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Requirement
Question: Write a white paper on blockchain technology.
Solution
EXECUTIVE SUMMARY
With the emerging Web 3.0 in the new digital era, could mean hundreds of people for access to affordable higher education and using those skills to generate wealth. Similarly, technology and universities have a close relation. Both used to benefit the community, and both are dependable on each other. There are many possibilities of leveraging the standard methods that govern those innovations, which are abnormally defined by the beneficial technology of the system. However, in this process, we get the benefit, yet it is not uncommon that these innovations impede pain in society. Therefore, before adopting such innovations, carefully analyzing the pros and cons, risk-thinking ring-fences, a close study on a pilot basis before scaling, tuning based on feedback, etc. are required.
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INTRODUCTION
Within a couple of years, universities are looking or the development. Blockchain technology is still newborn, it is costlier and time-consuming in many circumstances to create blockchain applications than a conventional cloud app. The fruitful application won't just make capabilities, however, there is the impressive effect on the norm. This means that before you can create the right solution, you must get the right problem. There are cases of usage that can create incredible value, but it is important to ensure that you have chosen the right people to demonstrate the real potential of technology. An important element of success is to assess the future situation. How can the Bowie State University process look like a decentralized network? Sometimes, these networks seem to be fundamentally different - and fundamentally better - compared to current business processes, with fewer steps, mediators and costs, issue capital and improve customer/user experience.
In the field of technology, there is always to face the rules to maintain the rules, in fact, some techniques like bitcoin blockchain bypass regulation are completely blocked by the inability to deal with the inability of traditional intermediate payment networks. One of the challenges, which was one of its original objectives, is that it reduces inspection. (Narayanan, Bonneau, Felten, Miller, & Goldfeder)
Proposed Solution
Today, customers have told us that two techniques are mainly emerging as 'real standards' for building enterprise barrier applications: Ethereum and IBM Hyper Ledger Fabric. In Bowie State University, we are applying at Ethereum Blockchain; Both, private Ethereum and large public networks Ethereum blockchains.
Here are some of the reasons why we will use Ethereum Blockchain Technology at Bowie State University:
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1. When we talk about decentralized contract platform, Ethereum is the only option designed for general purpose.
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2. With the use of Ethereum, Public chain decentralized applications, private chain, and consortium chain can be positioned in the cloud as well as in premise.
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3. World's largest developer community is of Ethereum, which is fast growing on the platform, and provides enterprise options in terms of partners for implementation.
The bad news is that there are not enough blocks to meet the growing demand. And the good side is that majority of application developers for Block Chain used to fall in specific web development. University will need experience blockchain designer or architect within the team for success. (Tschorsch & Scheuermann)
Implementation
We will implement a software named Bowie-Sys, for university simply developing an application will not be enough. The app should be implemented in whole university and every department. Bowie-Sys will focus will help in supporting the developers and providing an ecosystem and support to the monitoring and system health checkups. BSU Coin will be based on Ethereum.
Scenario planning is important for Blockchain implementation. I know for a fact that computing speed and automation will increase so that depending on these, enterprises will have to decide how they will implement Blockchain in the future.
What will it work in BSU?
Cryptography is used to secure the information and transaction relate to the old ones, after which it makes it impossible to replace the old record without changing the old one. And because many "nodes" or computers are used to run the network, to make changes, more than half of them will need to gain control. (I?A?shchenko, 2002)
Without trying to understand your personal motivation to make a decent, anonymous system for the exchange of information/money, here are some of the new payments:
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1. All the transaction will be done on the internet.
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2. There is no centralized authority for the transaction process.
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3. Only sender and receiver know each other and will be anonymous on the network.
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4. Users have their own virtual identification.
Digital Signature
For signing a document, you will need to attach your signature. In Digital signature you will be adding your personal data. Digital Signature is based on hashing and algorithm. (Froomkin, 1997)
Cost and Efficiency
The accuracy and speed for blockchain to perform the peer to peer transactions used to come at a very high cost. Because nods used to perform the same task on the different nod on its duplicate data for finding the solution early gives results to inefficiency.
Blockchain productivity is some of the contradictions, so the process on the scale of the entire network is greatly enhancing productivity, but a certain 'critical mass' of the nodes is required. Even so, even individual nodes can work very hard and cannot contribute much to the network altogether.
Security and Privacy
Some people argue that unless a technique is completely safe, no blockbuster has succeeded in breaking the decentralized architecture and encryption. The identities made within the Blockchain will be unique and will offer a high level of assurance that they were the party, which they claim. But these claims do not take away the requirement of each organization to adopt technology because it can consider how security design and privacy can be communicated. Specifically, running the public acceptance of Blockchain's applications must be implemented continuously to discuss privacy concerns about the concepts of security, trust, and value. (Li, Jiang, Chen, Luo, & Wen, 2017)
TEAM MEMBERS
Most of the team members will be programmers who have knowledge of cryptocurrency. BSU will require around 6-7 programmers and 1-2 IT staff at the initial stage.
CATALYST & ETHEREUM
Ethereum is one of the biggest blockchain technology which is run by millions of individual and millions of Ethers are bought and sold every day. There are mostly used by programmers to run applications and financial work. Now, the crypto token field physiology has taken an interest in making a little more money from an ordinary person.
***** Blockchain has the potential to reduce the cost of basic infrastructure costs of around 30% of the world's ten largest banks. This is equivalent to an annual cost savings of $ 8-12 billion******
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Froomkin, A. M. (1997). Digital Signatures Today. Lecture Notes in Computer Science, 287-290. Retrieved 2 21, 2018, from http://dblp.uni-trier.de/db/conf/fc/fc1997.html
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I?A?shchenko, V. V. (2002). Cryptography: an introduction. AMS Bookstore. Retrieved 2 21, 2018, from http://books.google.com/books?id=cH-NGrpcIMcC&pg=PA6
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Li, X., Jiang, P., Chen, T., Luo, X., & Wen, Q. (2017). A Survey on the security of blockchain systems. Future Generation Computer Systems. Retrieved 2 21, 2018, from https://sciencedirect.com/science/article/pii/s0167739x17318332
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Narayanan, A., Bonneau, J., Felten, E., Miller, A., & Goldfeder, S. (n.d.). Bitcoin and cryptocurrency technologies: a comprehensive introduction. Princeton University Press. Retrieved 2 21, 2018
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Tschorsch, F., & Scheuermann, B. (n.d.). Bitcoin and Beyond: A Technical Survey on Decentralized Digital Currencies. IEEE Communications Surveys & Tutorials, 18(3), 2084–2123. Retrieved 2 21, 2018, from https://eprint.iacr.org/2015/464.pdf
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