Implementing blockchain using Java

The Blockchain is a secure transaction ledger database that is shared by all parties participating in an established, distributed network of computers. It records every transaction between peers and eliminates the need of a middleman. Blockchain proponents often describe the innovation as a “transfer of trust in a trustless world”. Problems Considering irregularities in the financial systems, people started questioning the trustworthiness of the Banking technologies. The banking system needs a single source of truth and data-driven decisions. So in this blog, we are building a simple wallet application implemented in Java using Blockchain. Solution First, we should know why Blockchain? Blockchain is the first radical technology innovation of the 21st century. Blockchain assets provide an enhanced level of security, increasing the security of the system from hacking and fraud. It provides an easy mechanism to allow users to securely transfer the assets between parties and facilitates an easy audit of user accounts. The system may remain totally private if desirable. What is Blockchain? The blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value. A blockchain, originally block chain, is a continuously growing list of records, called blocks, which are linked and secured using cryptography. Each block typically contains a cryptographic hash of the previous block, a timestamp and transaction data. Fig: Block representation Blockchain Network: There are three types of networks. Centralize Decentralize Distributed Fig: Differentiation between the networks Business Use Cases There are many business use cases where blockchain can be applied. We are focusing few of them here. Blockchain Financial Services –...