“Замонавий илм-фанга инновацион ёндашувлар ”
Республика илмий-амалий конференция материаллари (Тошкент, 30 август 2021 й.)
7
Список литературы:
1.
Халтуринский Н. А., Крупкин В. Г. О механизме образования
огнезащитных вспучивающихся покрытий // Пожаровзрывобезопасность 2011
том 20 №10. – С. 33-36
2.
Решетников И. С., Халтуринский Н. А. О моделировании горения
коксообразующих полимерных систем // Химическая физика. – 1997. – Т. 16,
№ 3. – С. 102.
3.
Решетников И. С., Халтуринский Н. А. Некоторые особенности
теплопереноса в пенококсах, образующихся при горении // Хим. физика. – 1997.
– Т. 16, № 10. – С. 104-108.
4.
Reshetnikov l. S., Khalturinskij N. A. Three-dimensional model of heat
transfer in foamed chars // Advances in Computational Heat Transfer: Intern. Symp. –
Izmir: Cesme, 1997. – P. 334.
5.
Яблокова М. Ю., Решетников И. С., Халтуринский Н. А. Полимерные
смеси – путь к созданию композиций с регулируемыми свойствами для
огнезащитных покрытий // Фундаментальные проблемы науки о полимерах:
междунар. конф. – М., 1997. – С. 2.
HOW DOES A BLOCKCHAIN WORK?
Islomjon Abdullayev,
Independent researcher,
islomjon7200@gmail.com)
Satoshi Nakamoto mentioned the Bitcoin as a combinational integration of e-
signatures, which can also be called “blockchain”. The blockchain creates a chance for
bitcoin transfer among users without a need for third parties (financial institutions).
The illustration of the blockchain usage can be exemplified with the Bitcoin in Figure
1. The reason behind why the e-currencies are called “cryptocurrencies” is that
blockchains such as Bitcoin utilizes cryptography to regulate the transactions. Balance
of the Bitcoin users are secured with a private key. The legal permission for
transactions is given by a group of users known as “miners”, they benefit from sharing
database and distributing processing and receiving additional bitcoins in exchange.
Секция №1. Техника фанлар / Technical sciences / Технические науки
“Замонавий илм-фанга инновацион ёндашувлар ”
Республика илмий-амалий конференция материаллари (Тошкент, 30 август 2021 й.)
8
Figure 1. Working process of the Bitcoin blockchain
Alice lends Bob
for lunch. So
that to create a
new Bitcoin
wallet, Bob
installs an app
on his phone. A
wallet app and a
wallet can work
the same as a
mobile banking
app and a bank
account
respectively.
It is
required
two types
of
information
to pay back
to her:
Bob’s
private key
and Alice’s
public key.
Alice’s public
key can be
accessed
through
scanning her
QR code from
her
smartphone or
getting her
email address.
The app works as
an alerting
machine for the
miners around the
world about the
ongoing
transaction. Then,
the miners
provide legalising
activity for the
transaction.
The miners
check the
Bob’s wallet
whether there is
enough bitcoins
to make
payment.
In a given period of time,
there will be many
transactions pending to
occur. In the net, all of
the transactions are
grouped creating a block
according to their
timeframe and verified
by the miners. Certain
identification number
and creation time is
allocated to each block,
as well as creating
reference to the previous
block.
*With the help of the public key, the user can send money to any account, however,
private key is the one that allows to release the money out of the wallet.
What is in a blockchain?
No matter how complex is the blockchain, it is also a type of platform in which
transactions are recorded and copied to the all computers in the network. Therefore, a
blockchain is also known as “a distributed ledger”. A blockchain consists of blocks and
these blocks are used to store the data. A block has two basic integral parts:
It is header
that consists of metadata such as a reference number, creation time
of the block and the link between current and previous block.
It is content
, which works as a history for the database and includes confirmed
list od electronic assets, previous transactions and their capacity and address of the
parties.
