Название: Getting Started with Cryptocurrency: An introduction to digital assets and blockchain
Автор: Kate R Baucherel
Издательство: BCS, The Chartered Institute for IT
Год: 2024
Страниц: 156
Язык: английский
Формат: epub (true)
Размер: 15.6 MB

12% of people hold crypto assets, including your clients and suppliers. How can you manage the risks and reap the benefits of this new technology?

Your clients, suppliers or employees may be among the one in eight adults worldwide who hold crypto assets. How can you ensure that crypto transactions are properly accounted for, legally and safely managed, and used to benefit your business?

This book is a gateway to the language and applications of crypto and blockchain. It guides you through the opportunities for business improvement and the risks that need to be managed for corporations and private clients, including signposts to relevant legislation, regulation and security considerations. It helps you to make sense of the distinct properties of crypto assets and understand where they can be transformational and where they really aren’t needed, for more effective strategic decision making.

Blockchain security relies upon cryptographic techniques, particularly the ability to produce unique hashes to summarise large amounts of data. Hashing is the process of assigning a numeric or alphanumeric string to a piece of data. The same technology lies behind end-to-end encrypted messaging systems, although there are many different encryption methods in use in blockchain applications to maximise security of the chains and the assets they hold. You can experiment with hashing using free online tools to generate SHA-256 (256-bit encryption) hashes for words and phrases, or even entire books, invoices, certificates and transaction records.

Quantum computing may threaten current encryption methods as early as 2030, and work has been underway for more than a decade to develop quantum-resistant cryptographic algorithms. This means that data we encrypt now could be read in the future – so be careful about exactly what is recorded on-chain.

The Hyperledger Project: This is an open-source operating system for marketplace, data sharing, micro-currencies and decentralised communities. It was developed to reduce security risks and ensure that access to transaction data remains with the parties involved. Initiated by IBM and the Linux Foundation, high-profile partners have included Accenture, ConsenSys, DTCC, Digital Asset, Fujitsu, Hitachi, IBM and JP Morgan Chase, although the exact make-up of the consortium varies over time. Hyperledger offers a pick-and-mix developer SDK with different distributed ledger frameworks and interoperable tools and libraries. Circulor’s blockchain runs on Hyperledger as part of Oracle’s software.

Its individual distributed ledgers are projects that have a specific purpose or structure. They include the following:
• Fabric – the original Hyperledger project led by IBM. It is a foundation for developing applications or solutions with a modular architecture, intended for enterprise use with channels of confidential data alongside a more open ledger for all participants. Oracle uses Hyperledger Fabric as the basis of its Blockchain Platform Cloud Service.
• Sawtooth – a modular platform for building, deploying and running distributed ledgers.
• Indy – provides tools, libraries and reusable components for creating and using independent digital identities.
• Iroha – aimed at helping businesses and financial institutions manage digital assets, written in C++.
• Besu – an open-source Ethereum client developed under the Apache 2.0 licence and written in Java.

"This beginner-friendly book is an exhilarating read; demystifies digital assets, whilst offering clear insights and practical tips for a seamless entry into the crypto universe. Highly recommended". - Chikezie Ekeanyanwu FRSA FRAI, Chair, BCS FINSIG