Network Application Assignment 2022

Running head: NETWORKED APPLICATIONS
NETWORKED APPLICATIONS – BLOCKCHAIN
Name of the Student
Name of the University
Author Note

1NETWORKED APPLICATIONS
Table of Contents
1. Introduction..................................................................................................................................2
2. Applications of Block chain........................................................................................................2
2.1 Application of Libra..........................................................................................................2
2.2 Working of Libra application............................................................................................2
2.3 Scalability issues with Libra..............................................................................................3
2.4 Features of Libra................................................................................................................3
2.5 Weakness of Libra.............................................................................................................3
2.6 Socio technological aspects related to Libra.....................................................................4
2.7 Application of Ethereum....................................................................................................4
2.8 Working of the Euthereum block chain.............................................................................4
2.9 Scalability issues with Ethereum.......................................................................................4
2.10 Features of Ethereum.......................................................................................................5
2.11 Weakness of Ethereum....................................................................................................5
2.12 Socio technological aspects of Euthereum......................................................................5
3. Conclusion...................................................................................................................................5
4. Bibliography................................................................................................................................7

2NETWORKED APPLICATIONS
1. Introduction
Blockchain is one of the new transforming technologies that are mainly designed for the
purpose of enhancing the security within the linked records. Block chain is being developed in a
connected form creating an irreversible and immutable chain. The blocks are being designed in
such a way that it prevents the block from being altered in future [2]. In other words it can be
stated that blockchain is simply a database that stores all the necessary transactions that are
further validated by the network community. The main use of block chain is the application in
bitcoin and ethereum. The main aim of this report is to describe the two major applications of
block chain. There are several applications of block chain however this report will discuss about
the benefits and socio technical aspects of Libra and Ethereum.
2. Applications of Block chain
2.1 Application of Libra
Libra block chain is referred to the decentralized and programmable database that is
mainly designed for the purpose of supporting the low-volatility cryptocurrency. It is expected
that with the help of Libra the exchange process will become efficient [2]. The main application
of Libra is that it helps in making cross border payments and money transfers.
2.2 Working of Libra application
The Libra block chain is basically referred to the cryptographically authenticated
distributed database that works by following the set of protocols generated by the Libra. The
blockchain in Libra is being maintained by a distributed network of validator nodes [7]. In order
to perform the transactions the clients of Libra block chain can submit the transaction request for