Blockchain technology blockchain protocols

Many different organizations, including those in the legal industry, use blockchain for several business functions. Blockchain allows users to record transactions over a distributed network of computers. The server is secure and the transactions are permanent, which makes verification easier. The transactions are also performed directly between users without the need for a third-party facilitator. There will be a blockchain protocol in place to instruct the computers how to verify and add transactions. The blockchain will keep a history of all transactions with no way for users to alter the data.

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What Is Blockchain? The Tech Behind Crypto Explained

Open access peer-reviewed chapter. Edited by Tiago M. With new technologies related to the development of computers, graphics, and hardware, the virtual world has become a reality.

As COVID spreads around the world, the demand for virtual reality increases, and the industry represented by the Metaverse is developing.

In the Metaverse, a virtual world that transcends reality, artificial intelligence and blockchain technology are being combined.

This chapter explains how artificial intelligence and blockchain can affect the Metaverse. The Acceleration Studies Foundation ASF , a non-profit technology research organization, classified the Metaverse into the following four categories: a virtual world that experiences a flawless virtual story, a mirror world that reflects the current real world, an augmented reality that shows a mixture of augmented information in the real world and life logging, which captures and stores everyday information about people and things [ 1 ].

With the development of technology, the number of people who use the Metaverse increases, and as activities at the same level as reality are performed, various and a lot of data are being generated. Data generated in the metaverse has value in itself. In the Metaverse, the amount of data increases, the value increases, and the importance of reliability and security is increasing.

Blockchain technology is required to guarantee the reliability of data in the Metaverse, and artificial intelligence is used to secure the diversity and rich content of the Metaverse.

The contents will be developed in the following order. In this chapter, under the theme of the Metaverse, we will look into the issues of human instinct for creation in the virtual world, the phenomenon in which the real and the virtual are combined in the virtual world, and the reliability of data in this virtual world. Blockchain and NFT technologies are described as trust technologies. And the Metaverse platform built on the basis of this technology will be described.

Basically, we will understand the interface between blockchain and artificial intelligence, and look at how a better world is created by combining blockchain and artificial intelligence in Metaverse.

Humans have an instinct for creation, and this creativity is an important factor that distinguishes humans from other animals. The creativity of human beings has been creating the culture. The paper published in described the SeaCircle as the new concept of the culture, and it regarded the SeaCircle as human cultural activities for creating.

In the concept of the SeaCircle, humans are the spiritual beings, and only humans constitute a culture. It explains the elements of insight of culture [ 2 ]. According to the SeaCircle theory, creativity is explained as an element of Open Mind and Spirit [ 3 ].

On the SeaCircle concept, the Metaverse can be interpreted as a space that allows people to be more immersed in creative activities by resolving some of the constraints on space and resources. Recently, the virtual world and the real world have been developed in convergence. The First and Second Industrial Revolutions were the process of maximizing efficiency through division of labor, so the production of materials and the consumption of materials were separated.

In the Third Industrial Revolution, as online transactions are actively conducted, data has become an important commodity, and offline transactions are gradually being replaced by online. In the Firth Industrial Revolution, an intelligent revolution is occurring as things and humans become hyper-connected. There is a convergence phenomenon in which production and consumption occur at the same time, such as social customization or digital DIY Design It Yourself.

The Forth Industrial Revolution is creating a convergence world where offline and online meet. This convergence is being created in manufacturing, logistics, finance, automotive, sports, healthcare, education, food and everyday life. In addition, as the problems of material production and supply were solved in the First, Second, and the Third Industrial Revolutions, and interest in human personal desire and spirit increased in the Forth Industrial Revolution stage, a new convergence between offline world and online world are being created [ 4 ].

Political, economic, social, and cultural interactions appear in the Metaverse, which seems to mimic the real world. Figure 1 shows the process of interworking and convergence between the real world and the Metaverse [ 4 ]. The Metaverse expresses an alternative world that cannot be achieved well in the real world.

Relationship between the real world and the Metaverse. In Minecraft, a virtual reality game platform representing Metaverse, as it became difficult to go to school due to COVID, UC Berkeley students created a campus inside the Minecraft game and held an event to hold a virtual graduation ceremony [ 5 ].

The president, guest speakers, and graduates all participated as Minecraft characters, and even the tradition of throwing hats after graduation was reenacted in Minecraft. Roblox allows game developers to create games on the Roblox virtual platform instead of commuting to an offline office [ 6 ]. In Roblox, tokens are obtained in return for labor, and the tokens obtained in the game can be brought to the outside to be cashed.

In Metaverse, numerous users can freely trade goods and services according to the currency and transaction method provided by the platform. This means that money in the virtual world in units of bits can replace money in the real world.

Co-creating a game in the space of the virtual world means replacing the space in the space of the real world. This means that activities in the real world are data in bits in the virtual space, and the importance and reliability of these data are emphasized.

After the 4th industrial revolution, the virtual world has grown rapidly. The real thing has been converted into data from the virtual world, and the virtual world has even played a role in leading the real world.

