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What is Proof of Work

Chapter 4
Political and Economic Implications of Blockchain Technology in Business and Healthcare
The pioneer consensus mechanism. A proof of work is a piece of data which was difficult (costly, time-consuming) to produce to satisfy certain requirements. It must be trivial to check whether data satisfies said requirements.
Published in Chapter:
Blockchanging Politics: Opening a Trustworthy but Hazardous Reforming Era
Dario de Oliveira Rodrigues (Instituto Politécnico de Santarém, Portugal) and Pedro Santana Lopes (GlobalLawyers, Portugal)
Copyright: © 2021 |Pages: 42
DOI: 10.4018/978-1-7998-7363-1.ch004
Abstract
There has been a fundamental change in the genesis of political-economic trust, with the arrival of a decentralized but structured way to reach consensuses and automatically implementing decisions through self-executable contracts. Blockchain technology (BT) is a distributed, consensus-based, and secure way for individuals to make enforceable censorship-resistant quantifiable agreements. Every vote is a transaction, and BT is paving the way for decentralizing politics, defending privacy, and streamlining voting procedures. It has the potential to provide much more granular governance that hopefully will preserve freedom and defend democracy. However, especially in an embarrassing post-COVID-19 world, BT's centralization can, instead, pave the way for citizens' control, turning cryptographic protocols into an authoritarian digital corset tightened by some to menace the privacy and freedom of many.
Full Text Chapter Download: US $37.50 Add to Cart
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Chapter 3
Analysis of B2B Blockchain Apps Using Hyperledgers and Their Implications in This Digital Era
It is a technique applied to verify the transactions’ accuracy when the transactions are made using cryptocurrencies. As there is no centralized control authority in cryptocurrency-based transactions, they use Proof of Work (POW) to ensure the transaction integrity.
Published in Chapter: Analysis of B2B Blockchain Apps Using Hyperledgers and Their Implications in This Digital Era; From: Bankruptcy and Reorganization in the Digital Business Era
Full Text Chapter Download: US $37.50 Add to Cart
Chapter 3
Blockchain Primer: Introduction to Blockchain Foundations and Implementation
A mechanism that requires nodes of a network to solve an arbitrary mathematical puzzle to prevent anybody from gaming the system.
Published in Chapter: Blockchain Primer: Introduction to Blockchain Foundations and Implementation; From: Blockchain Technology and Computational Excellence for Society 5.0
Full Text Chapter Download: US $37.50 Add to Cart
Chapter 8
Blockchain Technology for IoT: An Information Security Perspective
Submitted work need to be agreed by all other participants in a network.
Published in Chapter: Blockchain Technology for IoT: An Information Security Perspective; From: Enabling Blockchain Technology for Secure Networking and Communications
Full Text Chapter Download: US $37.50 Add to Cart
Chapter 10
The Critical Role of Blockchain Oracles in Web 3
Proof of Work (PoW) is the original consensus algorithm where participants validate transactions by competing to solve complex cryptographic puzzles in a process called mining. The first to solve the puzzle and add the block to the chain is rewarded with coins. This process requires immense computing power.
Published in Chapter: The Critical Role of Blockchain Oracles in Web 3; From: Decentralizing the Online Experience With Web3 Technologies
Full Text Chapter Download: US $37.50 Add to Cart
Chapter 14
Use of Smart Contracts and Distributed Ledger for Automation
Proof of work is an algorithm in which a difficult mathematical puzzle is solved by the miner to prove that the miner worked to solve the block so that it can be added to the chain. Multiple miners compete to solve the block as quickly as possible to get the reward making the process competitive and full of work.
Published in Chapter: Use of Smart Contracts and Distributed Ledger for Automation; From: Opportunities and Challenges for Blockchain Technology in Autonomous Vehicles
Full Text Chapter Download: US $37.50 Add to Cart
Chapter 8
Blockchain as an Enabler for Zero-Trust Architectures
The arbitrator of ‘value’ in Bitcoin digital currency demonstrated through the investment in electricity to solve an assigned mathematical problem block-by-block.
Published in Chapter: Blockchain as an Enabler for Zero-Trust Architectures; From: Real-Time and Retrospective Analyses of Cyber Security
Full Text Chapter Download: US $37.50 Add to Cart
Chapter 5
Blockchain Risk and Uncertainty in Automated Applications
A type of consensus mechanism, chiefly found in Bitcoin. It utilizes difficult mathematical puzzles that are solved by participants called miners, and they are rewarded when they solve the puzzle. This mechanism is used for verifying transactions, that is, creating new blocks.
Published in Chapter: Blockchain Risk and Uncertainty in Automated Applications; From: Opportunities and Challenges for Blockchain Technology in Autonomous Vehicles
Full Text Chapter Download: US $37.50 Add to Cart
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