Prologue
A person who is far from the intricacies of various information technologies may get the impression that the introduction of third-generation Internet tools is already capable of solving many problems in various areas of human activity. In particular, such an innovative technology as blockchain will instantly eliminate the numerous problems associated with the traditional system for managing various data. And, in general, this opinion is correct. However, we should not forget that the implementation of new tasks requires not only the use of an improved approach to information management, but the use of a whole system of interconnected technologies, programs, methods etc. Such a system is called a blockchain infrastructure and, like any infrastructure, it must be managed and maintained.
A new approach to information management
Before talking about blockchain infrastructure (BCI), let’s first remember what blockchain-technology is. Blockchain-technology is nothing more than an innovative way of openly circulating information among participants in a business network. Already from the name it becomes clear that information is stored in blocks that are interconnected, like links in a single chain. With this method of storage, the invariable chronological order of information is guaranteed, and without the general consent of the network participants, no one can change or cancel anything in this data chain. Such a guarantee is provided by a special technology that prevents those transactions that were not authorized by the blockchain network.
The advantage of this method of data management is obvious. For example, if we recall some financial transactions that are carried out by the methods familiar to date, then one of their main problems can immediately be identified – a significant risk of fraudulent actions of one or the other party to the transaction, due to their bias and material interest. Of course, in order to avoid this, various mechanisms have been created to confirm transactions by third formally independent parties. However, very often, precisely because of the participation of a third party in the transaction, its participants have new problems, and the process itself sometimes becomes more complicated and expensive. As mentioned above, blockchain technology has a special feature that protects users from such problems. This is a function of the formation of a unique data register, common for both parties to the transaction. This register records all the steps in the transaction taken by one party and approved by the other one, at the current moment of the transaction. Any deviation will immediately be noted in the register and, without being agreed, will not be carried out.
Key components of the blockchain-infrastructure
Blockchain technology has a wide range of possibilities and can cover a huge range of activities, both organized structures and individual users. In this regard, its infrastructure is of particular importance. The main components of the BCI are:
1) Distributed registry technology. This is a unique database available to all participants in the blockchain network. We mentioned some registry features above.
2) Smart contracts. They are special programs whose purpose is to regulate various transactions. At the same time, the smart contract becomes active only if certain set parameters are implemented, or, in other words, the principle of compliance with the condition: “if … then …” is fulfilled.
3) Security system, which is based on special digital codes or, in other words, cryptographic keys. For the purposes of protecting both users and valuable information in the blockchain network, as well as for the safe implementation of transactions, various cryptographic algorithms have been developed. The most commonly used of these are hash functions and so-called “public key cryptography”.
Epilogue
Despite the fact that today blockchain technology is perceived by us as a kind of innovative web 3 tool, its history covers almost half a century. Of course, since the creation of the “hash tree” concept, which launched the first block database system in the 1970s, blockchain technology has made significant progress in its development. And of course, it will be guaranteed further development for it on the Internet of new generations, since the potential of blockchain technology is almost inexhaustible.
