Bitcoin blockchain explanation example

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Among other things, the Swiss stock exchange SIX is building a platform for securities trading based on blockchain technology, which should be available by mid These objects communicate with each other and exchange information. Internet of Things is similar, but it covers a much larger amount of money.

So it is also transferable to companies, food, pets, etc. Imagine all things around you would communicate with each other. The toaster, blender, cutlery, bathroom scales, etc. The data is then adjusted and if you wanted to lose weight and the toaster on your tracking app noticed that you had already eaten plenty of carbohydrates, he will refuse to toast you bread.

Sounds crazy, and yes it is! Your car pays for itself after refueling the fuel costs, your fridge orders food after independently, when he realizes that the eggs are missing. All this is not only thinkable but already in the implementation. Above all, of course, the cryptocurrency IOTA is interesting, because the cryptocurrency works exactly on this implementation.

Share economy The sharing economy is also important in this regard. Because the combination of smart contracts and IoT could lead to a more efficient use of property. For example, the trend to own a car is going back, people would rather rent a car instead. Imagine how flexible you could be if you rent a car when you really need it and only pay for it when you really use it. Imagine a world in which it is possible to go out and book a car nearby and use it to move away.

Fully automated contract handling and device communication, you do not have to worry about anything but choosing the car that suits you the most. Music industry Currently music services like Spotify dominate the market. But what if you only pay for what you actually listen to? So the music industry could be revolutionized if it is decentralized on the blockchain. The path from the artist to the consumer becomes much shorter. The slimmer structures eliminate many costs. This makes it more efficient and therefore more cost-effective.

The artist sets a price and if the song is listened to, for example, then the artist is paid automatically. There are already numerous start ups working on such platforms. Travel Traveling can be quite annoying when you first book the trip, spend hours at the airport and then possibly even to excess, your own data is lost at the hotel provider or not even transmitted.

So much stress, but the whole thing should be vacation? The solution to this is the blockchain-based e-identity. The whole works by the identity is deposited in the blockchain. This means that your booked trip only has to be linked to the identity and you can drive to the airport and identify yourself only with a biometric procedure eg fingerprint sensor.

All further tests then run automatically. Does that sound futuristic, too? But that is already a reality, because in Estonia citizens can already apply for this e-identity. Since the data of the blockchain is immutable, no errors in the transmission of your data to the hotel, airport, etc.

Trading Also in this branch is starting a revolution. With the help of Blockchain, it will be possible to make the whole supply chain leaner and more efficient. When trading is based on the blockchain, the supply chain becomes more transparent and efficient. Some start-ups are working to make the traceability of products to customers as easy as possible. This would make the products forgery-proof. The goal is to make sure that the product offered is not fake and that the customer can track the supply chain.

Transparency is gaining more and more value in our time. Walmart recognized that and is already working on building the blockchain. The list of possible applications could be continued. There are more and more areas where blockchain technology is being detected and investigated. You should let your imagination run wild and you will notice that the technology could be used practically everywhere… Conclusion The blockchain is rightly a technical trend.

It is important that the blockchain is not equated with Bitcoin. Bitcoin and Blockchain are not the same. Bitcoin is based solely on this technology. Blockchain technology allows us many opportunities and can make our lives easier.

This technology can simplify processes while being secure, and this security is needed to build trust. The technology and its possibilities may sound futuristic, but as several examples have shown, the implementation of blockchain technology is already progressing. But the disadvantages associated with such a revolution are also important.

First of all, the technology is still in its infancy. It is not arbitrarily scalable and can not be easily implemented anywhere. So there is still need for further elaboration and improvement in order to be able to serve even mass markets and to retrieve information just-in-time. All in all, it remains important to keep an eye on this technology, because not in vain have well-known companies already invested millions in the research and embedding of this technology.

In other terms, a distributed ledger is not necessarily a Blockchain, but a Blockchain is a distributed ledger. Concrete Example: A Bitcoin Transaction The full detail of all the steps for a Bitcoin transaction is beyond the scope of this blog, and relies on complex mathematical and computer science resources. However, when two people Alice and Bob want to conduct a Bitcoin transaction the whole process can be summarized as the following: Simplified overview of a Bitcoin Transaction Creation of Bitcoin wallets.

Both Alice and Bob need to have a Bitcoin wallet, enabling asymmetric encryption. This wallet stores two keys, a private and a public key. The private key is a secret number which allows the owner to connect to its Bitcoin wallet and to send Bitcoins to another user this private key should be stored in a safe place.

The public key is a number that is used to receive Bitcoins the public key for the sake of simplicity can be seen as a Bitcoin address. The wallet in itself does not store any Bitcoin. Creation of a Bitcoin transaction. If Alice wants to send five Bitcoins to Bob, she will first connect herself to her Bitcoin wallet using her private key.

Authentication process during the creation of a Bitcoin transaction. Adapted from Moujahid Submission of the transaction. Confirmation of the transaction and mining. Broadcast of the Blockchain update and agreement. The miner then broadcasts the updated Blockchain to all nodes. The nodes will now try to agree on the validity of the new block Reward and confirmation. Summary As we have seen, the original Blockchain used as a protocol for Bitcoin transactions can be defined as a digital, public distributed ledger of transactions.

The Blockchain is updated through a consensus protocol, the proof-of-work protocol, with each block chained to the previous block using cryptography. The transactions are entrusted to mathematical functions and codes and not to a bank.