What Is a Blockchain and Distributed Ledger?
A blockchain a one-way formatting of a block of data “chained” to the next block of data.
Example: Row 1 is transformed using a one-way hash to a value of ABC123. Row 2 is transformed using a one-way hash to a value of Row 1 hash [ABC123] + Row 2 hash [EFG456] to create a new hash TF4ED1 value. Each row added is a hash of the previous row.
Because the hash is one way, if someone were to manipulate the data in Row 1 to ZZZ123, the entire blockchain ledger will fail because Row 2 is already hashed with the correct value from Row 1 and every row after Row 1 will fail the hash test.
A distributed ledger enables more than one entity share a blockchain ledger and independently verify if the one-way blockchain hash is correct for every row. If the hash is correct for every row, then the distributed ledger can be “trusted” to work against.
The blockchain distributed ledger has tremendous disruptive value and positive economic impact. Dream and Hustle is using the blockchain distributed ledger for contributors to view pay-per-access activity and their incoming royalties in real-time.
How to Get Started with Blockchain and Distributed Ledger
Dream and Hustle blockchain can be downloaded here.
Dream and Hustle blockchain ledgers are created at the beginning of the month and close at the end of the month. The blockchain format is tab delimited with header columns as the first row and can be loaded into many spreadsheet or databases for further analysis.
Verifying the Blockchain
Our current blockchain ledger currently use SHA-2 with the SHA-256 cryptographic hash function. Simply combine the first rows in the blockchain and generate a hash. Then for each row after the first row, combine the previous hash with the current row hash. Your hash value should match exactly the hash value provided on the blockchain. If the hash values do not match, then do not trust the blockchain ledger.
In addition to verifying the blockchain ledger, our Dream and Hustle bot will sign each row with a digital signature using our bot public key. You can verify our bot digital signature using the RSA PKCS#1 signature algorithm method to ensure our bot wrote the blockchain entry.
We will provide code samples soon.
We are making our blockchain available to allow you to understand how the blockchain and distributed ledger works. Our purpose and intention is to help you think of new ways the blockchain distributed ledger can be used as Afro-Tech solutions in urban communities worldwide.
For example, we can create a new blockchain distributed ledger lending and credit reporting system within the black community enabling the replacement of predatory lending practices with Latino-based tandas or Rotating savings and credit association (ROSCA) popular with unbanked immigrant communities but was also used throughout the African-American community during the Great Migration era. Every participate can verify the distributed blockchain ledger and engage in short term lending based on the ledger content.
Dream and Hustle blockchain implementation can also be implemented in the music industry to replace BMI/ASCAP and shady record deals with a distributed ledger showing all play-for-pay activities. Royalties can be distributed immediately using an “settlement token” just like Dream and Hustle to pay artists quickly for their existing works to begin re-investing in production on new works. Plenty of urban music artists have been stiffed by bad record deals and inability to recoup royalties to create new projects and works and the blockchain distributed ledger can change the music industry for music artists for the better.
A local-based sneaker collection auction market can be established where traders can list their sneakers on an asset ledger and trades are recorded on a blockchain distributed ledger. Traders can place ask/bid orders on the distributed ledger and transfer ownership on the distributed ledger. Not only sneakers but other urban products such as video games, mobile phones and vintage house music 12-inch records can be traded as well to create multiple channels of vertical micro-economic activity in an urban community.