The role of blockchain in autonomous distributed business services

The role of blockchain in autonomous distributed business services

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This chapter discusses the form of autonomous decentralized software known as the blockchain. It covers the original usage ofblockchain distributed ledger technology, a part of the Bitcoin cryptocurrency. It summarizes the functional software architecture ofblockchain that provides secure and uninterruptible service. It briefly discusses the growth and proliferation of cryptocurrencies throughout the economy. The main focus of the section is the application of blockchain technology beyond currencies, as a disintermediating force in various industries, such as finance, healthcare, publishing, and software, including the potential for widespread distributed, autonomous organizations, based on smart contracts built on the blockchain technology. While the technology is complicated and the word blockchain isn't exactly sonorous, the main idea is simple. Blockchains enable us to send money directly and safely from me to you, without going through a bank, a credit card company, or PayPal. Rather than the Internet of Information, it's the Internet of Value or of Money. It's also a platform for everyone to know what is true-at least with regard to structured recorded information [1].

Chapter Contents:

  • Abstract
  • 13.1 A question to pursue
  • 13.2 Why this matters?
  • 13.3 What is blockchain?
  • 13.4 Problems addressed by blockchain technology
  • 13.5 Implementations of blockchain
  • 13.6 Classifications of blockchain implementations
  • 13.7 Validation and consensus options
  • 13.8 Blockchain and environs
  • 13.9 Problem domains
  • 13.10 Distributed autonomous organizations
  • 13.11 The state of play
  • 13.12 Conclusion
  • References

Inspec keywords: financial data processing; software architecture; security of data; electronic money; Internet

Other keywords: Internet; secure service; autonomous distributed business services; distributed ledger technology; functional software architecture; uninterruptible service; autonomous decentralized software; Bitcoin cryptocurrency; autonomous organizations; widespread distributed organizations; blockchain technology

Subjects: Information networks; Financial computing; Software engineering techniques; Data security

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