Block Chains


BlockChains

realtor enterprise application realtor enterprise app

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:
customer relations management real estate e-marketing

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, Scalable & Auditable Enterprise-Strength BlockChain?)
The answers found more recently (best example being Ethereum tokens and smart contracts) have limited scalability. Our preferred choice (Elastos) provides scalability, as well as much increased security, and fundamentally delivers to enterprises an immutable audit trail for all enterprise transactions, as well as providing smart contract capability.

Blockchain Miners, Bitcoins and Trust

Bitcoin Mining and Trust

Bitcoin Ultimate Guide
Try googling
 

“what is a bitcoin worth”!
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.
  • Transaction records on SideChains 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 P2P 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” also refers to the fact that “servers” for storage of Documents, Images, Audio and Video files are distributed InterPlanetary File System (IPFS). devices within the Elastos Network. Other than this most things happen on your or your network neighbours’ devices. However, we still need to store most actual bulk transaction data records on a traditional Relational Database postgres secure database (also connected via Elastos P2P Carrier system)
  • The Blockchain itself is “Merge-Mined” by existing BitCoin miners as the means of guaranteeing trust and validating each transaction
property management

 
There is alarming discussion about several 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, security advantages and fraud-countering possible with Blockchains, not in investing in the tokens. They are a side-game in the system to us, due to their status in our DApps as a means of automated bartering. Please see the following reference about the ATO’s Tax Treatment of Cryptocurrencies. As the saying goes: “Cash is King” .. so all our transactions are primarily denominated in Australian Dollars or Pounds Sterling. The Elastos (ELA) Tokens simply exist as a means for the Elastos Developers to make a surplus on their BlockChain and System Investment, by charging a Transaction Fee, to cover the mining fees and other disbursements incumbent on the Elastos System. (Tokens also form the currency for all intra-system payments, and ITCSA is responsible for the conversions to local fiat currencies and interfacing to real world Bank Accounts). As such, the Transaction Fees (denominated in ELA) are actually a Business Expense of ours, when converted to $AUD.
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 blindly assuming an anti-BlockChain stance, because of the apparent dangers to our economy. 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 Elastos BlockChains far outweigh the perceived disadvantages, and that most of the perceived disadvantages are just that .. simply perceived (especially perceived in other, less secure and scalable BlockChain Systems). Reference to the foregoing text and articles on this page, and 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). The situation with Ethereum, where much more data storage is demanded due to the operation of Smart Contracts, is quite different, especially with the ability of Ethereum to run on Elastos Sidechains themselves, which are designed to be more scalable. Ethereum has a single mainchain and this restricts its scalability compared to the Elastos system of merge-mined sidechains. Security has not been compromised in Elastos, as it would have been with Ethereum to achieve this degree of scalability, since Elastos offers no IP sockets or ports to the internet it uses. Also, latency of network response is far better than Ethereum’s, as all DApp activity occurs within the DApp sandbox on the user’s device, not on the MainChain Nodes (as with Ethereum). Overall, Rong Chen and the people at Elastos Foundation are developing a system which always has been much more than just a blockchain. The needs of a modern internet including those of Enterprise Distributed Application (Enterprise DApp) Developers and Users have been accounted for. This would indicate to us that there is ample memory and capacity on modern devices to handle our own DApps’ ever-growing needs. It is necessary for us to employ a relational database system to store the bulk transaction records off-chain. Data storage demands will also be managed by utilising the Elastos Hive (InterPlanetary File System – IPFS – servers) for secure file storage, separate from the chains.
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.