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Blockchain

Definition

blockchainBlockchain is a technology allowing an ecosystem to store and share information without the supervision of a control center.
In fact, it is a distributed data base where information are checked and arrange in blocks at regular time interval.

Creating a « chain of blocks », these remote registers are able to secure all the transactions between users since the system was created.
Protected by cryptography, the blockchain makes it possible to establish a trust between users.

 

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Made famous by the emergence of cryptocurrencies such as Bitcoin, Blockchain technology is also expected to disrupte many other applications, some of them being : smart contracts, copyright registration, country cadastre, IoT data, product or document tracking.

By nature, Blockchain is a collaborative technology that enables different actors to build trust between each other without third party authority. Not driven by any law, blockchain operations only relies on the protocol users have agreed on. Meaning the management of the information belongs to the selected algorithm.

Proof of workTo secure information, the Blockchain has to verify the information that reachs it.

To do so in a decentralized system, the algorithm must find a common consensus to prove the veracity of the data supposed to be stored.
The main method to validate information is named « proof of work », whereby a so called “miner” has to spend energy in order to attest that he proceed the cheking process.
This energy is actually used to perform decryption calculations to obtain the resolution of the proof and demonstrate the information veracity.

 

 

To conclude, Blockchain is a powerful tool to set up a system of trust in an environment by depending on algorithm instead of human to store and secure information. But because of the energy required in the proof of work, the Blockchain may be used as long as its related cost is affordable.

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