Here, we have a question about the reliability of data about whether the real thing is becoming data accurately in the virtual world. In the virtual world, trust technology is emerging as an important issue. We can think of blockchain as one of these trust technologies. Blockchain can be said to be a technology that gives trust in transactions between individuals.

A blockchain consists of blocks containing data and a chain that connects them. It is a blockchain to create and connect blocks, and consensus algorithms are used in this process. Any of the nodes participating in the network can create blocks, but not all generated blocks are connected, and only one block is recognized and connected.

Since only one block among many blocks is connected to the previous block and the remaining blocks are discarded, consensus among participating nodes to select one block is essential. If it is recognized as a unique block by all nodes, the node that created the block will receive cryptocurrency as a reward. This action is called mining, and a blockchain connected only with blocks created by mining is called a Canonical Chain.

Blockchain is developing and evolving as shown in Table 1 [ 9 ]. Blockchain 1. Blockchain 2. It made it possible to execute contracts with legal effect online only with computer code without a transaction intermediary. It is a period that showed the potential for development as an online trading platform.

Blockchain 3. In order to solve the problems of the previous blockchain, technological improvements such as changes in consensus algorithms, improvement of transaction processing speed, and in-house decision-making functions are being made [ 10 ].

While it is expected that artificial intelligence will be applied to more expanded fields in Blockchain 3. Ethereum is a platform network designed to operate various decentralized applications DApps , based on its own blockchain. Among them, ERC is a protocol related to replaceable tokens, and ERC tokens have the same value and function and can be exchanged with each other. The Ethereum project is issuing tokens based on ERC and allowing investment and various businesses to take place.

NFT guarantees uniqueness by keeping encrypted transaction history permanently on the blockchain. Each token has a unique recognition value, authenticating the ownership of digital assets and assigning a value to the transaction. NFT has been mainly used to commemorate special moments or to collect digital assets, and recently it is creating a new digital content business by combining it with Metaverse. The Metaverse is a three-dimensional virtual space where social and economic activities are commonly used just like the real world.

NFT plays a role of mediating interaction and proving private property within the Metaverse world. It is a blockchain-based cat reproduction game. Game users are given only one cat in the world in CryptoKitties. Cat digital assets have a rarity because they contain a separate unique recognition value, unlike existing virtual assets. In general online games, when the service is terminated, there is a problem that the character developed in the game can no longer be owned.

However, digital assets with NFT technology can be distributed and stored by individual participants connected to the network to prove ownership.

Decentraland implemented the concept of real estate in the Metaverse by combining virtual reality and blockchain technology [ 12 ]. Users can freely place buildings on land purchased from Decentraland, earn income by attaching billboards to buildings, or open exhibitions by collecting rare digital content.

Land ownership and other collectible items are ERC non-fungible tokens. These unique assets are made through Ethereum smart contracts and allow owners to prove ownership on the blockchain ledger. Cryptocurrency MANA can be purchased on exchanges and can also be used to purchase digital goods and services around the world.

Enjin Coin is a cryptocurrency project created for game item trading, and is an integrated platform for creating blockchain-based games. Enjin is a smart contract platform based on the Ethereum blockchain, and is a protocol and cryptocurrency that supports the crypto needed to create, manage, and implement virtual goods for game developers, content creators, and game communities. Enjin Coin guarantees the ownership and currency value of game items used in all games.

When Enjincoin is applied as a currency in Metaverse, it can be used not only as a currency in Metaverse, but also in the real world with the value of currency. Through the cognitive revolution, the agricultural revolution, and the scientific revolution, humans have entered the stage of connected intelligence, which uses the combined intelligence of humans and machines. As in the movie The Matrix, a symbiotic relationship between humans and machines has begun, and artificial intelligence and blockchain technology are accelerating this.

Artificial intelligence is reaching a stage where prediction and creation are possible through pattern recognition and learning using large amounts of data. And artificial intelligence is helping people to reduce repetitive tasks and human errors. Blockchain technology has deeply entered our society as a digital asset and is developing into a safe and reliable transaction through decentralization.

Artificial intelligence is the core of the Forth industrial revolution, and it can be integrated with blockchain technology to make both artificial intelligence and blockchain more powerful [ 13 ]. Artificial intelligence and blockchain can change business models and have a transformative impact on society. Artificial intelligence has a centralized nature where data is centrally managed and stored, making it a target for hacking and manipulation, which can lead to data tampering.

In addition, since the source and reliability of the source for generating data are not guaranteed, there are many errors and risks. The blockchain capabilities of immutability, origin and control mechanisms have the potential to address the shortcomings of artificial intelligence and improve the accountability of trust, privacy issues and decisions. The combination of blockchain and artificial intelligence can help enable trusted digital analysis and decision-making on vast amounts of data.

And it can be used to create secure data sharing and make artificial intelligence explainable, as well as regulating trust between devices that cannot trust each other [ 13 ]. Integrity of blockchain data is guaranteed. However, the security of applications built on top of the blockchain platform is not secure.

