BLOCK-CHAIN INNOVATION
Entrepreneurship and Innovation
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Student signature: Deepin DHami Date: 1/ 06 / 2022
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First Name: Deepin
Last Name: Dhami
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Team Member 3:
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First Name: babu
Last Name: Subedi
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Team Member 4:
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First Name: David
Last Name: Shrestha
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First Name: Pawan
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Prepared By |
S XXXXXXXXXXDeepin Dhami,
s XXXXXXXXXXBabu Subedi,
s XXXXXXXXXXDavid shrestha,
S XXXXXXXXXXPawan prajapati.
Submitted to| DR. Enreco
Contents Page
Introduction 3
Innovation theories 5
Methodology 6
Discussion 8
Innovation 9
Conclusion 10
1) Introduction
A sensation was formed in 2009 when an anonymous person named Satoshi Nakamoto published the White Paper of Bitcoin. This event highlighted a great innovation technology called Block chain. A digital leaguer method that is refe
ed to as a block chain that authorizes, confirm and store transactions on a computer network. Block chain introduced a motion of transactional trust through technology. This was a distu
ed innovation which fullest potential is yet to be realized. However, it has been a game changer. A block chain is a circulated data set that is divided between computer networks. As a data set, a block chain stores data electronically in computerized design. Each data set is stored as a block and each block is linked to the earlier block. This results in a chain of data which is called block chain. Decentralized block chains are permanent, and that implies that the information entered is i
eversible. The reason for this is that if the data from one of these blocks are to be changed then the entered blocks after that which are linked to the changed block gets invalidated (Sca
orough). The following are the building block of block chain technology.
· The core building block of Block chain is shared leaguer. Shared leaguer attaches just the distributed transaction record. Bitcoin block chain was developed with the goal to democratize cu
ency. However, customer data guidelines should be considered.
· Cryptography in a block chain guarantees confirmation and clear exchanges. Block chain development includes this basic because of the computational hardness suspicion and an emphasis on making encryption harder for an unauthorized access.
· The trust system of block chain is refers to the power of network to verify transactions. Trust system can also be refe
ed as heart of block chain innovation. Block chains are intended to allow different partied to meet up and execute with one another in trust-less or low-trust ways.
· Business rules and smart contracts are yet another success factor for block chain. Smart contracts are the business terms that are implanted in a block chain transactions data set and executed with transactions. This is the principles part of a block chain a
angement. Characterizing the progression of significant worth and condition of every transaction is needed (Chiefsoft, 2018).
The block chain development is a revolutionary, capability obliterating advancement in that the curiosity of the innovation would deliver the ongoing one out of date, and it is likewise a disruptive, structural advancement in that its execution market-wide would prompt a revamping of plans of action of any organization and its personal. Block chain is a technique with which to construct data set and that it has a solitary normal recognizable part called distribution. In an undistributed data set, information is put away in one spot like the server of a report data management system, and keeping in mind that one PC updates data, the others are locked out. At the center of a ton of this discussion as for block chain improvement is beginning to end encryption and multi-signature trades. What's key to the Bitcoin developments is the dispersed way in which information agreement is reached and how the organization is gotten (Sarasvathy, 2011).
The world has moved forward with the adoption of technology in every sector. However, voting system all over the world has been still the traditional approach which is expensive and does not meet the requirements. Block chain has the capability to change voting system in a country (Jafar, 2021).
2) Innovation theories
At its simplest, a block chain is a digital ledger of transactions. When someone uses cryptocu
ency to buy something, that transaction is added as a “block” to the end of the block chain. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data. Bitcoin nodes validate new blocks by checking that the hash of the block is valid and that all transactions in the block are valid. They then add the block to their own copy of the blockchain and pass on newly validated blocks to other nodes in the network. When someone wants to view their balance or make a transaction, they need only query the blockchain to find out how much cryptocu
ency they have and whether they can spend it. All nodes in the network have a copy of the blockchain, so anyone can view the ledger at any time. Because all blocks are chained together, it’s not possible to go back and change transaction data without changing all subsequent blocks. This makes the blockchain immutable and secure against tampering.
Blockchain technology was first developed for Bitcoin, but it has since been adapted for other purposes. Ethereum, for example, is a public blockchain platform that supports smart contracts, which are programs that automatically execute transactions when certain conditions are met. Other blockchains focus on different use cases, such as supply chain management or identity verification. The most important thing to understand about blockchain is that it’s not just a new technology; it’s a new way of thinking about the internet (To
i, XXXXXXXXXXWith blockchain, there is no need for a central authority to validate or approve transactions. Instead, transactions are validated by the network itself, which is decentralized and distributed. This new paradigm has the potential to upend industries and revolutionize the way we interact with the digital world. Blockchain works by creating a digital ledger of all the transactions that take place within a network. This ledger is then distributed across the whole network, ensuring that everyone has the same copy of the data. Each transaction is verified by consensus, and once it is verified, it is added to the chain as a block. The blocks are then chained together through cryptographic links, forming a tamper-proof chain.
Blockchain is important because it has the potential to revolutionise the way we do business. It could make transactions more secure, efficient, and transparent. It could also reduce the need for intermediaries, making businesses more efficient and reducing costs. One of the challenges with blockchain is that it is still an innovative technology. This means that there is a lack of standardisation, which can make it difficult for businesses to adopt. There are also concerns about scalability, as the cu
ent blockchain networks are not able to handle large numbers of transactions (Woodin, XXXXXXXXXXThe future of blockchain is hard to predict, but it has the potential to change the way we live and work. We may see more businesses adopting blockchain, and the technology may become more mainstream. We could also see more innovation in the space, with new applications of blockchain being developed.
3) Methodology
Identification, selection, evaluation, and validation are the four stages of the methodology. The available blockchain platforms are first identified, and then a suitable blockchain platform is chosen using a multi-criteria decision-making method such as the Simple Multi Attribute Rating Technique (SMART). Following that, the selected system is thoroughly evaluated, considering the system architecture, li
aries, tools, domain-specific applications, and capability analysis of the chosen blockchain platform. The proposed methodology was validated by the creation of a blockchain-based enterprise solution. Regardless of scale, the process protocol presented in this study could be used by any stakeholder to select a suitable blockchain platform for developing a blockchain application (Peredo, 2006).
Blockchain technology works by creating a secure and transparent environment for financial transactions involving virtual cu
encies such as Bitcoin. Each block's hash code keeps records safe in the blockchain. This is primarily because, regardless of the size of the information or document, the mathematical hash function generates a hash code of the same length for each block. Attempting to change a block of data would result in a completely new hash value.
Bitcoin is a digital cu
ency. Bitcoin employs the world's first blockchain technology. It is a digital cu
ency that allows peer-to-peer transactions over the internet without the involvement of a third party. The blockchain network is a decentralized structure made up of dispersed nodes (computers) that inspect and confirm the legitimacy of any new transactions that try to take place.