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Thursday, 2 May 2019

Blockchain Components and Concepts

Actors in a Blockchain Solution

Who is going to design , how this block chain solution is going to be built. We will figure out what are some of the information that needs to get stored , What are some of the transactions and the business logic and needs to be embedded onto the network , how the network itself should be created and so on.

Blockchain Developer : There is a b;blockchain developer who is going to take what has been architected and they are going to develop the actual code that will run on the block chain network itself .

A network operator who is going to manage and run the block chain network. There may be traditional processing platforms, there may be other systems of record that the block chain connects to and might get information from and send information to that those are traditional processing platforms that could be data sources , there could be external database that are also part of the overall solution. So, those are a part of the overall solution 





An  important component here is membership services So, the membership service defines or provides the identity for users to come and transact on the block chain. So, think of it, as when you open an account with the bank, they give you a username password, a kind of a login right to, for you access web services or whewn you get a account with Gmail or something. You get a username password.

 The membership service is actually going to do a little more than that. Its not just a username password, but its actually going to give you a certificate that will a digital certificate that will allow you to transact on the network.

A blockchain user is going to perform the business transactions on the block chain. So, these users could belong to multiple organizations that are participating in this block chain network and optionally.

The regulator might have only read, only access onto the network where they see, they have some oversight into whether the transactions being performed are legit legitimate or not whether they are compliant with policies set by the regulator. So, all that , can be done in real time with a block chain
platform.

Components in a Blockchain Solution

Ledger :- A ledger is a channel's chain and current state data which is maintained by each peer on the channel.

Smart Contract :- Software running on a ledger , to encode assets and the transactions instructions (business logic) for modifying the assets.

Peer Networks :- A broader term overarching the entire transactional flow, which serves to generate and agreement on the order and to confirm the correctness of the set of transactions constituting a block. 

Membership :- Membership Services authenticates, authorizes, and manages identities on a permissioned blockchain network.

Events :- Creates notification of significant operations on the blockchain (e.g. a new block), as well as notification related to smart contracts.

Systems Management :- Provides the ability to create, change and monitor blockchain components

Wallet :- Securely manages a user's security credentials

Systems Integration :- Responsible for integrating Blockchain bi-directionally with external systems. Not part of blockchain, but used with it.

A ledger often consists of two data structure

Blockchain
  • A linked list of blocks (a hashchain) 
  • Each block describes a set of transactions (e.g. the inputs to a smart contract invocation, output, identities/certs)
  • Immutable - blocks cannot be tampered
World State
  • Stores the most recent state of smart contracts/ output of transactions
  • Stored in a traditional database (e.g. Key-value store)
  • State elements can been added, modified, deleted , all recorded as transactions on blockchain
Block Detail (Simplified)




→A blockchain is made up of a series of blocks with new blocks always added to the end
→ Each block contains zero or more transactions and some additional metadata
→ Blocks achieve immutability by including the result of a hash functions of the previous block
→ The first block is know as the "genesis" block

Ledger Example : A Change of Ownership Transaction




How Application Interact with the ledger





Blockchain Events
  • In computing, an event is an occurrence that can trigger handlers - e.g. disk full, fail transfer completed, mouse clicked, message received, temperature too hot ....
  • Events are important in asynchronous processing systems like blockchain
  • The blockchain can emit events that are useful ti application programmers - e.g. Transaction has been validated or rejected, block has been added ...
  • Events from external systems might also trigger blockchain activity - e.g. exchange rate has gone below a threshold , the temperature has gone up, a time period has elapsed ...
Integrating with Existing Systems - Possibilities



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