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Blockchain Technology: More Than Just Bitcoin

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Blockchain Technology: More Than Just Bitcoin Vol 2, Issue 6, 07 May 2020 Blockchain Technology: More Than Just Bitcoin Tan Monivisal* Among other disruptive industry 4.0 technologies fundamental comprehension and discussion of such as artificial intelligences (AI), internet of things blockchain technology, its potentials and challenges (IoT), big data analytics and robotic, blockchain across different sectors, industries, and fields. technology is considered as the backbone of the fourth industrial revolution itself, which has become ❖ The Beginning of Blockchain Technology a buzzword used by media outlets, professional In 2008, Satoshi Nakamoto, an anonymous person technology institutions, policy discussions and the or organization, published a whitepaper titled academic community. Furthermore, blockchain “Bitcoin: A Peer-to-Peer Electronic Cash System” has received widespread attention thanks to the that proposed a digital payment system, which rise of Bitcoin – one of cryptocurrencies that has would operate on a peer-to-peer and decentralized remarkably grown since its debut in 2008. Currently, basis (Nakamoto, 2008). The system aims to be an it is estimated that almost 3,000 cryptocurrencies alternative to the existing digital payment platforms, are active in market capitalization, in which Bitcoin which solely rely on central authorities for assets ranks first among all of them, followed by ETH (the recording of customers on ledgers. In fact, the need Ethereum), XRP (Ripple Currency) and Bitcoin for trust ensured by central authorities as third Cash (Rivet, 2019). parties is significant in a low-trust environment, Cryptocurrency, however, is just a part of blockchain when sellers want to make transactions with unknown technology. It is very common to see that the terms buyers over distant communication or vice versa. “Bitcoin” and “Blockchain” are used interchangeably, However, the dependence on third parties such as despite the fact that Bitcoin is powered by blockchain. banks and other financial institutions to authorize In other words, blockchain is the system that offers transactions between parties is subjected to several the technology capability to create cryptocurrency. constraints, including operational and mediatory Despite its significance and potentials, it is only costs, errors, frauds and time-consuming process until 2014 that blockchain began to attract more (Pratap, 2018). For example, since some digital investments as more people realize its potentials, payments are reversible, which might lead to which could be unlocked in various sectors and disputes between merchants and customers, the industries, including healthcare, supply chain, third parties will need to mediate between the two education, insurance and even elections (Marr, 2018). parties, and therefore charging extra costs for the Besides, it is hard to imagine or draw an exact mediation and services. In addition, a digital cash number for how many people living in this Industry system without a central authority could face a 4.0 generation actually understand about the blockchain. This aide-mémoire will thus provide a *Tan Monivisal is an alumni member and Junior Researcher at Cambodia Development Center. © All use subject to CD-Center | The views expressed by the authors are theirs alone and do not necessarily reflect the opinions of the CD-Center. Vol 2, Issue 6, 07 May 2020 double-spending problem, which is when a user In 2013, a computer scientist and one of early spends a digital coin or token repeatedly. contributors to Bitcoin community, Vitalik Buterin, initiated another public blockchain platform called In order to solve these problems, Satoshi introduced Ethereum, which has a different programming Bitcoin as a non-trust-based payment system, language that allows developers to create replacing the need for central authentication channels decentralized applications (dApps) and explore a with a decentralized mechanism. At the heart of broader use of the technology such as the Bitcoin lies the foundation of blockchain technology, development of smart contracts (Bitwala, 2019). which acts as a distributed and decentralized ledger Successfully launched in 2015, Ethereum’s for transaction recording. In other words, blockchain cryptocurrency has the second largest market functions as a data storage system that records capitalization after Bitcoin and has attracted transactions and other sorts of information in a thousands of peer networks. Most importantly, chain of blocks, and the chain will keep growing when smart contract technology has drawn giant new blocks are appended, creating a list of transaction technology companies to invest on blockchain. For history in chronological order (Bobeshko, 2018). instance, Microsoft Azure has integrated Ethereum’s smart contract functionality into its cloud computing Potentials of blockchain, however, was not fully platform to provide program developers with a fast realized in the beginning as Bitcoin’s blockchain and secure processing capability (Johansson, 2019). was only implemented for the use of cryptocurrency. How Blockchain Technology Works Source: PwC www.cd-center.org 2/11 Vol 2, Issue 6, 07 May 2020 ❖ Core Elements of Blockchain network, the number of users and the blockchain network load (Tar, 2018). After a number of Even blockchain is often dubbed as a novel calculation attempts, a successful miner who found technology, its architecture is built from different the nonce can broadcast his block to the server for existing technologies. For instance, a blockchain other nodes to verify and append to the chain. In ledger makes use of the concept of peer-to-peer return, the miner will be given incentives in a form (P2P) network to allow anyone to maintain and of tokens for his proof of work and contribution to update the ledger (Rosic, 2017). Therefore, the system. Bitcoin, for instance, rewards successful blockchain database is not controlled by central miners with its coins. servers but a number of computers or nodes, which are tasked with verifying and validating transactions Besides the utilization of P2P network, blockchain requested by users. Also, the same version of incorporates cryptographic technologies into its ledger is distributed and stored by individual nodes, security architecture to provide users with a high making transaction records transparent and level of privacy. Essentially, most of technical accessible to the network peers. For the most part, processes behind blockchain are involved with this decentralized and distributed nature is one of cryptographic hash functions. They are hash integral parts of blockchain security since data and algorithms used to convert an input of any length – information are not stored in a single space, which the input could be transaction information or any other could be a single point of failure and a central target digital information – into a fixed string of output for cyberattacks. which is known as a ‘hash’. An input of a content will always result in the same string of output or Because blockchain is a decentralized and an open hash. In contrast, a slight change in the input will environment in which everyone can participate, create a different hash (Rosic, 2017). For example, there is a chance that malicious nodes would Bitcoin uses SHA-264, which is one of hash tamper with or exploit transaction records on the algorithms, to transform transaction information server. The solution is to adopt a consensus into a string of hash before including them in blocks. mechanism so that nodes can collaboratively agree In other words, transactions information stored in that a legitimate block of transactions created by an individual blocks are just a bunch of those hashes honest node could be added to the chain. which cannot be reversed to their original forms. Blockchain platforms can choose different types of consensus rule, including the proof-of-stake Cryptographic hash functions also make blockchain algorithm (PoS) and the practical Byzantine-fault- immutable, meaning that once a bundle of different tolerance algorithm (PBFT) (Haughn, 2017). But hashes is stored in a block, it is tamper-proof and the most common one is the proof-of-work highly resistant to alteration and damage. Specifically, algorithm (PoW), which is used by the Bitcoin a block has a hash pointer that contains transaction blockchain. To add a new block to a blockchain on hashes and address of the block before it (Rosic, Bitcoin network, special nodes which are called 2017). It acts as a chain that binds every other ‘miners’ will compete with one another to solve block together. As a result, a change in a piece of complex mathematical problems to find a correct information in a block will change the hashed string of number or nonce (Rosic, 2017). transactions and hash pointers of the previous blocks, disrupting the whole blockchain. But the Also known as mining, this work needs a large attempt is impractical to accomplish since it requires amount of computing power, and the difficulty is a huge amount of hashing power, and irregularities based on the current power spent by miners on the in hashes will be immediately detected by nodes. www.cd-center.org 3/11 Vol 2, Issue 6, 07 May 2020 How a Block is Chained to Another Block Source: Lawrence & Schiller Another form of cryptography that blockchain A can use his private key to sign the message and implements is asymmetric cryptography or public send it to user B. In order to open the signed key cryptography, which is a cryptographic method message, user B will use the
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