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Gretol can help you accelerate the development of Blockchain in smart security. We do this by providing a secure, data-centric, end-to-end blockchain solution to manage the entire business lifecycle.
Identity on the network comes in two flavors: One is the identity of the user; the other, the identity of the device. In the case of the IoT, where there often is no user in the traditional sense, authenticating the identity of the device itself is critical, and a blockchain has been introduced to establish and maintain those device identities.
The basis of the IOTA model is the "tangle," which is a combination of Full Nodes (defined as a full peer-to-peer member of the network) and Light Nodes (which must connect to Full Nodes in order to complete transactions). It is a variation on the traditional flat blockchain, but it does allow less powerful IoT devices to be part of the verified chain and remain fully identified and trusted.
The distributed ledger of blockchain has found application in many fields, from cryptocurrency to supply chain. Much of the excitement about blockchain is due to its reputation as an inherently secure technology. As with other emerging technologies, the biggest question is not seen as whether blockchain can be used in security, but in which applications it is best used today.
A blockchain is a distributed, cryptographically-secure database structure that allows network participants to establish a trusted and immutable record of transactional data without the need for intermediaries. A blockchain can execute a variety of functions beyond transaction settlement, such as smart contracts. Smart contracts are digital agreements that are embedded in code and that can have limitless formats and conditions. Blockchains have proven themselves as superior solutions for securely coordinating data, but they are capable of much more, including tokenization, incentive design, attack-resistance, and reducing counterparty risk. The very first blockchain was the Bitcoin blockchain, which itself was a culmination of over a century of advancements in cryptography and database technology.
Historically, databases have incorporated a centralized client-server architecture, in which a sole authority controls the central server. This design means that data security, alteration, and deletion rests with a single point of failure. The decentralized architecture of blockchain databases emerged as a solution for many of the weaknesses of centralized database architecture. A blockchain network consists of a large number of distributed nodes––voluntary participants who must reach consensus and maintain a single transactional record together.
When a digital transaction occurs in a blockchain network, it is grouped together in a cryptographically-secure “block” with other transactions that have occurred in the same time frame. The block is then broadcast to the network. A blockchain network is comprised of nodes or participants who validate and relay transaction information.
Blockchain technology has a wide variety of benefits, for both global enterprises and local communities. The most commonly cited benefits of a blockchain are trusted data coordination, attack-resistance, shared IT infrastructure, tokenization, and built-in incentivization.
Web3 has become a catch-all term for the vision of a new, better internet. At its core, Web3 uses blockchains, cryptocurrencies, and NFTs to give power back to the users in the form of ownership.
Web3 gives you ownership of your digital assets in an unprecedented way. For example, say you're playing a web2 game. If you purchase an in-game item, it is tied directly to your account. If the game creators delete your account, you will lose these items. Or, if you stop playing the game, you lose the value you invested into your in-game items. As well as owning your data in Web3, you can own the platform as a collective, using tokens that act like shares in a company. Current payment infrastructure relies on banks and payment processors, excluding people without bank accounts or those who happen to live within the borders of the wrong country. Web3 uses tokens to send money directly in the browser and requires no trusted third party.