Rambling at Blockchain technologies

As per my research and understanding of the concepts related to blockchain, any organization can ensure success in this technology, if the following three important decisions would be made to design and develop blockchain solutions. They are –

  1. Choosing the appropriate use case
  2. Choosing the right platform
  3. Building or having the relevant expertise

Let us go through them one by one.

Choosing the appropriate use case:

We need to pick a use case that can give immediate value, sets the arena for a larger transformational play and discloses value for those participating in the network

Choosing the right platform

We need to select a blockchain platform that wouldn’t make us compromise on functionality.

The key things the platform should have are –

  1. Let’s look for the one which has significant development momentum. In other words, that platform should be backed by the vast developer community, have a clear mission, clear road map of their future releases mapped to the additional features.
  2. It should allow us to write chain code logic into the ledger.it should let us to write chain code in more than one language like not having any limitations at programming it should give us a good tool set to play with.
  3. It should have a flexible consensus methodology. Flexible in the sense, pluggable approach to any other or third party consensus algorithm.
  4. The platform should allow us to have permissioned blockchain network. In such a way, only certain members can be made to host a ledger by giving the ability to host and authenticate the entire blockchain.
  5. Data privacy is the key for a permissioned blockchain network so, the platform should allow various participants in the network to execute transactions, while only allowing the rest of the participants to see the activity based on the need.

Building or having the relevant expertise

  1. Understand the key concepts like crypto currency, blockchain data structure, members, ordering nodes, validating peers, committers, consensus algorithms, replication mechanisms, networking concepts etc.
  2. Go through the blockchain platforms like Hyperledger fabric, Ethereum, Sawtooth etc. and identify the key concepts while playing with samples.
  3. Play with the available tools to get acquainted with the blockchain network, transaction work flow, smart contract creation/deployment/querying.
  4. Learn at least one approach to program smart contracts.

4 thoughts on “Rambling at Blockchain technologies”

    1. Thanks for stopping by. Basically, one doesn’t need to understand the proof of work or proof of stake, i guess, if you are into smart contract development usecase. 🙂 But i’ll try to explain in a simple terms….
      When a new block arrives to the node, it gets the hash of that block and then tries to validate. It uses POW consensus algorithm that takes computational power to generate some random bits. When the generated random bits are appended to the hash of the block, it gives certain value (new hash). Node already knows the hash value it is looking for. If the generated value matches the expected answer then the block is valid. Nodes keep trying with random bits by appending with hash obtained from transaction block. Once any of the miners find the answer then the block will be added to block chain.

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