CEO of Alibaba Jack Ma exclaimed that he had no interest in bitcoin but blockchain technology, which he described as a powerful tool of future technology.

Aftermaths of the Law Suit

After initial hearing the judge issued a short term restrain order against the Alibabacoin Foundation, the lawsuit also circles threefold damages for violations of US and New York law. Further development in the case will be reported after the show cause hearing which will take place on April 11, 2018.

 

However the Alibabacoin Foundation did not pass any comment in this regard. Also, despite the orders issued by the court the company has showed no intentions to roll back its initial coin offering or other related activities.

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The US should encourage investments

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June 15, 2017, The US defense official Department declares that the US should endorse its investment in blockchain-based solutions. Eric Rosenbach says that government security agencies and private sector business should cooperate in cloud-based security, blockchain-enabled transactions, and quantum computing.

According to his remarks, “As I mentioned, reducing the benefits that adversaries derive from cyber and information operations is a key aspect of bolstering our deterrence posture,”    

He performs his duties as secretary of the army of US between 2017 and 2017. He also served as chief staff of the defense department. Whereas, not the single one who told about investing in the blockchain.

One of the largest US defense contracts Lockheed Martin announces last month that it is integrating blockchain operation as a part of cybersecurity enterprise.

Department of the homeland security and government-backed national science foundation will spend millions of dollars in this area.

 

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