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Analysis of Blockchain Based Smart Contracts
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- Author(s) / Creator(s)
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Introduction to Blockchain: History - The concept of Blockchain was introduced to the world with the invention of bitcoin in 2018. Bitcoin started its practical implementation in 2019. It was built on decades of research on cryptography, digital cash, decentralization and distributed computing. It all
started with the publication of paper by Satoshi Nakamoto ‘Bitcoin: Peer to Peer Electronic Cash System’. In this paper, the author proposes a peer to peer network using POW (proof of work) to record public transactions which requires no trust in contrast to traditional banking methods which
relies on trust based models to prevent double spending. The proposed system is secure as long as the honest nodes in network control more CPU power than attacker nodes. -
- Date created
- 2020-01-01
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- Type of Item
- Report