Posts Tagged ‘blockchain definition’

11
Aug
2021

Role of Blockchain in Web 3.0

categories: Digital literacy, educational technology, information literacy, technology literacy

Role of Blockchain in Web 3.0

Web 3.0 is the third generation of internet services which provide websites and applications with the technology to run. Web 3.0 is set to be powered by AI and peer-to-peer applications like blockchain. The key difference between Web 2.0 and Web 3.0 is that Web 3.0 is more focused on using innovative technologies like machine learning and AI to create more personalized content for each user. It is also expected that Web 3.0 will be more secure than its predecessors because of the system it is built upon.

Blockchains are made up of blocks that store information. Each block has a unique “hash” that differentiates it from other blocks. These blocks are then connected by a chain in chronological order. The information stored in these blocks is permanent, which makes it a very secure way to complete online transactions.
This is why cryptocurrencies, like Bitcoin, are built on blockchain technology.

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more on blockchain in this IMS blog
https://blog.stcloudstate.edu/ims?s=blockchain

22
Jan
2019

Quantum computing and blockchain

categories: announcement

Quantum Computing: Is it the end of the blockchain?

https://medium.com/fintech-kellogg/quantum-computing-is-it-the-end-of-the-blockchain-10fa7e222b0a

Ajitesh Abhishek Jan 12, 2019

In simple words, a blockchain is a ledger that records transactions of a certain type. It uses mathematical functions such as integer factorization, which is easy to solve in one direction but hard in the other direction for security.

blockchain

Quantum entanglement is a phenomenon in which the quantum states of two or more objects have to be described with reference to each other, even though the individual objects may be spatially separated.

What’s the future of blockchain in the world of Quantum computing?

One of the potential solutions is Quantum Blockchain, which uses quantum cryptography. This has been proposed by Del Rajan and Matt Visser of Victoria University of Wellington in New Zealand. The idea is simple — if computers can compute fast, make the puzzle more complex.

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more on quantum computing in this IMS blog
https://blog.stcloudstate.edu/ims?s=quantum+computing

and blockchain
https://blog.stcloudstate.edu/ims?s=blockchain

15
Oct
2018

Why Blockchain is Hard

categories: Digital literacy, educational technology

Why Blockchain is Hard

Jimmy Song Bitcoin Educator, Developer and Entrepreneur/PGP Fingerprint: C1D7 97BE 7D10 5291 228C D70C

https://medium.com/@jimmysong/why-blockchain-is-hard-60416ea4c5c

What is a blockchain?

The main thing distinguishing a blockchain from a normal database is that there are specific rules about how to put data into the database. That is, it cannot conflict with some other data that’s already in the database (consistent), it’s append-only (immutable), and the data itself is locked to an owner (ownable), it’s replicable and available. Finally, everyone agrees on what the state of the things in the database are (canonical) without a central party (decentralized).

It is this last point that really is the holy grail of blockchain. Decentralization is very attractive because it implies there is no single point of failure.

The Cost of Blockchains

  • Development is stricter and slower
  • Incentive structures are difficult to design
  • Maintenance is very costly
  • Users are sovereign
  • All upgrades are voluntary
  • Scaling is really hard

Centralization is a lot easier

Like it or not, the word “blockchain” has taken on a life of its own. Very few people actually understand what it is, but want to appear hip so use these words as a way to sound more intelligent. Just like “cloud” means someone else’s computer and “AI” means a tweaked algorithm, “blockchain” in this context means a slow, expensive database.“blockchain” is really just a way to get rid of the heavy apparatus of government regulation. This is overselling what blockchain can do. Blockchain doesn’t magically take away human conflict.

So what is blockchain good for?

Most industries require new features or upgrades and the freedom to change and expand as necessary. Given that blockchains are hard to upgrade, hard to change and hard to scale, most industries don’t have much use for a blockchain. a lot of companies looking to use the blockchain are not really wanting a blockchain at all, but rather IT upgrades to their particular industry. This is all well and good, but using the word “blockchain” to get there is dishonest and overselling its capability.

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more on blockchain in this IMS blgo
https://blog.stcloudstate.edu/ims?s=blockchain