Blockchain Creation Process

Voting on Blockchain: For upon|Blockchain has the potential to change the way many things are done, especially in the financial sector, when combined with other technologies such as machine learning, APIs, chatbots, and biometrics.  But this goes far beyond the financial sector.

Blockchain technology is also a current trend that is becoming more and more established in our daily lives.  This has been with us for a few years, but it wasn’t until 2008, with the advent of the Bitcoin cryptocurrency, that it began to take hold and, ten years later, became a system that could be used in any sector of the market. That is why custom blockchain solutions by Unicsoft have become popular now. Voting on Blockchain.

What is Blockchain?

Blockchain is a technology that allows transactions of any type to be carried out in a completely secure manner due to its encryption or coding system.  How does this happen?

Let’s imagine that we have different blocks (nodes) located one after another, and we want to conduct a transaction, for example, send money to another person.  When we give an order, the miners responsible for its execution begin to work so that the transaction reaches the other person. Voting on Blockchain.

For a transaction to be executed, it must be confirmed by the miners and brought up to 5 blocks.  We must remember that we are talking about a completely secure and encrypted system because after the completion of 5 blocks, it is impossible to cancel or change the said transaction.  In addition, only the people involved will have the information, so there is no need for intermediaries, and only the people who participated in the transaction will have the decryption code.  Each transaction is recorded in different nodes. Voting on Blockchain.

How to create our private blockchain?

To create a private blockchain, the most commonly used Blockchain technology is Ethereum since it is free software.  In addition, it works due to the interconnection between computers (nodes).  The advantage of this public technology is that it allows you to create private blockchains for free and with simple steps without the need for coding. Voting on Blockchain.

Where to begin?

Program installation

The first thing you need to do is download the software to sync your computer with the network.  However, keep in mind that the information published on Ethereum is always public, so any user can see it.  After installing the software, move on to the next step. Voting on Blockchain.

Install GET

Geth is a program that is used to interact with the networks that Ethereum provides you, such as Main Net, Ropsten, Rinkeby, or Konvan, and you will need it to create your private blockchain. Voting on Blockchain.

Indicators to Consider

Thanks to Geth, you will be able to connect to the Main network or the real network, for this reason, it is important to specify some parameters to privatize your Blockchain, so only those to whom you have permitted on the network can participate.  It is important to note that the order of the parameters does not affect how the blockchain works.  Here are some of the indicators we can use: Voting on Blockchain.

• Datadir: This is the directory where all information is stored.
• Networkid: A number that will identify the network you are creating.
• port: the port number that your computer will open to accept blockchain participants.
• Init: path to GenesisBlock.json file
• Maxpeers: The maximum number of participants in the network.
• To discover: this will isolate from the real network those users who have the same genesis block as you.
• RPC: Enables “Remote Procedure Calls” to be able to remotely execute commands in a chain.
• Rpccorsdomain: This allows you to filter which domains can or cannot access remote calls.
• Report: port through which remote calls can be connected.

Create ether base account

You must create a default ether base account for mined ether to be deposited.  These are the steps you need to follow to create such an account. Voting on Blockchain.

1. Open an operating system terminal.

2. Inside the directory, install Geth using the cd command, and it will look like this: cd C:\Geth2

3. Once in this directory where the Geth installation is located, you must create a directory (folder) where private information about the blockchain will be stored, Mkdir BlockchainETHCL. Voting on Blockchain.

4. After creating a folder that will contain information about the blockchain, you can create an Ethereum account using the Geth account’s new Datadir BlockchainETHCL command. Voting on Blockchain.

Once this step is done, you will be prompted to enter a password for the account, press ENTER and you will get a shared address which is a series of numbers. Voting on Blockchain.

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