Understanding Blockchain and its Features

 

Leave blockchain aside. Let’s talk about the internet or world wide web, where we consume a lot of stuff, live here, make relations, do transactions, buy products, gets info and news, hence do everything. The Internet has closer the world than ever before.

And I am sure that at least once in a life, you have also gone through Wikipedia, an advanced form of a traditional encyclopedia, where decentralized Wikipedians post information to build the community. Rather than centralized or limited contributors, anyone can add information here that then freely available to anyone. And it also enables you to view the history of edits that have been made any time. 

So, when you already familiar with all such mechanism and technology, then what’s hard for you to learn about what is actually blockchain?

Unlike the word blockchain, it consists of several blocks that are linked together with chain using cryptography. This technology works on the democratic principle, which means that no one can add or delete or edit any information without the consensus of others and as soon as the block gets on the blockchain it becomes publicly available. Everyone can see it – even you.

Why Blockchain?

You may say that a blockchain is an advanced form of internet or some sort of Wikipedia with advanced features that brings all together more closely, relevantly and transparently. It is a decentralized platform that distributes the data all over the network without any centralized database. This ingenious technology promotes secure data storage, integration through distributed ledgers ensuring transparency and security against data tampering. 

Here are key-features of blockchain technology: 

Decentralized: 

Before blockchain evolution, our entire computerized system was centralized or controlled by a single entity. However, blockchain is a decentralized network, where anyone can add information here – similar in the case of Wikipedia. Here the control is shared by multiple independent identities.

Distributed Ledger:

However, blockchain is also a distributed ledger where data is not stored at a single physical place instead of distributed across various P2P networks. Or we can say that its parts exist in different locations, i.e., not a single server, PC or a device.

Transparent and Immutable:

Each block in the blockchain is connected to one preceding and one successive block in a tamperproof chain. Once the data is added in the blockchain it becomes permanent, not alterable or removeable. No one has access to remove data from the blockchain, and if a change occurs, a complete history of previous versions remain available. It also prevents duplication or forgery and data theft.

So, all these features of blockchain can address the transparency, security, and data issues that our financial, administrative, health, education, and other sectors are facing.

To know more about blockchain technology, its implementation and market scoop, keep visiting blockchain expert solutions.

BES_Identity Management with ERC 1484

 

Since this image was published in 1993 NewYorker, a new quest for managing identities have started. Since then, there have been a number of efforts carried out in order to know who we’re interacting with on the internet. Blockchain as well has introduced another layer of anonymity to the users using it. All we know about our BitCoin trader is his address. Although efforts are being done to identify the authenticity and identity of the blockchain users through KYC and other techniques, the struggle stills seem constant. There are platforms like Sovrin, uPort, and blockstack who have tried to solve the identity management issues by customizing the smart contracts so as to solve the issue. Meanwhile, there are some actors like the “Hydrogen Team” who are looking at it by creating standard protocols for identity in the public blockchain like ethereum.

 

The same team who were the founders of the ERC-725 alliance have now started to think of identity at an aggregate level. It is simply a protocol for aggregating digital identity information that’s broadly interoperable with existing, proposed, and hypothetical future digital identity standards. Companies stated above are all working on identity-related projects on Ethereum. Unfortunately, there hasn’t been broad consensus around which specific identity framework to use, and as a result, each is pursuing slightly different and potentially incompatible approaches. If they all leveraged a common protocol like ERC-1484 that’s flexible enough to incorporate the specific functionality required for each of their services, yet general enough to be interoperable, their identity products would be that much better. ERC-1484 can be thought of like a wallet — the individual credit cards and IDs can be from any of the other companies and standards, such as Civic, uPort, Sovrin, or even Hydrogen.

It differs from ERC-725 (Key/Claim-Based Identity), ERC-1056 (Lightweight Delegated Identity), and other proposals in that it is meant to function one level below these frameworks, as an aggregator. ERC-1484 identities essentially consist of collections of addresses that are permissioned to ensure that

  1. Users have ultimate control over their identity
  2. Users can offload some tedious identity management tasks to identity providers
  3. Users/user-selected identity providers have complete control over which applications they want to link to their identity.

ERC-1484 has no doubt started an all-new way of thinking about managing identities. Let’s wait and see how many are willing to adopt it and what sort of new improvements will be brought to it.