BlockChain Technology was pioneered and invented by a person or people using the name of Satoshi Nakamoto, as part of the Bitcoin system, in its original reference implementation, Bitcoin Core (formerly known as Bitcoin-Qt). BlockChain Technology underpins Bitcoin.
Some businesses now show signs like the one below:
There is a very ingenious system of trust-logic embedded in BlockChain Technologies. The following references explain the process of “Bitcoin Mining”, and how it ensures trust is maintained despite anonymity being inherent in Bitcoin’s design (so for us the question is how can trust be maintained, if we want to develop a Secure, Private & Auditable Enterprise-Strength BlockChain?)
“what is a bitcoin worth”!
Limitations of BlockChains (an opinion only!!)
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- We are now developing Enterprise Accounting Systems on a new Blockchain System. Enterprise-Strength, Blockchain-based Technology.
- Examples will be: “Public/Private-Key” Financial Transaction Ledgers, Land Title Registers, Rental Bond Authorities, etc.
- There would be possibilities for Blockchain Systems to centralise and guarantee other (often Multi-Party) validation processes external &/or internal to single- or multi-department/branch Organisations.
- There is an Open Source Project; Elastos ELA (currently v0.3).
- As secure and fast Blockchain Networks are developed that allow communication with existing external Databases, Blockchains will replace current means (less convenient, and more susceptible to fraud as they are) of recording and reporting in central Registries and Transaction Journals, both Public and Private.
- Conditional Validation of transactions, where Multiple Parties are required to participate, is happening.
- The uniqueness of each Block Address, guaranteed by a single-threaded “timestamp server”, enables unique Public/Private Key pairs to be generated as each block is recorded. Addresses and Keys are highly encrypted.
- Each participant in every transaction recorded on the blocks receives (machine-machine) their own private key.
- It is the role of our application, on our customers’ behalf, to store and associate keys to transactions safely and reliably.
- Transactions can not be changed (edited) by anyone at all, without exception, after completion of original transactions. This is the real Anti-Fraud value of Blockchains.
- The process of receiving and storing a key (guaranteeing authenticity and immutability of the transaction) can be made to securely trigger the receiving party’s (eg your …) own procedures automatically.
- With the Elastos System, subscribers to a DApp (Distributed Application) may only connect securely through the Elastos Carrier Network to other DApp users in their Business Channel. Less secure email and website activity can be minimised as the Elastos System works like a “closed-circuit” internet, with “distibuted web pages”
- “Distributed” refers to the fact that the only servers used in the system are file servers (storage for Documents, Images, Audio and Video) for each Business Channel on a DApp (in the cloud – but set up as Elastos Computers, with the Elastos Runtime just as each device or computer used by people has). Other than this everything happens on your or your network neighbours’ devices.
- The Blockchain itself is “Merge-Mined” by existing BitCoin miners as the means of guaranteeing trust and validating each transaction