Taking the latest block of the chain in to consideration, the history of other blocks
linked to the current one can be viewed and this makes all the blocks from the very
first one to the last available and verifiable. Since the use of crypto currencies has been
raising rapidly, verification process has become harder and this process eased by
blockchains.
Секция №1. Техника фанлар / Technical sciences / Технические науки
“Замонавий илм-фанга инновацион ёндашувлар ”
Республика илмий-амалий конференция материаллари (Тошкент, 30 август 2021 й.)
9
Once a block is created
in the network, the
miners check it for
legality and this
process is concerned
with complex
cryptographic check it
for legality and this
process is concerned
with complex
cryptographic
calculations.
When the
cryptographic
problem is
solved, it will
exposed to the
whole network.
The new blockchain
is added and the
system allocates 25
bitcoins to the
winning miner. The
blockchain is created
as a block joins to the
previous one.
Once Bob opens the
transaction, confirmation
about the bitcoin transfer is
sent to both of them within
ten minutes.
Each step in the
block followed
and finally
Alice receives
the money.
What are the differences between public and private blockchains?
Blockchains can be divided to public and private as other types of database. The
bitcoin can be example of public one since there is no restriction to write or read any
data from the ledger with appropriate bitcoin software. On the other hand, private
blockchains include the participants called a priori and acquires the right to update the
ledger. The public and private blockchain participants may be from the same or
different organization and the relationship among them are regulated with informal
arrangements, formal contracts or confidentiality agreements.
When there is no trust among the participants, the public blockchains need extra
mechanisms to promote the integrity of the data. As there is no authority to regulate
the works of the participants in the decentralised network, this adds complexity to the
process. In an example of the bitcoin blokchain a new transaction to the blockchain can
only be added if the complex mathematical problem (“proof-of-work”) is solved by the
participant. The process indicated above is known as “mining”. The miners’ effort to
solve the mathematical problem without being familiar with each other indicates the
validity of the transactions.
What alternatives are there to the Bitcoin blockchain?
A blockchain is used in many ways. Recently, different types of blockchain, to
gather with bitcoin blockchain, have become popular. However, they have not reached
the same level as the bitcoin blockchain despite their additional benefits such as higher
speed, higher volume of data storage and higher level of functionality. Litecoin is one
example of the competitor for bitcoin with lower data capacity, but higher speed in
transactions. Moreover, one of the simpler type of chain of blocks creation with lower
cost on international payment through bank and non-bank financial institutions is the
Секция №1. Техника фанлар / Technical sciences / Технические науки
“Замонавий илм-фанга инновацион ёндашувлар ”
Республика илмий-амалий конференция материаллари (Тошкент, 30 август 2021 й.)
10
Ripple Transaction Protocol. The way of validating the transactions on Bitcoin and
Ripple’s distributed ledger differs with the proof-of-work and consensus respectively
due to level of trust.
On the other hand, Ethereum is an open-source funded project like the Bitcoin
blockchain, however gives a chance to network participants to regulate their own
contracts and follows a certain rules and regulations. The most important aspect is the
smart contracts that can allow the transformation of the business initiatives in different
industry sectors. In figure 2, the way in which Bitcoin-based smart contracts opens the
way for transparency in investment banking.
Figure 2. Using the Bitcoin blockchain for smart contracts
1. An option contract with
parties involved will be in the
form of codes in the
blockchain. Despite anonymity
of individuals, the public
ledger is the place for the
contract.
2. A triggering event like an
expiration date and strike
price is hit and the contract
executes itself according to
the coded terms.
3. Keeping the privacy of the
users, the regulators can
understand the activity in the
market with the help of the
blockchain.
Additionally, existing cloud platforms of the technology companies like
Microsoft have been making available “Blockchain-as-a-Service” (BaaS). Developers
from organizations are prompted by BaaS to deploy private and semi-public
blockchains using Bitcoin, Ripple, Ethereum and other protocols.
What blockchains are common to all blockchains?
Real-time distribution of a blockchain occurs in a number of computers:
the
blockchain do not have a central governance div and one copy of the records is
accessible for users and participants of the network. Therefore, there will not be need
for central governance through financial bodies like banks and brokerage firms.
