Broad Research

IT Area: Blockchain

Why it’s Interesting
Blockchain uses cryptography to create a secure system which can be used to for data-based transactions. This can be applied to things like business/monetary transaction using cryptocurrencies, but could also be used for any kind of data transactions, and would be a method of verifying transactions which could otherwise be exploited.
It could change how transactions are done if implemented as it removes the need for third-party involvement and would use direct peer-to-peer contact, and solved the double-spending problem (spending a single digital token more than once) preventing the use of cryptocurrencies.

3 Facts
Blockchain/bitcoin was created by Satoshi Nakamoto, who’s real identity (/identities) are unknown.
Blockchain hashes are used to identify unique content on a blockchain, so for things like images this only requires a tine change for the image to register as different and generate a new ID
Blockchains can be a number of different types (eg public or private), and use a decentralised design to prevent centralised data risks, ensuring the accuracy of the data.

3 Assumptions
Blockchain could be used for smaller contend creators to help prevent things like theft of content or claiming ownership of others work.
Two reasons which prevent Blockchain use are block-scale and fundamental differences with current systems.
Open/public blockchains are more common and safer in terms of transactions than private chains.

3 Unknowns
Why blockchains use cryptocurrencies rather than other currencies
How blocks are constructed
If blockchain could be used for protecting content creators outside of business-based content

General Website
General introduction to blockchain

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