Block Chain

I read all the information about all emerging technologies and after getting knowledge about all i choosing block chain emerging technology

Definition

Block chain is the founder of Bitcoin and it has become more popular in both industry and academe. Recently, bitcoin has got huge amount of attention towards him as it, servers as an immutable ledger (once the data is recorded you cannot change blocks) which allow the transaction in decentralized way. Now days, applications based on bitcoins are popping up, it is mainly covering many things .

Applications

Crypto – economy

Cryptographic provide protection to the sensitive information and even store details and communication, this technique draws on the science of cryptography.

Cryptoeconomics is a practical science that focuses on the design and characterization of these protocols.

Future goals

Block chain has its growth in industry and academia. I would like to discuss the possible future direction in respect to four areas.

1. Block chain testing

There are many types of block chain (700 crypto currencies) in which 52 are listed. The users want to earn more profit so they want to attach block chain in business but before that they have to find out which bitcoin will fit with their requirements. So, for this reason block chain testing should be done to test different block chains.

It can separate into 2 phases:

1. Standardization

(In this , all the standards is made and agree with the developers result. Like, when a block chain is construct , it should be tested and compare with its standards . The developer should  claim that block chain that it works properly or not.)

2) Testing phase.

(Testing phase should be performed with different criteria.)

Analysis of big data

Big data is merge with block chain and it is divided into two types:

• Data management
• Data analytics.

in Data management (when distribute and secure we can use it as stock house to safe important data)

Example:If you want to store information about staff details,it is very hard to change the information

Analytics(For big data analytics transaction is used)For example (you can predict or may copy the tactics of other users trading)

4) Block chain application

 Block chain had become more powerful and useful in daily life. So, their applications widely used by company systems so they apply block chain to enhance their system. Even the up- coming industry could also use it and improve their system. In block chain smart contract is a code of fragment which easily execute by the miner automatically.

Reference

Zheng, Z., Xie, S., Dai, H., Chen, X., & Wang, H. (2017, June). An overview of blockchain technology: Architecture, consensus, and future trends. In 2017 IEEE International Congress on Big Data (BigData Congress) (pp. 557-564). IEEE.

Pilkington, M. (2016). 11 Blockchain technology: principles and applications. Research handbook on digital transformations, 225.