The Blockchain System

University of California, Irvine via Coursera

Go to Course: https://www.coursera.org/learn/blockchain-system

Introduction

### Course Review: The Blockchain System on Coursera In the digital age, understanding transformative technologies is paramount. While many buzzwords have circulated the tech world, few stand out like “blockchain.” As a decentralized ledger technology that promises to revolutionize everything from finance to supply chain management, it’s essential to grasp its foundational concepts, applications, and limitations. Enter “The Blockchain System” course on Coursera — a comprehensive journey into the mechanics of blockchain technology, tailored for those eager to unravel its complexities. #### Course Overview "The Blockchain System" offers a rich exploration into how blockchain authenticates transactions and disseminates data across peer nodes within a network. The course is structured to cover key topics, starting from the fundamentals of blockchain connectivity, moving on to the reconciliation of various blockchain versions, identifying its limitations, and exploring diverse organizational applications for blockchain technology. It’s imperative to note that this course incorporates a practical approach, requiring students to purchase two essential texts: 1. **Drescher, D. (2017). Blockchain Basics: A Non-Technical Introduction in 25 Steps. (ISBN-13: 978-1484226032)** 2. **Anticipated additional readings as per course guidance.** #### Detailed Course Syllabus Highlights **Week 1: Authenticating Transactions and Distributing Data to Peers** In the initial week, students delve into the network mechanics of blockchain, learning how nodes communicate and share data. The peer-to-peer structure of blockchain is crucial, and understanding this lays the groundwork for deeper exploration in the weeks that follow. **Week 2: Determining the Canonical Version of a Blockchain** As we progress, clarity is gained on how blocks are added to maintain a coherent transaction history. With potential discrepancies arising from network outages or malicious attempts to alter data, the course provides insight into methodologies for identifying the correct blockchain history. Through practical assignments focused on the longest and heaviest chains criteria, students engage actively with the content. **Week 3: Blockchain Limitations** There's an engaging dive into the inherent limitations of blockchain technology. While blockchain offers revolutionary potential, acknowledging its constraints - whether technological, legal, or practical - is essential for a well-rounded understanding. **Week 4: Organizational Applications of Blockchain** Wrapping up the course, learners will explore innovative applications of blockchain across various sectors beyond the realm of finance. Emphasis is placed on how blockchain can disrupt traditional centralized systems, fostering decentralization and enhancing transparency. #### Course Experience The course structure is well-organized, guiding students logically from one concept to another. The integration of practical assignments ensures that learners can apply theoretical knowledge to real-world scenarios. The inclusion of reading materials provides depth and supports self-directed learning, particularly for those who may not have a technical background. The instructors exhibit a strong grasp of the subject matter and foster a collaborative learning environment through interactive discussions and Q&A sessions. The platform is user-friendly, making navigation and assignment submissions straightforward. #### Recommendation I wholeheartedly recommend "The Blockchain System" course on Coursera for anyone looking to deepen their understanding of blockchain technology. Whether you are a business professional aiming to leverage blockchain in your industry, a tech enthusiast wanting to decipher the buzz around cryptocurrencies, or a student exploring new horizons, this course offers invaluable insights. By the end of the course, you will not only gain a solid grasp of blockchain mechanics and applications but also be equipped to critically assess its implications for the future. It’s an investment in knowledge that is bound to pay dividends as blockchain continues to evolve and permeate various sectors across the globe. #### Final Thoughts As we stand at the brink of a technological revolution driven by blockchain, courses like "The Blockchain System" play a crucial role in educating and preparing individuals for the future landscape. Dive in, engage with the content, and emerge with the knowledge and skills to navigate this groundbreaking field!

Syllabus

Authenticating Transactions and Distributing Data to Peers

During this initial week we will start by looking at how the blockchain data are shared among nodes in the peer-to-peer network over the internet and how the interconnectivity of the nodes is managed.

Determining the Canonical Version of a Blockchain

We will continue to look more closely at how nodes add blocks to the data structure with the goal of maintaining a consistent transaction history. We’ll also see that multiple histories can sometimes arise due to a variety of factors ranging from benign, but unpredictable, node outages to intentional malfeasance. This requires that the system have a means of collectively determining which single history is the correct one. We’ll explore two approaches to achieve this: the longest chain criterion and the heaviest chain criterion and practice applying the principles that we have learned in this week’s assignment.

Blockchain Limitations

The blockchain is not a perfect system and indeed has its limitations. We will explore some of the constraints of the blockchain and address the issues that cause such limitations.

Organizational Applications of Blockchain

We will finish the course by exploring other opportunities for using a blockchain approach to decentralize what have been heretofore centralized industries in which individual entities have controlled or consolidated information. We will develop ideas for applying a blockchain approach to industries other than cryptofinance.