IT Scene and Changing Trends from an Indian Perspective

Udayan Banerjee

Subscribe to Udayan Banerjee: eMailAlertsEmail Alerts
Get Udayan Banerjee: homepageHomepage mobileMobile rssRSS facebookFacebook twitterTwitter linkedinLinkedIn

Related Topics: SEO Journal

Blog Feed Post

How does Bitcoin work?

Ilya GrigorikIf you clearly understand how Bitcoin works then don’t bother reading this post. However, if you are like how I was before I read the article Minimum Viable Block Chain, and you are not clear about what Bitcoin is and how it works then please read on.

Bitcoin is a neat technical solution to the problem of how to ensure the integrity of a financial transaction without going through a central trusted authority.

It is a very intriguing and interesting technical solution!

The solution has three component:

  1. How to ensure the integrity of individual transaction using public-private key infrastructure (PKI)?
  2. How to verify multi-party transfers and guard against double spending through distributed consensus in peer-to-peer (P2P) network?
  3. How to protect the whole system from malicious attack through a block chain?

I don’t think I can explain this better than Ilya Grigorik – so read this post - Minimum Viable Block Chain.

Related Articles


Read the original blog entry...

More Stories By Udayan Banerjee

Udayan Banerjee is CTO at NIIT Technologies Ltd, an IT industry veteran with more than 30 years' experience. He blogs at
The blog focuses on emerging technologies like cloud computing, mobile computing, social media aka web 2.0 etc. It also contains stuff about agile methodology and trends in architecture. It is a world view seen through the lens of a software service provider based out of Bangalore and serving clients across the world. The focus is mostly on...

  • Keep the hype out and project a realistic picture
  • Uncover trends not very apparent
  • Draw conclusion from real life experience
  • Point out fallacy & discrepancy when I see them
  • Talk about trends which I find interesting