1. SEMINAR PRESENTATION ON BLOCKCHAIN
Presented by:
Subhash kumar(18BTCSE009)
Lucky Chaturvedi(18BTCSE010)
Udit Mishra(18BTCSE012)
Sam Higginbottom University Of Agriculture Technology And Sciences
Vaugh Institute Of Agricultural Engineering And Technology
Department Of Computer Science And Information Technology
Presented to:
Er. Mohit paul
3. TABLE OF CONTENTS
1. What is blockchain.
2. History of blockchain
3. Architectures
4. Blockchain works
5. Bitcoin
6. Tier of blockchain
7. Types of blockchain
8. Non-Financial application
9. Advantages
10. Disadvantages
11. Conclusion
4. WHATIS ABLOCKCHAIN?
o database of record of transactions which is distributed,
o validated and maintained by a network of computers around the world.
o no single central authority such as a bank,
o blockchain technology is based on:-
decentralized network meaning it operates as a peer to peer network.
Digitalised
Distributed ledger
5.
6. HISTORY OF BLOCKCHAIN
1991
A cryptographically secured chain of blocks is described for the first time by Stuart Haber and W Scott Stornetta
1998
Computer scientist Nick Szabo works on ‘bit gold’, a decentralised digital currency
2000
Stefan Konst publishes his theory of cryptographic secured chains, plus ideas for implementation
2008
Developer(s) working under the pseudonym Satoshi Nakamoto release a white paper establishing the model for a blockchain
2009
Nakamoto implements the first blockchain as the public ledger for transactions made using bitcoin
2014
Blockchain technology is separated from the currency and its potential for other financial, interorganizational transactions is explored. Blockchain 2.0 is born,
referring to applications beyond currency
7. BLOCKCHAIN ARCHITECTURE
• works on the concept of decentralized database
• a temper proof technology.
• mainly divided in three layers which are Applications, Decentralized Ledger and Peer-to-Peer Network.
8. BLOCKCHAIN ARCHITECTURE(CONTI…)
• Each block in a blockchain contains
I. some data,
II. the hash of the block itself, and
III. the hash of the previous block.
9.
10.
11. Key characteristics of the blockchain architecture
• Cryptography— Blockchain transactions are verified and trustworthy because of complex computations and cryptographic proof
between the parties.
• Immutability— Records in a blockchain can’t be modified or deleted.
• Provenance — It’s possible to trace the origin of each transaction in the blockchain ledger.
• Decentralization — Every member of the blockchain structure is able to access the entire distributed database. Unlike in a centralized
system, a consensus algorithm is responsible for network management.
• Anonymity — Every member of the blockchain network has a generated address, not a user ID. This preserves the anonymity of users,
especially in a public blockchain.
• Transparency — The blockchain system is unlikely to be damaged as it takes enormous computing power to completely rewrite the
blockchain network.
12. BITCOIN ≠ BLOCKCHAIN
Is an application of
blockchain technology
Is the underlying datastructure,
which can be used for many
things, including
cryptocurrencies
13. Bitcoins
Why in News
Recently, Bitcoin, the cryptocurrency, has crossed 60,000 US dollars in value.
•Bitcoin's price has always been volatile, and there is no clear explanation for its current rise.
•Cryptocurrency is a specific type of virtual currency, which is decentralised and protected by cryptographic encryption
techniques.
• Bitcoin, Ethereum, Ripple are a few notable examples of cryptocurrencies.
14. •Bitcoin Regulation:
• The supply of bitcoins is regulated by software and the agreement of users of the system and cannot be manipulated by any
government, bank, organisation or individual.
• Bitcoin was intended to come across as a global decentralised currency, any central authority regulating it would effectively defeat
that purpose.
• It needs to be noted that multiple governments across the world are investing in developing Central Bank Digital Currencies
(CBDCs), which are digital versions of national currencies.
15. TIERS OF BLOCKCHAIN
three tiers of blockchain technology were originally described in the book ‘Blockchain, Blueprint for a
new Economy’ by Melaine Swan.
