BlockBill : The Blockchain-Powered Paperless Billing Solution
In this chapter , we briefly describe the technological concepts involved in this product to facilitate understanding .
David Chaum , in his 1982 doctoral dissertation at Berkeley [ 23 ], proposed every element of the technology , which was going to become Blockchain in 2005 , when Satoshi Nakamoto launched the cryptocurrency Bitcoin by adding the Proof of Work algorithm , which was missing Chaum ’ s work [ 15 ]. Blockchain , in essence , is a persistent storage system that permits only Create and Read operations , unlike traditional Database systems that support Create , Read , Update and Delete operations .
Figure
3-1 : Blockchain process block diagram .
Blockchain is a decentralized distributed system that makes it possible to implement immutable records , making it easier to track assets and record transactions . Since the operations of Update and Delete are unavailable in Blockchain Technology , there are protocols to compensate for those operations . These protocols mandate the blockchain to be realized through a set of nodes that interact via peer-to-peer network architecture . Each of these nodes has a copy of the ledger ( the entire blockchain , i . e . a chain of blocks which record the transactions between parties ), which periodically receives updates whenever the blockchain is changed . Each of these nodes has the ability to contribute blocks to the blockchain and can originate , initiate , and receive transactions . Figure 3-1 shows the process of creation of a Block on the Blockchain .
Blockchain enables a decentralized network without the need for a central authority , resulting in increased transparency . The network consists of peers responsible for transactions and validation through consensus mechanisms . Each node keeps a copy of the transaction / s record on a
Journal of Innovation 97