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What is Proof of Work

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)
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.
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More Results
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.
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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.
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Blockchain Technology for IoT: An Information Security Perspective
Submitted work need to be agreed by all other participants in a network.
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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.
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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.
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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.
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