Skip to main content

Frontiers of Engineering Reports on Leading-Edge Engineering from the 2019 Symposium (2020) / Chapter Skim
Currently Skimming:

Blockchain Beyond Cryptocurrency: An Overview - Hong Wan
Pages 95-102

The Chapter Skim interface presents what we've algorithmically identified as the most significant single chunk of text within every page in the chapter.
Select key terms on the right to highlight them within pages of the chapter.


From page 95...
... Each block contains a unique hash value of the previous block, a timestamp, and transaction data."1 Here, consensus refers to a set of rules that users follow to agree on the states of the system; it makes the blockchain a self-auditing ecosystem.2 Hash is a cryptographic function that converts a string into a nonmeaningful, fixed-length output. It is nonreversible since the hash value is highly sensitive to the input -- a small change in input leads to a completely different hash value.
Read the entire page →
From page 96...
... Second, a distributed network with consensus allows users to communicate directly with each other to broadcast a new block and synchronize the blockchain status. All users can download a copy of the current ledger and add blocks, which means that there is redundancy of the data in the network.
Read the entire page →
From page 97...
... This proof of work consensus causes most of the confusion and criticism of the blockchain. Because of the difficulty of the nonmeaningful problems solved, the mining process both significantly slows the transaction speed and consumes enormous computational power and energy.
Read the entire page →
From page 98...
... The proof of work consensus allows a truly distributed network, maximum number of pseudonymous users, fairness among nodes, and chain nontamperability, with efficiency and reasonable cost in computational power. Proof of State Consensus Another popular, more recent consensus for the public and permissionless chain is proof of state, which attributes mining power to the proportion of coins held by a miner (Young 2016)
Read the entire page →
From page 99...
... For healthcare records, for example, the network should be neither public (it must be Health Insurance Portability and Accountability Act protected) nor permissionless (only authorized people should be allowed to add records)
Read the entire page →
From page 100...
... The public and permissioned chain would allow anyone to access the ledger, but only verified parties to submit, process, and validate transactions. Public and permissioned chains emphasize who can write in/regulate data and can be applied to, for example, real estate registries, diploma checking system, or other scenarios involving regulation or protection from forgery.
Read the entire page →
From page 101...
... 2017. Consumer data security and the credit bureaus.
Read the entire page →

Key Terms

  • permissioned chains
  • work consensus
  • validate transactions
  • permissioned chain
  • computational power

  • permissionless chains
  • add blocks
  • hash value
  • distributed network
  • mining process

  • elapsed time
  • waiting period
  • mechanism design
  • consensus allows
  • blockchain network

  • allow online
  • involving regulation
  • dedicated peers
  • key features
  • critical data

  • enormous computational
  • popular consensuses
  • major stakeholder
  • database controlled
  • data automatically

  • decentralization refers
  • estate registries
  • chain structure
  • currencies based
  • consensus causes


    • This material may be derived from roughly machine-read images, and so is provided only to facilitate research.
    More information on Chapter Skim is available.