2. A blockchain is a shared distributed database or ledger between computer network
nodes that promote decentralization, transparency & data integrity.
This technology was first introduced by two eminent research scientists – Stuart Haber
& W. Scott Stornetta in 1991.
Later on in 2004 computer scientist & cryptographic activist Hal Finney made a
prototype Reusable Proof Of Work (RPoW) as a digital cash Prototype.
Further in 2008, an unknown group or a person called Satoshi Nakamoto provided the
unique concept of Distributed Blockchains where one new block of a transaction can
be added to the initial chain.
These improvements were so beneficial that make blockchains the backbone of
cryptocurrencies. As a result today the design serves as the public ledger for all
transactions in the cryptocurrency space.
3. The need to reduce intermediaries
Permanent and authoritative proof of
record
Multi-stakeholder environment
Reliance on trusted third parties
Digitally native assets
4.
5. Smart contracts Blockchain-based contracts are enforced in real-time. The
contract exists across a distributed and decentralized Blockchain network.
Smart Contracts
BurstIQ (healthcare)
These contracts specify clear outlines and parameters for data sharing.
Internet of Things (IoT)
The Internet of Things (IoT) industry is growing rapidly with billions of connected devices.
The latest forecasts suggest that by 2030, there’ll be 50 billion devices in use globally.
6. 1) A transaction must happen for a block to be created. So it all
starts when one of the nodes initiates a transaction which can be
anything from transferring money or any other digital asset to the
other user.
2) Every node has a secure digital identity created through
cryptography which can be used to identify the initiation point of
the transaction and its authenticity.
3) Before this transaction is considered complete, it must be
verified. Hence all the nodes start working towards verifying the
transaction and the underlying details.
4) Once the consensus has been reached the transaction becomes part of the block
along with thousands of other such transactions. The newly created block gets a
unique identification code called hash which is linked to the hash of the previous
block to create a record.
7. PUBLIC RECORDS STORAGE
Many Governments across the world are in the process of adopting blockchain for citizen records like birth and death information, ownership of assets,
and criminal records to curb fraud, identity theft, and delays in processes due to paperwork hassles, and also reduce costs, errors, and middlemen.
Ex. The case of Srikanti Datta was misspelled as Srikanti Kutta on the ration card in WB.
HEALTHCARE
Blockchain can be used to improve the process of diagnosis, treatment, emergency interventions, billing and insurance settlements, and government
schemes for public welfare by maintaining interlinked records of patients like blood group, health conditions and medical reports, medicines being
used, their insurance details, and emergency contact details. Countries like Estonia and Japan have been working on this for years.
Ex. Imagine getting all these details of an emergency patient with just one ID, or even a fingerprint and retina scan.
BANKING
Blockchain implementation can provide precise client profiling for credit assessment, timely updated tamperproof records and transactions, no failures
in payments, and automated self-renewing ‘smart contracts’ for lending, investment, trading, etc.
Ex. CIBIL sometimes fails to update your credit account information leading to hassles.
9. Power
Consumption
Due to the process of
mining, energy
consumption is higher.
Cost & Implementation
High maintenance cost,
expensive to implement.
Example: Enterprise
Blockchain can cost over a
million dollars to implement
Storage
Bitcoin technology
requires approximately
200 GB of storage space.
10. Blockchain in the future will revolutionize business processes in many industries, but its adoption requires time and effort.
we can expect that governments will finally accept blockchain benefits and begin to use it for improving financial and public services.
Blockchain will stimulate people to acquire new skills, while traditional businesses will have to completely reconsider their processes.
