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Networked application management- assignment

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Added on  2021-06-15

Networked application management- assignment

   Added on 2021-06-15

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Running head: NETWORKED APPLICATION MANAGEMENTNetworked Application ManagementName of the StudentName of the UniversityAuthor Note
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1 NETWORKED APPLICATION MANAGEMENTTable of ContentsIntroduction.........................................................................................................................2Part 1: Blockchain................................................................................................................21. Blockchain Architecture...............................................................................................22. Features of Blockchain.................................................................................................43. The challenges associated with Blockchain.................................................................5Part 2: Applications of Blockchain.......................................................................................61. Blockchain application in Currency..............................................................................62. Application of Block chain in Smart Contracts............................................................6Part 3: Socio Technical aspects............................................................................................7Conclusion............................................................................................................................7References...........................................................................................................................8
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2 NETWORKED APPLICATION MANAGEMENTIntroduction Blockchain is an emerging technology that enables the storage of different transactionsand records in a decentralized platform. The blockchain is therefore considered as a leadingplatform and the new technology that aims at building a radically better financial system.Blockchain is described as the data structure that helps in identification of tracking of thetransactions in a digital platform. Blockchain make use of a distributed trust network in order tomaintain a series of records. Each participant of a blockchain network are allowed the option ofsecure transactions by maintain the anonymity of the identity. The technology of blockchaincan therefore be considered as a global ledger that is capable of undergoing a transactionwithout the actual need of central authority. Blockchain is mainly a digital ledger in which atransaction are made in form of bitcoin and other cryptocurrency that are recorded in achronological order [13]. The details of each transaction are stored in the block and are linkedtogether in form of a chain like structure. Blockchain is a decentralized technology and makeuse of a global network of computers for managing the database. This database of theblockchain records all sorts of bitcoin transactions. The report gives an overview of thearchitecture, features and challenges associated with the use of blockchain. The applicationsand the socio technical aspects of the application of the blockchain application are mentionedin the report. Part 1: Blockchain1. Blockchain Architecture Blockchain which is the foundation of bitcoin has considerably received wide attentionover the years. Although blockchain is a new and emerging concept, the increasing applicationsof blockchain are gradually springing up covering many fields including the different financialservices. Blockchain is a digital ledger of the different transactions associated withcryptocurrency [4]. Therefore, blockchain architecture consists of a shared and a decentralizedarchitecture including a decentralized database [10]. With the emergence and increasing use ofblockchain based applications, it is essential to understand the components of the blockchainarchitecture in order to mitigate certain risks associated with the use of blockchain. A
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