INSUBCONTINENT EXCLUSIVE:
What is blockchainLike much of the technology world, cryptocurrencies such as Bitcoin still rely on some form of database that are able to
track large volumes of transactions and keep them secure
'blocks' that hold batches of timestamped transactions, with each block linked to the previous one through cryptography, thus forming a
chain.As the world becomes ever more smarter and inter-connected, cryptocurrencies have become an increasingly attractive proposition for
growing markets that may not have traditional banking infrastructure
Several developing third-world nations have implemented blockchain-based national currencies, and the technology is also used by several
major charity projects to help those without bank accounts.However blockchain also offers the possibility of creating a fraud-proof system
for transacting exchanges
This therefore gives it huge potential for use outside of the digital currency sphere, helping attract interest not just among traditional
financial institutions, but in areas as diverse as manufacturing, food production and many more.Blockchain - the latest news16/05 - HTC is
making a blockchain smartphone - HTC Exodus will feature beefed-up security protection designed for blockchain transactions14/05 - HSBC
blockchain team - Blockchain team will be led by former Facebook Messenger head David Marcus08/05 - Report urges caution on the benefits of
blockchain - Vast majority of companies reportedly still have no strategy when it comes to blockchain15/03 - Blockchain can 'speed up'
payment settlement between telcos - Colt and PCCW hold trial of Blockchain for wholesale voice call payments06/02 - The best Bitcoin
beyond recognition - From credit cards to loyalty schemes18/01 - 7 ways blockchain will change the legal industry forever - From smart
contracts to the chain of custody17/01 - 6 things that prevent Blockchain from ruling the world - From energy wastage issues to worries
about bulkiness16/01 - Here are the 10 sectors that blockchain will disrupt forever - From the obvious like banking, to the
blocksHow does Blockchain workA blockchain system consists of two types of record, transactions and blocks
Transactions are simply the actions carried out in a particular period, these are stored together in a block.What makes blockchain more
unique is that each block contains the cryptographic hash of the previous one, thus forming a chain
What a cryptographic hash does is take the data from the previous block and transform it into a compact string
There is no centralised server holding the transactions and because each new block must meet the requirements of the chain nobody is able to
overwrite previous transactions.Other transaction requirements can be added to define what constitutes a valid entry
In Bitcoin for example a valid transaction has to be digitally signed, it has to spend one or more unspent outputs of previous transactions,
and the sum of transaction outputs cannot exceed the sum of input.What are some of the biggest blockchain databasesBlockchain has exploded
in popularity over the last few years, gaining backers throughout the technology and financial sectors.Away from Bitcoin, which remains the
most well-known and arguably most widely-used network, this has led to a number of alternative blockchains coming to the fore in recent
times.This includes R3, which is developing blockchain-esque technology that can be used by major banking institutions, and in May 2017
cross-industry collaboration created by the Linux Foundation in order to popularise blockchain-based ledgers, with the first generation of
although so far only Ernst and Young have gone public with their technology, making a digital wallet available to all its Swiss
allow customers to build secure blockchain networks.Earlier this year, the London Stock Exchange also revealed it was is set to start using
secure is blockchainDue to its advanced cryptographic protection systems, in theory, blockchain offers a far more secure experience than
traditional banking.The fact that the technology is decentralised, and cannot be retroactively altered or edited makes it ideal for
financial transactions and the storing of important information.Blockchain also benefits from being able to preserve the privacy of the user
- however this has unfortunately made it increasingly popular as the payment method of choice for cyber criminals, as a Bitcoin network node
