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Blockchain Technology Overview

Blockchain Technology Overview

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SUMMARY

Despite the rising popularity of blockchain, there is still a lot of lack of knowledge around this technology. This paper aims at explaining the ins and out of the blockchain technology to develop a good understanding of it.

Modern cryptocurrencies are based on blockchain but this technology can be more broadly applicable than cryptocurrencies. This paper concentrates on the cryptocurrency use case as this constitutes the main use of this technology nowadays, though many other industries are showing an increasing interest in blockchain.

A crucial element of blockchain technology examined in this paper is on what's known as reaching consensus, that is, how the participants agree on the validity of a deal. The report notes that there are plenty of models to follow for specific business cases, each one presenting advantages and disadvantages.

According to this document, blockchain implementations are normally developed with a particular function that ranges from cryptocurrencies, smart contracts, and DLS between companies. 

What blockchain technology does, the document notes, is taking current, proven concepts and merging them into a single solution. This document examines the basics of how this technology works and the differences among blockchain approaches. The paper also examines when to assess using a blockchain network.

Some issues concerning the use of blockchain technology should not be undermined. For instance, how to handle malicious users, how controls are put in place, and the implementations' limitations. In addition to these technical concerns, there are also operational and governance issues that can have an impact on the networks and that should also be considered.

OUTLINE

Introduction

Blockchain categories and components

Consensus models

Forking

Limitations

Considerations and Conclusions

 

DETAILS

Overview

Researchfinder Rating
4 out of 5 stars
Title
Blockchain Technology Overview
Region
Global
Published
Nov. 23, 2018
Publisher
NIST
Author(s)
Dylan Yaga, Peter Mell, Nik Roby, Karen Scarfing
Price
FREE
Language
ENGLISH

Content

Number of Pages
68
Number of Tables
5
Number of Exhibits
8
Topics
blockchain
Tags
blockchain, cryptocurrency, cyber security, DLT, forks, global, NIST, proof of work, smart contracts
Author(s)
Dylan Yaga, Peter Mell, Nik Roby, Karen Scarfing
Methodology
Not available.
EVALUATION

The value of this excellent report on blockchain lies in its insightful data explained and clear language.

Positives:

  • Excellent writing style
  • Well-structured argumentation
  • Great glossary
  • Excellent data
  • Insightful graphs
  • Clear conclusions
  • Includes references and links to further documents

 

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