Секция №1. Техника фанлар / Technical sciences / Технические науки
“Замонавий илм-фанга инновацион ёндашувлар ”
Республика илмий-амалий конференция материаллари (Тошкент, 30 август 2021 й.)
11
A blockchain uses many participants in the network to reach consensus:
the
computers of the participants are highly used for authenticating and verifying the
blockchain and escaping from the repetition of the same transaction. New blocks are
allowed to adopt only if the majority of the participants verifies them.
A blockchain uses cryptography and digital signatures to provide identity:
the
transactions can be linked to the cryptographic identities, that are anonymous and gives
possibility to define real-life identities through dealing reversely.
A blockchain is time-stamped:
transactions on the blockchain are time-stamped
and this helps to track and verify the information.
A blockchain is programmable:
the blocks includes the instructions in it, for
instance “if” this “then” do that “else” do this, permits the transactions to happen if
certain conditions are matched.
How does a blockchain deliver value?
The nature of Systems, which are working for processing transactions, are not
centralized and distributed as the nature of blockchain. Blockchain helps to make
current value creation process to be more transparent and user-friendly for some
applications. Figure 3 visualises this. One of the developers of the blockchain, Jeff
Garzik, advises not to use and rely on it too much: “Do not try to stuff every feature
into the Bitcoin protocol. Let do it what it does best. Built systems on top of Bitcoin
which use its strengths…. Putting all the world’s coffee transactions, and all the
world’s stock trades, and all the world’s Internet of Things device samplings, on the
Bitcoin blockchain seems misguided”.
Applications that works with blockchain concerns with both practical and
philosophical limits. Thinking more deeply, linking user with institutions using shared
ledger gives a chance to end frictions to make transactions faster and cheaper.
Blockchain makes organisations to be more different from traditional business in terms
of value creation.
Blockchain seems to be obstacle for traditional value exchange institutions such
as banks.
The disintermediation is threatened by public blockchains due to connection with
peer-to-peer networks. Consumers benefit from the value that came back from the main
institutions.
It is also important to claim that during the time when the major transactions
benefits from decentralised approach of blockchains, there are still other transactions
that should be dealt with traditional approach (veto suspect transactions) despite extra
complexity.
Секция №1. Техника фанлар / Technical sciences / Технические науки
“Замонавий илм-фанга инновацион ёндашувлар ”
Республика илмий-амалий конференция материаллари (Тошкент, 30 август 2021 й.)
12
Endnotes:
1.
“Bitcoin: A Peer-to-Peer Electronic Cash System”, Satoshi Nakamoto, 2008.
See also: https://Bitcoin.org/Bitcoin.pdf.
2.
“Digital Gold: The Untold Story of Bitcoin”, Nathanial Popper, May 2015.
3.
http://blockchain.bankofenglandearlycareers.co.uk/.
4.
“Deep shift: Technology tipping points and societal impact”, World Economic
Forum,
September
2015.
http://www3.
weforum.org/docs/
WEF_GAC15_Technological_Tipping_Points_report_2015.pdf.
5.
http://www.coindesk.com/visa-europe-announces-blockchain-remittance-
proof-of-concept/.
6.
“RBS Trials Ripple as Part of £3.5 Billion Tech Revamp”, Grace Caffyn,
CoinDesk, June 2015: http://www.coindesk.com/ rbs-trials-ripple-part-3-5-billion-
tech-revamp/.
7.
http://siliconangle.com/blog/2015/06/09/westpac-anz-trial-ripples-
blockchain-ledger-system-but-say-no-to-Bitcoin-for-now/.
8.
http://www.ibtimes.co.uk/cryptocurrency-round-blockchain-bug-
commonwealth-bank-australia-embraces-Bitcoin-1503832.
9.
http://cointelegraph.com/news/114717/citi-develops-3-blockchains-with-
own-citicoin-token.
Секция №1. Техника фанлар / Technical sciences / Технические науки
