Blockchain+AI(Series 1)

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Do you know why people are crazy about blockchain?

Unless you are hiding under the rock, I am sure you had heard of Bitcoins and Blockchains. After all, they are, trending and the media’s favorites topic these days the buzzword of the year. Even people who have never mined a cryptocurrency or understand how it works, are talking about it. I recently attended an industry seminar where the concept of blockchain was explained. At the end of the session, walking out of the lecture room I heard one of the attendees say to a colleague "I'm still not sure what exactly Blockchain is...".Many of us know that Blockchain is a topic that is hot at the moment. It's a topic that is disruptive. It's a topic that is accelerating but imagines if someone asked
you can you explain to them how it really works?".  I guess there are thousands out there who feel the same. And when that happens, there comes a time to write something to which everyone can point the other lost souls to that’s the purpose of this post.

What is Blockchain?




 A blockchain is a digitized, decentralized, public ledger of all cryptocurrency transactions. Constantly growing as ‘completed’ blocks- the most recent transactions are recorded and added to it in chronological order, it allows market participants to keep track of digital currency transactions without central recordkeeping. Each node makes a copy of the blockchain, which is downloaded automatically. A blockchain is a continuously growing list of records, called BLOCKS which are linked and secured using cryptography.

In simple words, blockchain can be simply defined as a chain of the block that contains information.
The first block in this chain is called GENESIS block. 

In Blockchain each block has: -

1. Data 
2. Hash
3. Hash of the previous block


How does Blockchain work?


The technical aspects involved in blockchain are:

·       PEER TO PEER NETWORK
·       CRYPTOGRAPHY
·       NODES
·       DIGITAL SIGNATURE
·       BYZANTINE FAULT TOLERANCE
·       HASHING
·       PROOF OF WORK
·       PROOF OF WORK AND MINING
·       PROOF OF STAKE

Hash and Miner


Hash is like the fingerprint of some binary input present in blocks. Miner is a network node that finds valid proof-of-work for new blocks by repeated hashing.

Now let's see the implementation of Blockchain with the most famous and trending form of exchange of money through the help of bitcoin.

Do you know some implementation of Blockchain?





Bitcoin is one of the most famous implementations of the blockchain. Bitcoin is a collection of concepts and technologies that form the basis of digital money ecosystem. Units of bitcoin are used to store and transmit value among participants in the bitcoin network. Communication is done via the bitcoin protocol. A bitcoin address looks like 1DsrfJb2AnWng. It consists of strings and letters and numbers starting with 1.

How Blockchain is related to AI?

  1. Blockchain can help us track, understand and explain decisions made by AI.
  2. AI and encryption work very well together.
  3. I can manage blockchains more efficiently than humans (or “stupid” conventional computers)
To know more about this technology give our next blog a read.
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