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Full Description
This book analyzes the fundamental issues faced when blockchain technology is applied to real-life applications. These concerns, not only in the realm of computer science, are caused by the nature of technological design. Blockchain is considered the foundation of a wide range of flexible ecosystems; its technology is an excellent mixture of mathematics, cryptography, incentive mechanisms, economics, and pertinent regulations. The book provides an essential understanding of why such fundamental issues arise, by revising the underlying theories. Blockchain theory is thus presented in an easy-to-understand, useful manner. Also explained is the reason why blockchain is hard to adopt for real-life problems but is valuable as a foundation for flexible ecosystems. Included are directions for solving those problems and finding suitable areas for blockchain applications in the future.
The authors of this work are experts from a wide range of backgrounds such as cryptography, distributed computing, computer science, trust, identity, regulation, and standardization. Their contributions collected here will appeal to all who are interested in blockchain and the elements surrounding it.
Contents
Preface.- Fundamentals of Blockchains .- Proof-of-work: A Consensus Mechanism to Achieve Consistency.- Misunderstandings and Expectations of the Blockchain created by Bitcoin.- Misunderstandings and Expectations of the Blockchain created by Bitcoin.- Challenges blockchain technology faces.- Are Blockchains Trustless?.- The Bitcoin "Consensus" Problems.- The Myth of "Blockchain is Scalable" and Real Challenges.- Unexpected Pitfalls of Bitcoin.- The Biggest Problem of Blockchains: Key Management.- The Cryptographic Technology of Bitcoin will Eventually be Broken.- How We Can Secure Blockchain-based Systems.- The current state of the global movement.
