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Blockchain Tokens and Cryptocurrencies
Published in Shaun Aghili, The Auditor's Guide to Blockchain Technology, 2023
Lavanya Vaddi, Jaskaran Singh Chana, Gurjot Singh Kocher
Ether is the digital money of Ethereum. Ethereum was conceived in 2015 by the Russian-born Canadian, Vitalik Buterin. Ethereum is a platform where users can develop and execute applications called decentralized applications (DApps) [4]. DApps are hosted on Ethereum which can be used to pay for services like social media, gaming and finance. Every DApp has a different token, which can be purchased with Ether. Decentralized finance, also known as DeFi, came to birth because of Ethereum. DeFi coins are used in which protocols run on smart contracts that run on Ethereum [40]. At the time of this writing, Ethereum can create a new block in just 14 to 15 seconds, with plans for major performance improvements in the near future. A major difference between Bitcoin and Ethereum is that Bitcoin focuses on being a worldwide decentralized digital currency, while Ethereum is a decentralized computing platform. As mentioned before, due to the occurrence of a fork in 2017, the Ethereum platform was split into two: Ethereum and Ethereum Classic. The Ethereum platform follows a peer-to-peer architecture which results in high security and fault tolerance [4, 38].
Blockchain with Corona Virus: Moving Together to Prevent Future Pandemics
Published in Vineet Kansal, Raju Ranjan, Sapna Sinha, Rajdev Tiwari, Nilmini Wickramasinghe, Healthcare and Knowledge Management for Society 5.0, 2021
P M Srinivas, Supriya B Rao, Shailesh Shetty S, Shiji Abraham, Harisha
The information is collected from the user interface (Figure 7.1):Web3.js communicates with the Ethereum blockchain through RPC (remote procedure call) protocol.The collected data information is generated into a unique hash value. For the purpose of reading and writing data to the network, Web3.js allows requests to a single Ethereum node via RPC.A new block is generated, which contains the patient information, and is added to the decentralized Ethereum blockchain network. Peers act as a gateway into the network.Blockchain networks run on a set of distributed nodes or peers. Each node holds a copy of a shared ledger.Ethereum Virtual Machine (EVM), which is used by the developers to create decentralized applications and also to keep track of the information. (Vujičić 2018)
Securing IoT with Blockchain
Published in Vijayalakshmi Saravanan, Alagan Anpalagan, T. Poongodi, Firoz Khan, Securing IoT and Big Data, 2020
The transactions in blockchain are validated by certain nodes called “miners”. The miners use the consensus mechanism as proof of work to validate the transactions. The transaction is valid only if the hash of a block with reference to the hash of its preceding block is correct. The validated transaction is then combined with other transactions, and once the consensus is reached by a majority of nodes, the new block is added to the existing blockchain network. The existing local copies of the blockchain are then updated on all the nodes with the new block. When two parties wish to exchange services or information, blockchain uses smart contracts similar to paper contracts for stating the terms and conditions of the deal. Smart contracts are digital, self-executable codes that run automatically when some predefined conditions are met. Smart contracts stored on the blockchain are helpful to set up trustworthy relationships among parties without the need for any third party. Ethereum is a public, open source, decentralized blockchain-based platform featuring the functionality of smart contracts. Smart contracts have applications in fields like healthcare for health insurance, industry for financial agreements, and real estate for documents of property owners. There are mainly three kinds of blockchain, namely public blockchain, private blockchain, and consortium blockchain.
A distributed dynamic authorisation method for Internet+ medical & healthcare data access based on consortium blockchain
Published in Enterprise Information Systems, 2022
Boyi Xu, Li Da Xu, Yuxiao Wang, Hongming Cai
Ethereum is an open source public blockchain platform with smart contract functionality, providing a decentralised Ethereum Virtual Machine through its dedicated cryptocurrency Ether (‘ETH’) to process peer-to-peer contracts Demirkan, Demirkan, and McKee 2020). The smart contract is written in Solidity, compiled using Remix as the IDE, and a JavaScript VM is selected for contract deployment. The deployment and invocation architecture of the smart contract is shown in Figure 5, where members of the consortium blockchain deploy and invoke the smart contract through an interactive platform built on Java Script and Html based on Web3.js. At the same time, blocks with transaction information and declaration events are added to the blockchain in the local database. With the incentive mechanism and consensus algorithm, miners will merge the newly generated blocks with transaction information and declaration events into the main consortium blockchain, which makes the medical data keep tamper-proofing. The interaction module, on the other hand, uses event listening mechanisms to filter the events broadcast to the consortium blockchain, with the user (doctor, hospital or patient) making information feedback and decisions supported by hospital information systems (HISs), which in turn invoke a smart contract to drive the information authorisation process. By declaring and listening to the information interaction in the blockchain, the entire process of authorisation of medical privacy data can be guaranteed to be traceable and tamper-proofing.
Defining Blockchain Governance: A Framework for Analysis and Comparison
Published in Information Systems Management, 2021
Rowan van Pelt, Slinger Jansen, Djuri Baars, Sietse Overbeek
Ethereum and EOS.IO were selected as cases (Table 1). Initially, attention was drawn toward the two largest public permissionless blockchains in terms of market capitalization (Coinmarketcap, 2019), namely Bitcoin and Ethereum. It was decided to select Ethereum as a case over Bitcoin. The rationale behind this decision is twofold. First, out of the available blockchains, Bitcoin has already been the most researched (Yli-Huumo et al., 2016). Secondly, Bitcoin is primarily developed as a decentralized payment system, while Ethereum describes itself as a decentralized application platform supporting smart contract functionality, thereby supporting more use cases. We expect Ethereum to be of higher interest to businesses, which is one of the primary envisioned end-users of the framework.
A novel cloud manufacturing service composition platform enabled by Blockchain technology
Published in International Journal of Production Research, 2020
Ehsan Aghamohammadzadeh, Omid Fatahi Valilai
Ethereum is another cryptocurrency which gained much attention most recently. Ethereum is an open-source Blockchain platform which can be programmed by a developer utilising the Smart Contract concept. Smart Contracts – which were introduced into the literature by Nick Szabo in 1994 (Szabo 1994) – are a form of executable programmes between mutually non-trusting participants which define the consequence of a specific action (Buterin 2014; Luu et al. 2016); in financial transactions, for instance, when a payment is fulfilled, the associated Smart Contract would be initiated and the purchased product would be delivered. Since Smart Contracts are self-employed programmes, the need for trusted intermediaries would be minimised (Christidis and Devetsikiotis 2016). Ethereum is built upon a transaction-based Turing-complete virtual machine called Ethereum Virtual Machine (EVM) to execute Smart Contracts algorithms (Chen et al. 2018). Smart Contract's support allows Ethereum to perform more complex issues than conventional Blockchain and Blockchain platforms which utilises Smart Contracts considered to be the second generation of Blockchain technology.