Blockchain - Statistics & Facts

Researchers from the Indian Institute of Technology Jodhpur IIT-Jodhpur have developed an improvised version of a blockchain technology that is computationally lighter and both energy- and time-efficient allowing its application for making secure communication in IoT networks. The research paper has been co-authored by Dr. With zillions of smart devices talking to each other through the embedded sensors, software, and technologies, the IoT platform will enable the integration of data for seamless functioning of smart cities, smart homes, smart industries, smart transportation, etc. As a plethora of sensitive data will be collected and passed through this platform, IoT security is a major concern for both the users and providers. To make the IoT platforms more secure, researchers suggest the use of blockchain technology to run the IoT platforms.

Blockchain technology: architecture, consensus protocol and applications. Abstract: Blockchain technology is a database of transactions. It is immutable.

Technology Reporter, Blockchain Protocols

As blockchains are being rolled out in an increasing number of pilot programs for everything from cross-border financial transactions to supply chain management, one persistent issue remains: a lack of scalability. As more computers join the peer-to-peer network, the efficiency of the whole system typically degrades. Scalability has already been identified as an issue with cryptocurrencies such as bitcoin and Ethereum's Ether. If a distributed ledger is to achieve adoption by financial technology FinTech companies and compete with payment networks hundreds of times faster, it must find a way to boost scalability and throughput and address latency problems. Enter " sharding. Sharding is one of several popular methods being explored by developers to increase transactional throughput. Simply stated, sharding is a way of partitioning to spread out the computational and storage workload across a peer-to-peer P2P network so that each node isn't responsible for processing the entire network's transactional load.

Enterprise Blockchain Protocols: A Technical Analysis of Ethereum vs Fabric vs Corda

blockchain technology blockchain protocols

In the past 18 months since the beginning of , enterprise blockchain adoption has been progressing steadily. Companies and governments alike are all trying to use this technology to solve some of the most difficult problems in the world of transactions. Businesses and regulations have strong requirements on identities and permissioning, which tend to lead them towards a permissioned over a permissionless a. For these permissioned chains, three blockchain protocols have emerged as the top choices: Hyperledger Fabric , Enterprise Ethereum and R3 Corda.

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In blockchain we trust

Blockchain — a distributed and public database of transactions — has become a platform for decentralized applications. Despite its increasing popularity, blockchain technology faces a scalability problem: the throughput does not scale with the increasing network size. Thus, in this paper, we propose a scalable blockchain protocol to solve the scalability problem. The proposed method was designed based on a proof of stake PoS consensus protocol and a sharding protocol. Instead of transactions being processed by the whole network, the sharding protocol is employed to divide unconfirmed transactions into transaction shards and to divide the network into network shards. The network shards process the transaction shards in parallel to produce middle blocks.

Sharding: What it is and why many blockchain protocols rely on it

Official websites use. Share sensitive information only on official, secure websites. Blockchain represents a new paradigm for digital interactions and serves as the underlying technology for most cryptocurrencies. A blockchain is a collaborative, tamper-resistant ledger that maintains transactional records. The transactional records data are grouped into blocks. Since a blockchain network is difficult to alter or destroy, it provides a resilient method of collaborative record keeping. NIST researchers have been investigating blockchain technologies at multiple levels: from use cases, applications and existing services, to protocols, security guarantees, and cryptographic mechanisms.

Crystal powers cryptocurrency transaction analysis and monitoring on the blockchain, bringing best-in-class anti-money Blockchain Protocols Monitored.

Layer 1 Blockchain Tokens: Everything You Need to Know

Few people understand what it is, but Wall Street banks, consultants, and celebrities are buzzing about blockchain technology. It's hard to remove blockchain from Bitcoin, so we'll start with Bitcoin as we work to understand this technology's potential. Download our free report to get all the trends. The impact of blockchain tech could be huge.

Kickstarter says it’s switching to crowdfunding via the blockchain

RELATED VIDEO: How does a blockchain work - Simply Explained

Blockchain technology is not a new concept to the foodservice industry. Before the pandemic, those of us in the industry discussed blockchain technology, traceability, transparency, sustainability, digital technology, and food safety and its impact on the green revolution every day. Then COVID happened, and some of these discussions and movements seemed to take a back seat or even stop. Conferences came to a halt.

In general terms, a blockchain is an immutable transaction ledger, maintained within a distributed network of peer nodes. These nodes each maintain a copy of the ledger by applying transactions that have been validated by a consensus protocol , grouped into blocks that include a hash that bind each block to the preceding block.

Polkadot is a network protocol that allows arbitrary data—not just tokens—to be transferred across blockchains. This means Polkadot is a true multi-chain application environment where things like cross-chain registries and cross-chain computation are possible. Polkadot can transfer this data across public, open, permissionless blockchains as well as private, permissioned blockchains. This makes it possible to build applications that get permissioned data from a private blockchain and use it on a public blockchain. For instance, a school's private, permissioned academic records chain could send a proof to a degree-verification smart contract on a public chain.

Read time: 5 mins. However, the technology has become far more widespread in recent years, and is now impacting a vast range of industries. Increasingly, business leaders and other professionals are incorporating the technology and its applications into their strategies.

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