Block Chains


BlockChains

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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:
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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?)

Blockchain Miners, Bitcoins and Trust

Bitcoin Mining and Trust

Bitcoin Ultimate Guide
Try googling
“what is a bitcoin worth”!

 

Limitations of BlockChains (an opinion only!!)

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blockchaindiag

@IT CloudSolutions… 

  • 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. These are the so-called “smart contracts”.
  • 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 Network. 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 (located 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
 
 
 
 


 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
There is alarming discussion about 2 areas of operation of Blockchains.

Firstly, the financial angst continually expressed about current and future prices of the virtual coins or tokens associated with blockchain-brands in existence at any time. This, to us, as developers, is merely a distraction, since the tokens will look after themselves. We are interested in the economies afforded by Blockchains, not in investing in the tokens. They are a side-game in the system to us.

Secondly, there is a lot of ideology and opinion expressed about the great potential of BlockChains to “cut out the middle men”. I have seen an article in Forbes Magazine (who are not against Blockchains per se), whose author seems to have been drawn in to this argument, taking this “remove middle men” hype of the blockchain ideology-geeks seriously, and reacting by assuming an anti-BlockChain stance, because of the apparent dangers to our economy. Blindly.

If a world market anywhere needs “middle men” to operate, the existence of Blockchains will not deter them in and of itself – quite the opposite in fact. Take the example of Real Estate Agents, who are found very necessary by so many people daily in the world in order to help with locating and filtering properties, and to connect people to opportunities of many types. The use of Blockchains in Real Estate Enterprises is an activity that will be valued by all Participants, from Customers to Agents, their Employees and Suppliers. And, when it comes to Conveyancing, would the ideologists propose to exclude Solicitors (and Land Title Registries!) on principle, as well?

It appears to us that the benefits of using BlockChains far outweigh the perceived disadvantages, and that most of the perceived disadvantages are just that .. simply perceived. Reference to our Security page should confirm this for you.
Further, we note that the entire global BitCoin database (since inception in 2008) amounts to approximately 200-300GB currently and now may be ‘pruned’ independently by any participants who require more space on their device(s). This would indicate to us that there is ample memory and capacity on modern devices to handle our own DApps’ ever-growing needs. When the ability to prune the database of an organisation (say) every year, after a seven year intial lapse (with archiving), is taken into account, it is certain that there will be no memory capacity problems, despite the fact that the operation of our SideChains requires the entire chain to be stored on each device (except the parts pruned from devices). The ability to ‘prune’ consequently requires us (ITCSA) to keep entire and current live copies of the entire database including all history indefinitely into the future. This “SideChain Vault” will be on multiple Elastos Amazon Cloud Servers operating constantly.

And finally, whilst the Elastos Foundation takes maximum measures to ensure environmental sustainability of blockchains, there is a cost associated with the computational power required by the BitCoin Miners. Elastos relies on BitCoin Miners to validate transactions and guarantee trust. Elastos has a relationship with the largest BitCoin Mining Company. The company, “Bitmain”, actually has an integrated business from real silicon mining for the computer chips, to manufacturing its own specialised devices for crypto coin mining purposes, and now manufacturing solar cells (using the company’s own mined silicon) to power those miner-computers. So there is a lot of “Mining” going on! This is not all bad news.

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