Blockchain Technology Case Study

Document Type:Essay

Subject Area:Computer Science

Document 1

, (2016), “Blockchain can be defined as an incorruptible digital public ledger of all economic transactions that can be programmed to record not only the financial transactions but also everything that virtually has value. " The main benefits of blockchain technology are that it records and validates every transaction that is made hence making it reliable and secure. And also the transaction that is made is usually authorized by the miners hence making the transactions immutable hence preventing the threat of hacking. Additionally, blockchain technology helps in discarding the need for a central authority or third party during peer to peer transactions and also generally enhances the decentralization of the technology. Blockchain technology has been regarded as one most awe-inspiring innovations that have been invented since the existence of the internet.

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The third principle is that there is transparency with pseudonymity in that each user or node on the blockchain has 30 plus unique character address that is in alphanumeric form and usually identifies it. Therefore one can choose to provide proof of their identity to other or remain anonymous since transactions occur between addresses. Fourth, there is irreversibility of records in that once you input a transaction in the database and the account is then updated, the records cannot be changed since they are linked. The fifth principle is that of computational logic (Pilkington, 2016). Since the ledger is digital, the transactions in the blockchain are usually tied to the computational logic which is essentially programmed therefore the user can be able to set up rules and algorithms that trigger transactions automatically between the nodes.

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The wireless mesh networks where Zig bee is used helps in integrating the networks of the blockchain making it self-configuring, efficient and resilient. This wireless technology is suitable since it has the ability to be connected to multiple devices simultaneously. Some of the advantages of this method are that it is very easy and simple to set up the network, do not have a central controller and it is easy to monitor and control. It is important to note that since blockchain technology involves a larger amount of nodes, ZigBee is the best method of wireless technology compared to mesh networking (Somani & Patel, 2012). This is because mesh networking involves a simple and small network that can host 10-20 nodes only. In addition, it uses an advanced encryption standard (AES) to encrypt the messages hence making it hard to figure out any possible attacks (Farahani, 2011).

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It is important to note that the ZigBee wireless technology has the cryptographic support that is usually enabled by default. However, the potential risks are eminent when the hackers are able to gain access to the gateway due to may be the use of default, a misconfiguration, weak password or lack of security hence bypassing the authentication stage. By having full access to the network, the attackers can, therefore, steal personally identifiable information that includes bank and email account credentials. Evaluation of the reliability of data and information used in this assignment Accuracy Unlike information that is found in the television broadcasts or newspaper, the information that is available on the internet may not be regulated for accuracy or quality. I also ensured that the author's point of view regarding the topic is impartial and objective and that the language used is free from any emotion-arousing words or bias.

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