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Mastering Blockchain

Mastering Blockchain

3.3 (10)
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Mastering Blockchain

Mastering Blockchain

3.3 (10)

Overview of this book

Blockchain is a distributed database that enables permanent, transparent, and secure storage of data. The blockchain technology is the backbone of cryptocurrency – in fact, it’s the shared public ledger upon which the entire Bitcoin network relies – and it’s gaining popularity with people who work in finance, government, and the arts. Blockhchain technology uses cryptography to keep data secure. This book gives a detailed description of this leading technology and its implementation in the real world. This book begins with the technical foundations of blockchain, teaching you the fundamentals of cryptography and how it keeps data secure. You will learn about the mechanisms behind cryptocurrencies and how to develop applications using Ethereum, a decentralized virtual machine. You will explore different blockchain solutions and get an exclusive preview into Hyperledger, an upcoming blockchain solution from IBM and the Linux Foundation. You will also be shown how to implement blockchain beyond currencies, scability with blockchain, and the future scope of this fascinating and powerful technology.
Table of Contents (14 chapters)
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10
10. Alternative Blockchains
12
12. Scalability and Other Challenges

Bitcoin limitations


Various limitations in bitcoin have also sparked some interest in altcoins, which were developed specifically to address limitations in bitcoin. The most prominent and widely discussed limitation is the lack of anonymity in bitcoin. This limitation is discussed in detail as follows.

Privacy and anonymity

As the blockchain is a public ledger of all transactions and is openly available it becomes trivial to analyse it. Combined with traffic analyses, transactions can be linked back to their source IP addresses, thus possibly revealing a transaction's originator. This is a big concern from a privacy point of view. Even though in bitcoin it is a recommended and common practice to generate a new address for every transaction, thus allowing some level of unlinkability, this is not enough and various techniques have been developed and successfully used to trace the flow of transactions throughout the network and link them back to their originator. Various methods to analyse blockchains...

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