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An Introduction to Blockchain

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Technology is constantly changing, and new technologies are regularly being introduced. Business has been revolutionized by various technologies over the past few decades-namely, data science/artifical intelligence (AI) and blockchain. New technologies bring many opportunities with them, but they can also pose challenges for businesses, such as creating new and updated business models and finding the best adoption and digital transformation strategies. This books offers a guide to data science/AI and blockchain, two of the most relevant and important technologies for businesses today. Various topics are covered, including data science processes, AI-based businesses, and types of blockchain. Simple, straighforward descriptions of the technologies are provided along with more thorough explanations on how to effectively use them. By utilizing data science/AI and blockchain, businesses can stay competitive and be a catalyst for positive change. Chapter 5 explores blockchain, specifically what a nontechnical decision maker needs to know about it. A brief history of money and payment systems is offered, including the rise of blockchain. Blockchain is a decentralized ledger of records, a distributed database stored on multiple computers. Advantages of blockchain and differences between it and traditional databases are described. The elements of blockchain are explained, specifically blocks (containing data, nonces, and hashes), nodes, and miners. The relationship between cryptography and blockchain is discussed. The four main types of blockchain networks-public, private, hybrid, and consortium or federated-are explored, including their advantages, disadvantages, and uses. There are many applications of blockchain, several of which are described, including Bitcoin, nonfungible tokens (NFTs), and decentralized finance.
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