Blockchain: Transforming to Decentralized services

Learn to decentralize services and deploy highly effective model for organizing activity.
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Expanding the Blockchain horizon

The potential benefits of the blockchain are more than just economic, they extend into political, humanitarian, social, and scientific domains and the technological capacity of the blockchain is already being harnessed by specific groups to address real-world problems. For example, to counter repressive political regimes, blockchain technology can be used to enact in a decentralized cloud functions that previously needed administration by jurisdictionally bound organizations.

Standing at the edge of digital revolution

We’re at the dawn of a new revolution. This revolution started with a new fringe economy on the Internet, an alternative currency called Bitcoin that was issued and backed not by a central authority, but by automated consensus among networked users. Its true uniqueness, however, lay in the fact that it did not require the users to trust each other. Through algorithmic self-policing, any malicious attempt to defraud the system would be rejected. In a precise and technical definition, Bitcoin is digital cash that is transacted via the Internet in a decentralized trustless system using a public ledger called the blockchain.
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What skill will you learn ?

DevOps course overview

Blockchain Currency

Bitcoin terminology can be confusing because the word Bitcoin is used to simultaneously denote three different things. First, Bitcoin refers to the underlying blockchain technology platform.
  • Technology Stack: Blockchain, Protocol, Currency
  • The Double-Spend and Byzantine Generals’ Computing Problems
  • How a Cryptocurrency Works

Blockchain Contracts

From its very beginning, complexity beyond currency and payments was envisioned for Bitcoin; the possibilities for programmable money and contracts were baked into the protocol at its invention. A 2010 communication from Satoshi Nakamoto indicates that “the design supports a tremendous variety of possible transaction types that are designed years ago.
  • Financial Services
  • Crowdfunding
  • Bitcoin Prediction Markets
  • Smart Property
  • Smart Contracts
  • Blockchain 2.0 Protocol Projects
  • Wallet Development Projects
  • Blockchain Development Platforms and APIs
  • Blockchain Ecosystem: Decentralized Storage, Communication, and Computation
  • Ethereum: Turing-Complete Virtual Machine
  • Dapps, DAOs, DACs, and DASs: Increasingly Autonomous Smart Contracts
  • The Blockchain as a Path to Artificial Intelligence

Applications Beyond Currency

Not only is there the possibility that blockchain technology could reinvent every category of monetary markets, payments, financial services, and economics, but it might also offer similar reconfiguration possibilities to all industries, and even more broadly, to nearly all areas of human endeavours.
  • Blockchain Technology Is a New and Highly Effective Model for Organizing Activity
  • Distributed Censorship-Resistant Organizational Models
  • Namecoin: Decentralized Domain Name System
  • Digital Identity Verification
  • Digital Art: Blockchain Attestation Services (Notary, Intellectual Property Protection)
  • Decentralized Services

Efficiency and Coordination

As blockchain technology could revolutionize the operation of other fields, innovators are starting to envision how the concepts might apply to science. So far, the main thread is related to peer-to-peer distributed computing projects for which individual volunteers provide unused computing cycles to Internet-based distributed computing projects.
  • Blockchain Science: Gridcoin, Foldingcoin
  • Blockchain Genomics
  • Genomecoin, Genomic Research coin
  • Blockchain in Health sector
  • Blockchain Learning: Bitcoin MOOCs and Smart Contract Literacy
  • Blockchain Academic Publishing: Journalcoin
  • The Blockchain Is Not for Every Situation
  • Centralization-Decentralization Tension and Equilibrium

Advanced Concepts

The blockchain economy is triggering the invention of many new ideas and the re-appropriation of existing concepts and terminology in innovative ways. It prompts investigating the definition of terms that have been taken for granted and passed unquestioned for years, such as money, currency, property, government, sovereignty, and intellectual property.
  • Terminology and Concepts
  • Currency, Token, Tokenizing
  • Currency Multiplicity: Monetary and Nonmonetary Currencies
  • Demurrage Currencies: Potentially Incitory and Redistributable
  • Extensibility of Demurrage Concept and Features

Limitations

A number of technical challenges related to the blockchain, whether a specific one or the model in general, have been identified. The issues are in clear sight of developers, with different answers to the challenges posited, and avid discussion and coding of potential solutions.
  • Technical Challenges
  • Business Model Challenges
  • Scandals and Public Perception
  • Privacy Challenges for Personal Records
  • Overall: Decentralization Trends Likely to Persist

Conclusion

This final module has tried to demonstrate that blockchain technology’s many concepts and features might be broadly extensible to a wide variety of situations. These features apply not just to the immediate context of currency and payments or to contracts, property, and all financial markets transactions.
  • The Blockchain Is an Information Technology
  • Blockchain AI: Consensus as the Mechanism
  • Large Possibility Space for Intelligence
  • Only Friendly AIs Are Able to Get Their Transactions Executed
  • Smart Contract Advocates on Behalf of Digital Intelligence
  • Blockchain Consensus Increases the Information Resolution

What you will receive

9 credit points at beginner certification level

Credits are awarded on passing the final assessment. Find out how academic credit points work and where you can use them in our - Terms and Services.

A Certificate of completion from The RouteFabric Academy

The certificate can be used in your resume to validate the skills that have been gained during the course journey.

Ready for this learning Journey

We regularly update our courses, as, we strive to provide the latest concepts and best practices , thus creating an impeccable learning experience for our alumni.

Updated on

28th January 2024

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