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Recently I unknowingly triggered a conversation on Linkedin. It was about the future of Blockchain + ServiceNow.
Okie I was studying blockchain just because of its hype (money too !!) and as soon I started deconstructing the hype and diving into the nuts and bolts, I found an answer to my first question. Is it worth it? And the answer is a big 'Yes'.
So, as per the plan, I thought of penning down my experiences and learnings. Before beginning the article I want to confirm that the ServiceNow product team is one step ahead as always and they have already started exploring the possible scenarios. The image below is from an official source:
So basically the path ServiceNow is taking is Kind of blockchain only but they have chosen Hedera (with a safe harbor notice). The Hedera public network is proof-of-stake and built on the hashgraph distributed consensus algorithm. For time being consider it as something similar to blockchain which uses Proof of Stake as its mechanism.
Now if you are not interested in blockchain feel free to close the article but if you are interested and want to learn about it then let's do it.
So, my plan will be to share a kind of a weekly dose of learning with some open-ended questions which will try to answer in the next dose along with some more content. (Note it down its how actually blockchain works)
So before starting blockchain, I did watch a 30-second video about blockchain which states words like it's a technology in which there is no centralized authority all the members themselves are an authority for example when we do a transaction via bank, the bank authorizes all transaction. manages books etc in blockchain it is done by users. So the first question if users are authorizing then what about the integrity, privacy, and security of transactions? Does it mean my girlfriend will know where is my salary going in? Scary right These were obvious how's and why's?
But then I thought if I can think of these situations big firms who are pouring in so much money are they dumb? They are way smarter than me at least so there must be something blockchain has to offer to curb these issues. So let's look at some of the features of blockchain and then in the comment section put down your answers to not-so-obvious questions.
Blockchain in computer engineering terms is a Cryptographically Hashhed Linked List. That was heavy to digest let's break it down.
- Blockchain as a data structure:
A blockchain is a growing record of data, compiled as virtual blocks. In Bitcoin’s blockchain, the data being recorded is Bitcoin transactions. The structure starts with a single block, known as the genesis block. As the amount of data recorded on the system increases, more blocks keep getting added. Each block in the sequence is linked to the previous block, going all the way back to the genesis block. This “chain” of blocks is what gives this type of data structure its clever name.
It should be noted that similar linked list data structures have been studied and used in information technology for decades. Many words and photo processing applications create stacks of data linked sequentially, so a user can “undo” the most recent state and revert to the previous state. However, blockchain has been designed to be immutable, irreversible, and tamper-proof. Next question How ??
- Immutability and tamper detection in blockchain
The data stored in the blockchain is made secure and immutable using cryptography. Every block is referenced by a unique string of characters, generated by a cryptographic hash function. This function can accept any amount of data as inputs and generate a fixed-length string as output. This fixed-length output is known as a hash. Each block links to the previous block (known as the parent block) by storing the hash of the parent. One of the striking properties of the hash function is that even a small change in the input generates a completely different hash output.
Therefore, any changes made to the contents of a block will change the hash of the block. Also, remember that each block stores the hash of the parent block, going all the way to the genesis block. Hence, a data tamper in any block across the blockchain will change the hash of all subsequent blocks. This way an observer can identify tampering at any point on the blockchain, without having to verify the contents of each and every block. We can imagine this to have powerful applications beyond digital currencies. Such tamper detection can be useful in auditing an online database of valuable physical assets, such as real estate and art.
Too much to digest ?? A lot is yet to come. Let's look at the data security aspect of it.
- Data Protection:
Instead of a physical or online account that has to be maintained by a third party (such as a bank), every unit of Bitcoin is stored on the blockchain itself. Users can securely access bitcoins using their private/public key pairs. A consumer can spend or transfer her bitcoins only by using her private keys, while a merchant can receive bitcoins by sharing her public keys with the consumer. Once the transaction has been relayed throughout the internet and included in a block, it is considered permanent. The merchant can then irrefutably claim ownership of those Bitcoins. She can also use her own private keys to spend those Bitcoins and so on.
The blockchain is typically stored and maintained on multiple devices. Thousands of devices worldwide store the Bitcoin blockchain. Thus, the data is protected even if one or more of the devices are compromised by an attack or network issues.
- Distributed Ledger Technology:
We shall now talk about perhaps the most popular attribute of the blockchain, the distributed ledger of data. The ledger can be shared among a private group of users connected through the local area network, or with thousands across the internet. A message is relayed on the creation of every new block, to ensure that all users have the latest version of the ledger. This feature has applications well beyond digital currencies, as it eliminates the need for a trusted central party to record the information. Areas ripe for disruption through decentralization include stock exchanges, real estate transactions, personal identification, and many more.
Since the ledger is stored on multiple storage devices, possibly in different locations, it also protects the system from data loss in case any devices or servers face downtime. Other users can continue accessing and adding information on the blockchain, as long as there is at least one online device that has the latest version of the blockchain.
HOLD ON DHRUV you have not answered the most obvious question of how blockchain makes sure my girlfriend does not know about my spending!! What about my privacy if everything is open...
- Relative User Anonymity:
Typically, only the digital addresses with corresponding units are visible on the blockchain, keeping the user identities hidden. The use of public-key cryptography allows the blockchain to be shared across the globe while maintaining relative anonymity. We use the word “relative”, as all transactions are permanently recorded on the blockchain. Since the Bitcoin blockchain is public, a user’s transaction history can be traced if her Bitcoin address is known. Other digital currencies have tackled this issue using various algorithms, each offering a different level of anonymity to its users.
Public key cryptography, used in digital currencies, has been around since the 1970’s. Nevertheless, the clever use of cryptography in conjunction with the blockchain made viable decentralized currencies possible for the first time in history.
Enough for today. I hope you got the big picture if you have any queries please feel free to reach out to me on Linkedin Would be happy to help and discuss.
Happy Learning !!