Blockchain 1.0
used for cryptocurrencies and it was introduced with the invention of bitcoin
Blockchain 2.0
used in financial services and industries which includes financial assets, options, swamps and bonds
etc. Smart Contracts was first introduced in Blockchain 2.0 that can be defined as the way to verify if
the products and services are sent by the supplier during a transaction process between two parties.
Blockchain 3.0
offers more security as compared to Blockchain 1.0 and 2.0 and it is highly scalable and adaptable and
provides sustainability. It is used in various industries such as arts, health, justice, media and in many
government institutions.
17. NON-FINANCIAL APPLICATION OF
BLOCKCHAIN
1. Block-chain in the Music Industry- The blockchain can play a role by
maintaining a comprehensive, accurate distributed database of music rights
ownership information in a public ledger.
2. Decentralized IoT :- The blockchain technology facilitates the
implementation of decentralized IoT platforms such as secured and trusted
data exchange as well as record keeping.
3. Decentralized Storage:- Storj provides a blockchain based peer-to-peer
distributed cloud storage platform ( see Appendix for detailed description)
that allows users to transfer and share data without relying on a third-party
data provider.
18. NON-FINANCIAL APPLICATION OF
BLOCKCHAIN CONTI…
4. Decentralized proof of existence of documents:- The blockchain technology
provides an alternative model to proof-of-existence and possession of legal
documents.
1. Proof of Existence:- This is a simple service that allows one to anonymously and securely
store online proof of existence of any document.
5. Blockchain has become increasingly popular in healthcare industries as it is able to
restore the lost trust between the customers and healthcare provides. With the help of
blockchain, authorization and identification of people have become easier and frauds
and records loss can be avoided.
6. Rigging of election results can be avoided with an effective use of blockchain. Voter
registration and validation can be done using blockchain and ensure the legitimacy of
votes by creating a publicly available ledger of recorded votes.
7. Industries such as Insurance, Education, Private transport and Ride sharing,
government and public benefits, retail, real estate etc. have started implementing
blockchain to reduce costs, to increase transparency and to build trust.
19. ADVANTAGES OF BLOCKCHAIN
1. Dissemination- Allow database to be shared without a central body or entity
2. Security:- due to decentralized network
3. Provides transparency and immutability
4. User can assure that a transaction will be executed as protocol command.
5. Identifies fraud activities.
6. End to end encryption.
20. ADVANTAGES OF BLOCKCHAIN
CONTI…
7. History can be easily tracible.
8. User can avoid storing sensitive data in one place.
9. Blockchains provide complete, consistent and up to date
data without accuracy.
10. Blockchain are resilient to cyber-attacks due to peer-to-
peer nature and network would operate even when some
of the nodes are offline or under security attack.
21. DISADVANTAGES OF
BLOCKCHAIN
1. Expensive.
2. No way to reverse a transaction.
3. One of the disadvantage of blockchain is its complexity and
complicacy to understand for a general human being.
4. A transaction in the blockchain is settled only when all the nodes in the blockchain
successfully verifies the transaction. This could be a very slow process as the
block inserted needs to be verified to mark the transaction as
authentic by all the nodes. A new concept called as lightening network
where transaction can be verified immediately could be good solution to this issue.
22. DISADVANTAGES OF
BLOCKCHAIN CONTI…
5. The size of blockchain grows with an addition of a block. A
node needs to store the entire history of the blockchain to
be a participant in validating transactions, causing the
blockchain to grow continuously. Blockchain will grow
faster if it has large blocks and thereby would separate the
miners and this would impact the health of the blockchain
as the health is dependent on the number of nodes in the
network.
23. CONCLUSION
Blockchain is a revolutionary concept as it has been successfully able to bring the
transparency among the users and has become a game changer for many industries.
Blockchain encourages entrepreneurship by destroying corruption and breaking down
the walls of bureaucracy and establish the ownership of common mass.
This peer-to-peer technology has opened the door to new possibilities and has
provided a personal ground for economic empowerment.
It is too early to say what lies ahead, but the future of blockchain looks promising and it
can be concluded that blockchain technology is here to stay.
