Description
Respond to posts in any of the following ways:Build on something your classmate said.Explain why and how you see things differently.Ask a probing or clarifying question.Share an insight from having read your classmates’ postings.Offer and support an opinion.Validate an idea with your own experience.Expand on your classmates’ postings.Ask for evidence that supports the post.
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Discussion 1:
The consensus mechanism forms a pivotal part of multi-agent systems using the faulttolerant mechanism to support single data object worth and improve the record keeping. To solve
arbitrary issues, bitcoin uses Proof of Work as a consensus mechanism on cryptocurrencies. The
users who maintain the necessary license update their records in centralized systems where a
single administrator holds control of the database. Public blockchains play a role in achieving the
global dimension to accommodate multiple verifications for transaction authenticity. Shared
ledgers must be reliable, safe, and streamlined in light of transforming Blockchain. It is through
the use of a consensus mechanism that the nodes and transactions will ensure improved validity
of the bitcoins.
A shared public ledger is a pillar of the technology drive for the centralized Blockchain,
which would destroy it. This emphasis on an impact arises because a solitary entity controls the
societal ledger in the Blockchain (Kibet & Karume, 2018). In addition, centralization faces the
hardship of stiff innovativeness, broken trust, and raised risks. More risks may develop when it is
a single entity that controls, and hence, the instance of the Blockchain can face a service disaster
that renders it unusable throughout, leading to more risks. Cover-ups and hidden thoughts arise
due to centralized Blockchain. It lowers innovation and blows prices up.
In this regard, blockchain technology can attain scale in the distributed computing
paradigm. To maximize the advantages of Cloud, the technology shall remain decentralized.
Shared ownership confirms security, lower risk management, and good governance of
Blockchain, which is believed to be reliable. Administrators involved in the process should
ensure optimal performance by recognizing many factors (Subramanian, 2017). Decentralized
Blockchain enhances innovation and trust creation. Being large is crucial and builds confidence
in crypto businesses. Scaling of the distributed ledger is achieved by increasing the block size to
support the network’s privacy. Scalability involves off-chain state, sharding, plasma, and
economic incentives.
References
Kibet, A., & Karume, S. M. (2018). A Synopsis of Blockchain Technology. International Journal of
Advanced Research in Computer Engineering & Technology (IJARCET), 7(11).
Subramanian, H. (2017). Decentralized blockchain-based electronic
marketplaces. Communications of the ACM, 61(1), 78–84. https://doi.org/10.1145/3158333
Discussion 2:
The growth of the blockchain industry will only continue to increase. Various industries have
seen the potential of this technology and are making considerable strides to adopt and utilize it.
Various industries are developing various solutions to help them improve their product and
services, lower costs, enhance transparency and security, and even reduce expenses. Nowadays,
there are many blockchain platforms, and there is a large variety of them. However, one thing
that needs to be understood is that many do not offer much security (Kassen, 2021). The security
is dependent on how the platform is set up. In addition, the platform’s performance depends on
how the node in the network is connected and managed. The platform itself provides everything
a business needs to create their cryptocurrency and run their blockchain. It is also the most
scalable platform, and it supports smart contracts and decentralized apps. It uses the concept of a
virtual machine to execute decentralized apps and run decentralized applications. It also offers
other essential services like wallet, payment, and a developer suite (Smmarwar et al., 2022).
Blockchain technology has become a new technology that has been making the world think
about the possibility of its usage. Technology has revolutionized the way business happens; it
gives a new level of security, transparency, and reliability. Technology has a significant effect on
the real estate industry. A real estate transaction has gone much more complex. In general, need
to find the right property, obtain the necessary documents, and perform the transfer (Smmarwar
et al., 2022). The whole process is complex and requires a lot of time and money. The real estate
blockchain technology can create a property token and create an immutable ledger of its
ownership. The process will be straightforward, simple, and much more reliable. The transfer
will happen quickly and smoothly. The global real estate market. The real estate industry is very
traditional and has been stuck in time for many years. The biggest reason behind this is the
legacy of how people are working. The current system has many trust issues and lacks
transparency. The real estate industry will significantly benefit if blockchain can be adopted in
this traditional industry (Kassen, 2021).
Although blockchain technology might be revolutionary, it has not changed the real estate
industry entirely. Technology will only play a role in the industry for the time being. Even if real
estate becomes a completely digitalized industry, blockchain will still play a role in development
(Kassen, 2021). The blockchain is going to be with us for a long time. The customers have many
benefits with the real estate blockchain, and the agents have many benefits. A customer will not
even need to carry an insurance policy. A customer will have all the information they need on
their blockchain saved on the decentralized network. Also, a customer will save much time by
using the blockchain (Smmarwar et al., 2022).
References
Kassen, M. (2021). Understanding decentralized civic engagement: Focus on peer-to-peer and
blockchain-driven perspectives on e-participation. Technology in Society, 66, 101650.
Smmarwar, S. K., Gupta, G. P., & Kumar, S. (2022). A Study on Data Sharing Using Blockchain
System and Its Challenges and Applications. In Advances in Malware and Data-Driven Network
Security (pp. 199-218). IGI Global.
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