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Blockchain. The infinity of opportunities

1 Mins read

What is BlockChain?
Blockchain is an immutable distributed database. It is like a spreadsheet that is copied across a network of computers thousands of times. In addition, the spreadsheet is being regularly updated in the network.

Blockchain is well-ordered sets of data, on which the agreement of all peers eventually appears. The data on which participants all agree is interpreted as a single truth. This single truth is a true state of a distributed ledger. Furthermore, information that exists and held on a blockchain is shared and visible to everyone.

Since the participating in blockchain hackathon KindGeek was improving expertise in BlockChain, especially in Ethereum. We have developed smart contracts using the following technologies:

  • Ethereum 1.5.9 and later
  • Truffle @3.2.1 and later
  • Solidity ^0.4.8, ^0.4.13
  • Web3.js
  • Mist, Ethereum Wallet, lightwallet.js

Why use BlockChain?

  1. The need for a database – BlockChain is a technology for shared usage. Here, the big question is whether a project can use a traditional database like MySQL.
  2. Multiple authors – There is a need to have more than one essence that can generate transactions that change the state of data
  3. No trust between users – For example, if one user doesn’t want to place faith in the honesty of another user that owns the database. This user will not want to take the data that is located on servers of another user as a single truth.
  4. Connectivity of transactions – transactions that were created with different authors often depend on each other. For instance, when Alice wants to send coins to Bob and then Bob sends coins to Charlie. In the case of Bob’s transaction, there is no way to check the transaction without checking the transaction of Alice. With this dependency together those transactions are the shared database. So, the benefit of blockchain that transactions can be created with a lot of authors, and nobody takes a risk.
  5. The need for Rules. If there is a database that many authors can manipulate and they don’t trust each other there is a need for rules to follow.
  6. Need of transactions without Middleman. In blockchain ensures that every user follows rules, so it eliminates the middleman in transactions. Which also makes the transaction much faster in real life without any risk for both parties.
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