Blockchain Voting Systems Quiz

Blockchain for Business

• An Accenture report highlights blockchain's prominence in the financial services industry.
• 90% of bank executives are interested in blockchain technology, with their banks exploring its use.

Blockchain Growth

• A graph displays the increasing popularity of blockchain (blue line) compared to bitcoin (black line) since 2013.

Blockchain - Next Generation of Internet

• Blockchain technology is presented as a significant advancement in the digital realm, building upon earlier stages like the Internet and cloud computing.

Gist Behind Blockchain

• Every blockchain user has access to the complete transaction history, without an intermediary.
• There is no intermediary; communication happens directly between peers.
• Transactions are irreversible and chronologically ordered.
• Smart contracts are pre-programmed business rules executable on the blockchain.

Centralised Vs Decentralised Vs Distributed Networks

• A visual comparison of centralised, decentralised, and distributed networks illustrates the differences in how nodes function and manage data dissemination.

Types of Distributed Databases

• Every blockchain is a distributed ledger, but not every distributed ledger is a blockchain.
• Distributed databases include adversarial models, data structure and diffusion, and permission models.

Blockchain (Continued)

• Multiple data blocks are chained together via cryptographic functions, making data alteration impossible.
• A genesis block marks the start of this chain.

Blockchain (Continued)

• A presented scenario describes a hacker's attempt to alter a block but failing due to the cryptographic integrity of the chain.

Signature Validation and Consensus Protocol

• A picture showcasing the concept of signature validation and consensus protocol.

How Bitcoin Transaction Works

• Users initiate transactions, which are broadcast to a peer-to-peer network.
• Network nodes validate transactions before adding them to a block.
• Once a block is created and added to the blockchain, the transaction is permanent.

Signing Transaction

• Public and private keys are linked, ensuring the security of transactions.
• A sender's public key is validated against the hashed value of the transaction.

Signing Transaction

• The signing and verification process confirms the originator of the transaction and the integrity of the message.

Memory Pool

• Signed transactions are added to a memory pool of pending transactions.
• The network comprises "nodes," some acting as miners.

Nodes vs. Miners

• Nodes run copies of blockchain software, including a complete copy for bitcoin.
• Miners are specialized nodes equipped with hardware to validate transactions and add them to blocks.

Block

• Miners select transactions from the memory pool, verify them, and arrange them into blocks using a Merkle tree structure.
• Transactions in the same block are considered concurrent.

Verification of a Transaction

• Bitcoin blockchains store transactions chronologically, not individual account balances.

Verification of a Transaction (Continued)

• Transaction ownership and integrity are verified through links between transactions.

Block-to-Block Hashing

• Blocks on the blockchain are linked through hashing, where each block's hash is tied to the previous block's hash, making it practically impossible to alter the chain.

Consensus

• Consensus mechanisms ensure the chronological ordering of blockchain blocks.
• Bitcoin uses the proof-of-work consensus mechanism.

Consensus: Proof of Work

• Only blocks with specific hash characteristics (in Bitcoin, a set number of leading zeros) are added to the chain.
• Miners validate transactions, modify "nonce" values, and calculate a block hash, aiming for a hash that meets the needed criteria.

Consensus: Proof of Work (Continued)

• The calculation to find the correct nonce for a block's hash is complex, making altering a block computationally difficult.
• The miner that successfully finds the correct hash gets a reward and has the right to add their block.

Consensus Mechanism Types

• A presentation illustrates differing types including Proof-of-Work, Proof-of-Stake, Delegated Proof-of-Stake, Proof-of-Authority, and Directed Acyclic Graph (DAG)

Directed Acyclic Graph (DAG)

• Directed Acyclic Graph (DAG) is a graph where edges have a direction, and no directed paths lead back to the same vertex.
• Transactions can be represented as nodes in a DAG.
• A DAG closure is a condition required in consensus for a DAG to be acceptable in a network.

Directed Acyclic Graph (DAG) (Continued)

• The concept of double-spending is explained using a DAG: a node cannot create multiple outgoing edges to the same node, ensuring each transaction is unique.

Smart Contracts

• Smart contracts function as programmable accounts on the blockchain.
• They execute predefined logic on specific triggers (e.g.,"if... then...").
• Smart contracts can also request or validate transactions within the blockchain framework.

Blockchain Advantages

• Blockchain offers resilience against attacks through redundant data storage, making it dependable.
• Transactions are transparent, public, and irreversible, thus enhancing trust and traceability.

Blockchain Myths

• Blockchains require trust, are not inherently 'immutable' or resistant to tampering, and are not universally 'secure'.
• Some blockchain operations require external data input, creating potential vulnerability.

Case for Blockchain or Not

• A checklist of questions is provided to evaluate whether a blockchain implementation is suitable.

Using Blockchain May Help

• Blockchain can enhance trust, secure transaction systems, streamline processes, and increase transparency and recordkeeping.

Some Blockchain Use Cases

• Use cases include crowdsourcing, financial institutions, supply chains, healthcare, voting, and property records with associated benefits like efficiency and security.

Blockchain Checklist and Implementation

• A checklist aids in evaluating the suitability and determining the implementation plan.

Blockchain-Based Voting System

• Blockchain offers a framework for secure and transparent elections by tracking votes.

Blockchain-Based Voting System (Continued)

• Blockchain-based voting systems require inherent features like traceability, and handling of value in a secure environment.

Recommended Reading

• Links to relevant online resources (webpages and articles) about blockchain technology.

Interesting Blockchain Related Links

• Links to websites providing relevant blockchain data.

Test your knowledge on blockchain-based voting systems with this quiz. Explore key requirements, features, and consensus mechanisms relevant to modern voting technology. Understand the intricacies of Directed Acyclic Graphs (DAG) and their application in voting systems.