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.
Good job teaching your teacher. 'Guruvine vellunna sishyan!'
well, not really the case - I asked him for help regarding designing a smart contract language and he is first seeing whether there is any relevance for the blockchain itself. I hope I have managed to prove the same in simple words not using any technology. Sometimes, we get so overwhelmed by the enormity of things happening around us that we will fail to describe the "problem" in fewer words. If we look at the laws that we studied in school, they always used to be few sentences at the max. But translating into our own words was impossible ...
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