Networking Application Management

Running head: NETWORKING APPLICATION MANAGEMENT
Networking Application Management
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NETWORKING APPLICATION MANAGEMENT
Table of Contents
Introduction....................................................................................................................................2
Part 1: Blockchain...........................................................................................................................2
1. Architecture of Blockchain.....................................................................................................2
2. Features of Blockchain...........................................................................................................4
3. Challenges in Blockchain........................................................................................................5
Part 2: Applications of Blockchain..................................................................................................5
1. Application of Blockchain in Currency....................................................................................5
2. Application of Blockchain in Smart Contracts.........................................................................6
Part 3: Socio Technical aspects.......................................................................................................6
Conclusion......................................................................................................................................7
References......................................................................................................................................8

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NETWORKING APPLICATION MANAGEMENT
Introduction
Blockchain can be defined as a decentralized technology that is used by a global network of
computers. The blockchain technology was invented in the year 2008 for powering the Bitcoin.
Blockchain is an underlying technology powering the bitcoin. Blockchain is a digitized and decentralized
public ledger of the cryptocurrencies and transactions. Blockchain is a technology where transactions
are recorded in a chronological order. This technology is particularly used to keep a track on the digital
currency and transaction in absence of a central record keeping [3]. Blockchain is one of the most
significant technological innovations of Bitcoin. In Blockchain and Bitcoin, users are responsible for
validating the transactions while paying for a particular purchased goods or services. This eliminates the
requirement of a third party in payment processing. The transaction completed is publicly recorded into
the blocks of blockchain [4]. Researches prove that on an average, a new block is appended into the
blockchain in every 10 minutes. The report discusses in detail the architecture, feature and the
challenges of Block chain technology are discussed in the following section.
Part 1: Blockchain
1. Architecture of Blockchain
Blockchain is mesh network of computer that are not linked to a central server by are linked
with each other. The connected computers in this network generally agree upon a shared state of data
which is simply a distributed state machine with a number of blocks that records the transactional
details. Block chain is a considerably new technology that is designed as a complete decentralized
system. The “block” represents a set of records saved. These records are chained together for security
purpose with the help of hash function [7]. Block architecture therefore consist of a simple database
that contains the details of the transactions, that are validates by the network community instead of a
single centralized database. In block chain, the validated data that is saved in form of a block is linked to
the previous block, thus creating a blockchain. The technology of block chain has gained its popularity
mainly due to its application in the bitcoin and the ethernum. The figures below represent that
architecture of blockchain.