MISBLOC
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MISBLOC

Blockchain Vocabulary #1

A brief explanation of common blockchain terminology

MISBLOC (Medical Information Service with Blockchain) is a medical service ecosystem which is based on blockchain technology. MISBLOC offers a sustainable and efficient medical service ecosystem by providing reliable medical information to patients, medical institutions, and public institutions in the Big Data era.

Welcome to MISBLOC!

Today, we’re going to take a look at some common (and confusing) blockchain vocabulary. We know sometimes the terms used in the blockchain sphere can be overwhelming. We’ve created this little guide to help you make sense of what you read in order to navigate the blockchain world more easily.

Blockchain Terminology

Block

A block is a unit that stores data and consists of a body and a header. The body contains the transaction content, and the header contains cipher codes such as Merkle Hash Trees (Merkle Roots) or nonces (a number added to a hashed block in a blockchain).

The blocks are created at approximately 10-minute intervals. Transaction records are permanently recorded on the block. After the reliability of the data has been verified, the block is then connected to the previous blocks to make a chain.

Hash function

A hash function is a function that always yields the same length of results no matter what the input is. However, it is not possible to predict which values will be derived when random inputs are put into the function. The results are unlikely to be repeated, and it is difficult to go back and change the input to the resulting values. By comparing hash values across many blocks, you can determine if a change in the data has occurred.

The hash function SHA-2 is a more advanced form of SHA-1 which is used in the blockchain. SHA-2 always holds the output at 64 hexadecimal digits, whether the input is 1 byte or 1 gigabyte.

Nodes

Blockchains do not store data on centralized servers. Instead, individual servers participating in the transaction gather to maintain and manage the network. This individual server, or participant, is called a node.

The role of nodes to connect blocks is important because there is no central administrator. To ensure authentic transactions, more than half of the nodes that participate must be in agreement to create new blocks. Nodes have copies of the blockchain stored on their computers. That way, even if some nodes are hacked or the existing content becomes distorted, the data remains safe because many nodes have copies of it.

Hard Forks and Soft Forks

Forks are changes that upgrade the blockchain underlying cryptocurrencies.

Forks are divided into soft forks and hard forks. Soft forks are backward compatible upgrades, but hard forks are incompatible upgrades. Because the previous version of the blockchain cannot be used after a hard fork is applied, a consensus must be reached to approve the upgrade by the majority of users who were developing and mining the previous version.

Genesis Block

The genesis block is the first block on a chain that symbolizes the start of that blockchain network. After the first block is created, the next blocks will be continuously connected to it. The blocks are created in order (0, 1, 2, etc.), which means block 0 is the Genesis block created when the network first started.

DApp (Decentralized Application)

A DApp or decentralized application works on blockchain-based platforms such as Ethereum or Quantum. They are not controlled by a central server, but by each user becoming an independent node and separating data through consensus. The more participants a DApp has, the more demand there is for its token, and the greater the value of the platform required to use said token.

ERC20

ERC20 stands for Ethereum Request for Comment 20. This is the standard for tokens issued by Ethereum blockchain networks. Standards that meet all requirements compatible with Ethereum are considered ERC20. ERC20 tokens can be exchanged for Ethereum and sent to Ethereum wallets.

Proof of Work (PoW)

Proof of Work is a method for performing computer operations to earn rewards for contributing to the blockchain. It is sometimes seen as inefficient because it requires high-performance equipment. Additionally, the computational tasks performed on the P2P network cost a lot of time and money. On the other hand, it only requires simple verification between participating parties to form trust.

Proof of Stake (PoS)

In answer to some of the downsides of PoW, some blockchains are switching to Proof of Stake. Instead of solving complicated equations, mining power is determined by how much equity the miner has staked. This addresses the issues of mining power being concentrated in the hands of a few powerful miners and the amount of energy wasted on solving equations. PoS has been offered as an alternative with a fairer payout proportional to the amount staked to compensate for the shortcomings of the proof-of-work approach.

We hope our explanations were helpful for you! Being more familiar with blockchain terms can help you navigate the sphere more easily.

MISBLOC can be found on different platforms!

Dear reader, thank you for spending your valuable time reading this post! If you want to stay updated with the activities of MISBLOC, make sure to follow the channels below!

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MISBLOC offers a sustainable medical service ecosystem, by utilizing selected medication information in a combination with a blockchain technology in the MyData era, which is the era of big data of individual lifelog, that connects telecommunication-medical-financial spheres.

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MISBLOC

MISBLOC

Medical Information Service with Blockchain

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