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Networked Applications - PDF

   

Added on  2021-05-27

13 Pages1224 Words54 Views
Running head: NETWORKED APPLICATIONSNETWORKED APPLICATIONSName of the UniversityName of the studentAuthor Note

NETWORKED APPLICATIONS1Table of ContentsIntroduction................................................................................................................................2Aim of the report....................................................................................................................2Purpose of the report..............................................................................................................2Discussion..................................................................................................................................2Field and Purpose of the application......................................................................................2Working model of the application..........................................................................................3Scalability issues....................................................................................................................4Features and Weaknesses of the application..........................................................................4Socio-Technical aspects.........................................................................................................5Conclusion..................................................................................................................................6References..................................................................................................................................7

NETWORKED APPLICATIONS2Introduction Blockchain refers to a public ledger which saves the crypto currency transactions in achronological and public manner.In the report, the two applications of Blockchain technology namely, Bitcoin andEthereum has been evaluated. The report discusses about their various features and theweaknesses that these technologies suffer from. Aim of the reportThe aim of the report is:-To discuss about two blockchain applicationsTo discuss about their features and associated weaknessesTo evaluate their socio technical aspectsPurpose of the reportThe purpose of the report is to provide information to the prospective clients about theuses of Block chain technology.DiscussionField and Purpose of the applicationThe blockchain technology applications such as Bitcoins and Ethereum have severalfields where they can be applied such as voting systems, human genome research, supplychain certifications and social contracts. It can be used to determine a sovereign identity andcan be used in charity services[5].

NETWORKED APPLICATIONS3In 2008, Bitcoin was invented for the sole purpose of providing cheaper onlinetransaction fees than the conventional online payment services. Later the technology wasused for several other services due to its decentralized infrastructure and anonymity [1]. In 2015, the Ethereum was introduced as a decentralized platform for the purpose ofintroducing certain features such as Distributed Applications and Smart Contracts. Theplatform can be used by other programmers for its Turing programming language fordeveloping distributed applications. Other purposes of Ethereum is that it is used as anexchange medium for digital currencies as well as to run other applications for monetizationpurposes.Working model of the application Bitcoin works just like a public ledger where all the transactions that are confirmedare saved. The transfer of information is verified by other computers that are present in thenetwork. Digital signatures are used to authenticate the transactions. Once the transaction isauthenticated with alphanumeric pattern, the confirmed data and the verified nodes are addedto the blockchain [7]. Every chain is connected to the previous block which forms the basis ofthe working model of the bitcoin that helps to trace the transactions chronologically to thefirst bitcoin transfer that was ever made.Ethereum works similarly like Bitcoin where all the nodes are interconnected to oneanother. The only difference in the working model is that besides the stored transactionhistory, Ethereum allows the recent data of the smart contracts to be stored as well. The stateof the contracts as well as the code of the smart contract and balance of the user are stored inthe network.

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