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Blockchain Technology

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Blockchain Technology

Blockchain technology is a structure that stores transactional records, also known as the block, of the public in several databases, known as the “chain,” in a network connected through peer-to-peer nodes. Typically, this storage is referred to as a 'digital ledger.

Blockchain technology is a structure that stores transactional records, also known as the block, of the public in several databases, known as the “chain,” in a network connected through peer-to-peer nodes. Typically, this storage is referred to as a 'digital ledger.

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Blockchain Technology

  1. 1. Blockchain Technology By S. MAHAMMAD (19P11A05A0)
  2. 2. What is Blockchain? Blockchain is a distributed database but its stored devices are not connected to a shared server. In blockchain list of records is stored as blocks and they are linked by using cryptography. Hence we can say that blockchain is a digital record and is used for recording transactions made with cryptocurrencies such as bitcoins. If we add a new block it can be linked with the previous block with the help of a cryptographic block generated from the previous block. By doing so the block is permanently recorded and it is not broken. In blockchain previous transactions alteration is very difficult because all subsequent blocks also need to be altered. We can say that blockchain is the purest peer-to-peer database that is immutable. 10/30/2022 S. MAHAMMAD (19P11A05A0) 2
  3. 3. Definition of Blockchain It is an open distributed ledger that record transactions between two persons efficiently and in a verifiable and permanent way. Each transaction is secured with a digital signature that proves its authenticity. Every block contains a cryptographic hash of the previous block, a time stamp and transaction information. 10/30/2022 S. MAHAMMAD (19P11A05A0) 3
  4. 4. Origin of Blockchain Technology The blockchain was created by a person (or group of people) using the name (or pseudonym) Santoshi Nakamoto in 2008 to serve as the public distributed ledger for bitcoin cryptocurrency transactions, based on previous work by Stuart Harbor, W. Scott Storentta, and Dave Bayer. The identity of Satoshi Nakamoto remains unknown to date. The implementation of the blockchain within bitcoin made it the first digital currency to solve the double-spending problem without the need of a trusted authority or central server. The bitcoin design has inspired other applications and blockchains that are readable by the public and are widely used by Cryptocurrency. The blockchain may be considered a type of payment rail. Private blockchains have been proposed for business use. Computerworld called the marketing of such privatized blockchains without a proper security model “Snake Oil"; however, others have argued that permitted blockchains, if carefully designed, may be more decentralized and therefore more secure in practice than permissionless ones 10/30/2022 S. MAHAMMAD (19P11A05A0) 4
  5. 5. The Technology used in Blockchain Cryptographic Keys Network Protocol Distributed Ledger Technology Hashing 10/30/2022 S. MAHAMMAD (19P11A05A0) 5
  6. 6. Purpose of Blockchain Blockchain uses an online ledger which is very secure. There is no third-party interference. It used distributed ledger which is very transparent. It is a digital world offering many new tools and there are many centralized administrators. Since there is no third-party guarantee cost is very low. 10/30/2022 S. MAHAMMAD (19P11A05A0) 6
  7. 7. Blockchain in Cryptocurrency The term blockchain is often used to refer to cryptocurrency. Cryptocurrency is a medium of exchange such as US dollars. It is just an application in the form of e-currency using blockchain. It is not governed by any financial institution. The main difference between blockchain and cryptocurrency is that cryptocurrency is created and held electronically in forms such as a virtual wallet. It is decentralized and it is not governed by anyone whereas blockchain is an advanced record and it has all information related to cryptocurrency exchanges over a shared system. 10/30/2022 S. MAHAMMAD (19P11A05A0) 7
  8. 8. Blockchain Examples Bitcoins and Cryptocurrency are the widely used blockchain technology. Based on blockchain cross gaming video games are developed for example B2Expand. Social Engagements such as match pool use this technique. Retail products can be purchased and if there is any malfunction blockchain helps to access information regarding the product. Blockpoint simplifies the payment system and allows Mobile wallets, gift card, and another point of scale functionality. Food industry Network from farmers to groceries is very complex and blockchain makes it easier by tracking down foodborne illness challenging. Real estate also uses blockchain technology by allowing anyone anywhere in the country to invest in real estate. 10/30/2022 S. MAHAMMAD (19P11A05A0) 8
  9. 9. Advantages of Blockchain Greater Transparency Highly secure Easily traceable High efficiency and speed Low cost Zero percentage of fraud Extremely volatile 10/30/2022 S. MAHAMMAD (19P11A05A0) 9
  10. 10. Disadvantages of Blockchain More power consumption Can be a regulatory problem for financial institutions scalability 10/30/2022 S. MAHAMMAD (19P11A05A0) 10
  11. 11. Thank You!

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