BLOCK CHAIN TECHNOLOGY: WHAT IT IS, AND HOW IT WORKS - Студенческий научный форум

XIII Международная студенческая научная конференция Студенческий научный форум - 2021

BLOCK CHAIN TECHNOLOGY: WHAT IT IS, AND HOW IT WORKS

Авдонин Д.В. 1, Ермолаева Л.Д. 1
1ВлГУ
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Abstract: The article discusses the concept of blockchain system and its benefits for creation of cybersecurity.Several methods of protecting by means of blockchain and different areas of its application have been presented. The difficulties of implementing blockchain have also been analyzed.

Keywords : blockchain, cryptocurrencies, finance, "Bitcoin", Civic, UniqulD Wallet, blocks.

Blockchain is the latest technology that has grown in interest along with the popularity of cryptocurrencies. Today, it is widely discussed not only in the world of finance. Blockchain is already being tried for storing and processing personal data and identification in marketing and computer games. But what is the blockchain? Let's try to figure it out. A blockchain is a continuous sequential chain of blocks (a connected list) containing information built according to certain rules. The connection between blocks is provided not only by numbering, but also by the fact that each block contains its own hash sum and the hash sum of the previous block. To change the information in a block, you will need to edit all subsequent blocks. Most often, copies of block chains are stored on many different computers independently of each other. This makes it extremely difficult to make changes to information already included in blocks. For the first time, the term appeared as the name of a database implemented in the "Bitcoin" system, thatis why blockchain is often referred to as transactions in various cryptocurrencies, but the technology of block chains can be extended to any interconnected information blocks. Bitcoin became the first application of blockchain technology in October 2008.

Now, blockchain is being used in areas such as financial transactions, user identification, or the creation of cybersecurity technologies. Banking institutions and government organizations are interested in blockchain technologies. The concept of blockchain technology was proposed by Satoshi Nakamoto in 2008, and was first applied in practice when bitcoin appeared in 2009. Due to its origin, it is referred to as cryptocurrency transactions, but the scope of the technology is much wider. How does it work? The basic blockchain system is an ever-growing sequence of blocks that are shared between participants using special networks that most people use to download and distribute torrents. A time stamp (hash sum) is added to each block, which is easiest to represent as a unique fingerprint. These blocks are strictly in a certain order added to the chain. If you try to rearrange the sequence of blocks, the system will reject the chain because of a mismatch between the structure and the hash sum. So that no one can change the timestamp and recalculate the hash amount that will be correct from the point of view of the system, the blockchain use several methods of protection: Proof of Work (proof of work) and Proof of Stake (proof of ownership). Where can this be applied? In addition to cryptocurrencies, blockchain technology is already attracting even old financial institutions. According to the Santander Inmoventures Foundation, more than 25 cases using blockchain in FINTECH were registered at the end of 2016. The second way to use the system is smart contracts, which cut out a lot of legal red tape from the equation. For example, the electronic notary Stampery certifies transactions using the blockchain. Another interesting way to use it is in the area of copyright and personal data. The Ascribe service helps artists and other creative people confirm their authorship using the blockchain. Startups like Civic and UniqulD Wallet allow people to use blockchain and biometric security to create digital IDS that can't be faked and that can replace regular ID cards in the future.

In General, the areas of application of the blockchain car and small cart-from trading in diamonds and gold, to creating energy distribution systems and presidential / parliamentary voting systems. Is it really that promising? Although many experts compare the revolutionary nature of blockchain to the creation of the Internet itself, it is necessary to overcome a lot of difficulties.

First, to implement blockchain, you need to rebuild large systems with a large number of participants. Each system strives to preserve its properties and structure, resisting changes. Therefore, it is easier to start implementing blockchain from a small scale. As the government of Sweden does, slowly transferring the land cadastre to the blockchain.

Secondly, the blockchain is not regulated by the legal framework in any way and is still very far from it. "For a technology to gain credibility, it must meet standards. No standards —— no compliance, "explains Maxim Avdeev, head of business development at the Life Foundation SREDA.

Third, to support blockchain technology, you need a large amount of computing power and energy. Experts predict that the cost of electricity to support bitcoin may reach the level of consumption in Denmark by 2020.

Features of distributed registry technology can be the following.(1) An asset canbe anything: for example, shares, digital tokens, real estate rights, gold, or books. (2) Transactions are almost instantaneous, but it may take time to confirm them. (3) Transactions are confidential and anonymous as the buyer only specifies the number of their crypto wallet. (3) Commissions are minimal, because instead of centralized intermediaries, transactions are registered by miners. Commissions are their remuneration for supporting the operation of the blockchain network. But there are usually a lot of miners and the competition between them is high - this allows you to keep commissions at a low level.

Thus it may be concluded that blockchain has a lot of advantages. The rights of buyers are well protected: it is impossible to cancel or change already concluded transactions. If you actually purchased something, then no fraudster can prove that they belong to him. All transactions are recorded in the block chain. Information is securely stored, since the history of all operations is recorded in the blockchain and distributed to all network participants. Each block contains information about all previous operations "since the beginning of time".

Literature:

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2. ETL: Blockchain is ... How Blockchain Works, Benefits, Applications, Prospects [Electronic resource]. - Electron. data. URL: https://fb.ru/article/261672/blokcheyn---eto-kak-rabotaet-blokcheyn-preimuschestva-primenenie-perspektivyi

3. ETL: Blockchain in the power industry [Electronic resource]. - Electron. data. URL: https://www.gyrnal.ru/statyi/ru/1099/

4. ETL:All about Blockchain technology [Electronic resource]. - Electron. data. URL: https://guland.biz/zarabotok/blockchain

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