Blockchain Technology Case Study

Document Type:Essay

Subject Area:Computer Science

Document 1

“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. This technology allows everyone to make and hold transactions as strangers but in a manner that is completely transparent. This technology does not involve any mediator between two people hence making the transaction and the also the entire process to be cheaper and easier. This blockchain concept can be applied in the entire digital world hence making any kind of exchange or transaction secure (Crosby et al. The network of blockchain technology consists of the nodes, that is, the distributed servers that can process and accept transactions. These nodes on the network usually share the information about the transacting candidate. The popularity of blockchain technology has tremendously grown in the recent days amongst the developers, entrepreneurs and large banks due to the feature of in-erasable transaction records in the ledger as witnessed in the bitcoin transactions.

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At its core, blockchain technology is merely another form of distributed database technology that has special properties such as it has no single source of trust, that has no centralized admin or superuser; its records cannot be updated hence impossible to change transaction records, and it has a single global virtual or logical schema that is stored through distributed or multiple physical copies (Pilkington, 2016). Some of the principles of blockchain technology are that first; it has distributed database. Each party that is involved in blockchain has access to the whole database and also complete history hence no single party can regulate the information or data. Second, blockchain technology it allows for peer to peer transmission as noted earlier since communication occurs directly between peers without any central node (Pilkington, 2016). 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.

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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. 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.

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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). 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.

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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. The resources used had official approval from the publishing company, and there was no bias in the information provided. For example, in the article by Pilkington (2016), it meet all the criteria of objectivity since it meet all the above-mentioned requirements.

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Currency The information provided in the resources used were current and up to date hence providing timeliness of the information and data. The site that I used also had an indication of being regularly updated. Applied Innovation, 2, 6-10. Farahani, S. ZigBee wireless networks and transceivers. Newness. Pahlavan, K. International Journal of Control Theory and Computer Modelling (IJCTCM) Vol, 2, 27-33.

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