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Blockchain project development life cycle


There are 8 steps to Blockchain project development cycle that needs to be considered before starting any project in Blockchain. Let us decode, how to commence with Custom Blockchain Software Development in only 8 easy steps. Identify the problem and goal The Blockchain is a revolutionary technology so people these days want to include it in their projects but it should not be done always. The Blockchain is not always useful as it has space issues,...

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What is Consensus Mechanism in Blockchain System?


Blockchain technologies top the lists of 2018’s hot trends. Many blockchain consulting companies already back their products with blockchain technologies. Competitors use different approaches to emphasizes different aspects and pitching them as features to their customers. So here we will know some particular aspects of Blockchain technologies that is “Consensus Mechanism”. A consensus is a fault trace Mechanism useful in Blockchain systems to achieve...

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Blockchain Component: Merkle Tree


As explained (Blockchain council, 2017) , Merkle tree is very important concept in cryptography that helps in data verification of large data securely and efficiently. In view of Blockchain consulting companies , A Merkle tree is the summary of all transactions in a block and is a digital fingerprint of the entire set of transactions. Thus, any user can verify whether a transaction is included in a Block or not. Merkle tree is created by repeatedly hashing pairs of...

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Block, Blockchain and Distributed Ledger Technology


What is a ledger? In layman’s term, ledger is a set of records that helps keep track of all business financial activities in an Organization. In other words, Ledger is a database where confirmed and validated transactions are recorded. E.g. When Alex sends US $4 to Bob, it passes through central system like bank and bank records these transactions in centralized database called ledger of the bank. What is Distributed Ledger Technology? Distributed ledger, as defined by Blockchain...

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Basics of Blockchain and cryptocurrency


Bitcoin and cryptocurrency A cryptocurrency is a medium of exchange, which is digital and uses encryption techniques to control the creation of monetary units and to verify the transfer of funds. Bitcoin is the name of the best-known cryptocurrency. It is decentralized and is purely digital. These virtual coins are exchanged directly between two parties online with no middle man. Unlike modern fiat money, Bitcoin is not controlled or backed by any bank or central government...

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