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Blockchain for Business 2019

You're reading from   Blockchain for Business 2019 A user-friendly introduction to blockchain technology and its business applications

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Product type Paperback
Published in Jan 2019
Publisher
ISBN-13 9781789956023
Length 258 pages
Edition 1st Edition
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Concepts
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Author (1):
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Peter Lipovyanov Peter Lipovyanov
Author Profile Icon Peter Lipovyanov
Peter Lipovyanov
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Table of Contents (17) Chapters Close

Preface 1. Bitcoin, Blockchain, and Cryptoassets FREE CHAPTER 2. A Brief History of Money 3. The Birth of Bitcoin and the Advantages of a Decentralized Payment System 4. Five Forces of Bitcoin - #1 Blockchain 5. Five Forces of Bitcoin - #2 Cryptography 6. Five Forces of Bitcoin - #3 Consensus Algorithm 7. Five Forces of Bitcoin - #4 P2P Network 8. Five Forces of Bitcoin - #5 Software Code Base 9. How Ethereum Took the Idea of Blockchain to the Next Level 10. Ethereum - A Global Platform for Decentralized Applications 11. Blockchains Focused on Specific Sectors and Use Cases 12. Corporate Blockchains 13. The Disruptive Potential of Blockchain Technology 14. Blockchain and AI 15. Current Issues and Potential Solutions to Take Blockchain to the Next Level 16. Other Books You may Enjoy

Hash functions

In the previous sections, we said that all nodes store identical copies of the blockchain database, didn't we?

And that's an issue that undoubtedly results in a lot of data storage and redundancy. However, it is the price we have to pay in order to obtain a truly decentralized peer-to-peer system without any middlemen.

Moreover, datasets can be different in size, some blocks may have 200 transactions, other blocks may have 500 transactions, and others may have 1,000 transactions. All these transactions also typically vary in the size of the information they contain in terms of kilobytes. The only capacity limit in the Bitcoin blockchain protocol is on the size of each block, which has been 1 megabyte since 2010. It was recently amended to effectively 1.4 MB with the latest upgrade of the Bitcoin software. But again, block sizes can vary up to that limit...

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