Problem specification for Blockchain
- A blockchain is a Distributed OpenLedger of records, contracts & Transactions between multiple partieis
- Unlike a Village office (In India) where records can be verified and also tampered, the records will neither age, destroyed by nature nor can be changed.
- The ledger will be "open" & accessible depending upon the conditions like "who", "where" & "what"
- Latest data representing a record can always be tracked back to "Who", "where" & "what"
- There is no single blockchain that will fit into functional domains like financial, healthcare, industrial, IoT , military applications or others and each functional domain can have specific blockchain implementations as the requirements can vary from speed, privacy, quantity of data, adaptability to low QoS networks etc.
I am writing notes for one of my beloved teachers/mentors. Sharing it here.