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Endless Potential of Blockchain Technology

By Jisheng
Published in Blockchain
August 11, 2019
2 min read
Endless Potential of Blockchain Technology

There are various sectors where blockchain technology can be implemented and it is not restricted only to the realm of the financial sector. For instance, retail and e-commerce services, healthcare services, financial services and real estate industries.

There are a few characteristics of blockchain that are able to benefit the users and will be highlighted in this article.

  1. Immutability of the data
  2. Timestamp of the transactions
  3. Traceability of the transactions
  4. Transparency of the transactions
  5. Randomness of the Block Hash

Immutability of the data

Since every transaction is added together and going through a hashing process to create the Merkle Root Hash and the blocks are linked together with the previous block by including the block hash of the previous block in the header of the next block and going through an expensive process of Proof-of-Work. The data could be said as immutable and will always be with the blockchain. Under this assumption, we are able to publish information that needs to be stored in the blockchain forever.

Timestamp of the transaction

Every transaction needs to be broadcasted before it is added to the blockchain hence the time that the transaction is broadcasted is recorded as part of the header of the transaction that made up the transaction identity (TXID) and the time that the block is found is added to the block header to be sealed to the blockchain, we can safely use the time that the transaction is broadcasted or the time that on the block header as the time that this transaction have happened.

Traceability of the transactions

In some situation, we will want to trace the source of the funds. Blockchain provides traceability of the funds on the block explorer. But the developer should not constraint himself or herself to only the source of the coins that are on the Blockchain. Data can be added to Blockchain and that with proper planning the change of data can be traced on the public blockchain.

Transparency of the transactions

This characteristic does not apply to blockchain protocol but this is applied to a public blockchain like Trivechain. We are able to see all transactions that are happening and who is involved. For example, how do we show proof that we have transferred the crypto coin to another party? We show the receiving party the transaction on a public blockchain explorer.

Randomness of the block hash

The block hash that is calculated with Proof-of-Work depends usually on a constraint that the block hash is higher in difficulty than the minimum proof of work limit, usually the block hash generates a certain number of 0 in front of the block hash and the hexadecimal after the leading zeros are random. This is a characteristic that makes it possible to make games that involves randomness. When we play games online, how do we ensure that the users that have rare or legendary weapon are a result of a random occurrence instead of a code that favour the developers? If the occurrence is computed based on the trailing hexadecimal of the block hash. The game will be fairer.


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Jisheng

Jisheng

IT Generalist

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Architecture
Blockchain
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