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    Blockchain Technology: Submitted By, Sayog Donga

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    sayog donga
    Blockchain technology creates a distributed database or digital ledger of transactions that is duplicated and shared among the entire network of computer systems on the blockchain. It was first introduced in 2008 with the creation of Bitcoin and allows transactions to be recorded in a way that makes them tamper-resistant and prevents double spending. A blockchain works by validating transactions in groups called blocks that are then added to the chain of previous blocks, making it difficult or impossible to change, hack, or cheat the system.

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    Blockchain Technology: Submitted By, Sayog Donga

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    sayog donga
    143 views19 pages
    Blockchain technology creates a distributed database or digital ledger of transactions that is duplicated and shared among the entire network of computer systems on the blockchain. It was first introduced in 2008 with the creation of Bitcoin and allows transactions to be recorded in a way that makes them tamper-resistant and prevents double spending. A blockchain works by validating transactions in groups called blocks that are then added to the chain of previous blocks, making it difficult or impossible to change, hack, or cheat the system.

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    it's all about blockchain

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    Blockchain Technology

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    Blockchain technology creates a distributed database or digital ledger of transactions that is duplicated and shared among the entire network of computer systems on the blockchain. It was first introduced in 2008 with the creation of Bitcoin and allows transactions to be recorded in a way that makes them tamper-resistant and prevents double spending. A blockchain works by validating transactions in groups called blocks that are then added to the chain of previous blocks, making it difficult or impossible to change, hack, or cheat the system.

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    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    143 views19 pages

    Blockchain Technology: Submitted By, Sayog Donga

    Uploaded by

    sayog donga
    Blockchain technology creates a distributed database or digital ledger of transactions that is duplicated and shared among the entire network of computer systems on the blockchain. It was first introduced in 2008 with the creation of Bitcoin and allows transactions to be recorded in a way that makes them tamper-resistant and prevents double spending. A blockchain works by validating transactions in groups called blocks that are then added to the chain of previous blocks, making it difficult or impossible to change, hack, or cheat the system.

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    BLOCKCHAIN TECHNOLOGY

    Submitted by,
    Sayog Donga
    INDEX
     History of Blockchain
     Purpose of Blockchain
     Introduction of Blockchain
     Use of Blockchain
     How Blockchain Works ?
     Is Blockchain Secure ?
     Benefits/Drawbacks
     Conclusion
     Future Enhancement
     Bibliography
     History of Blockchain
    • The blockchain technology was described in 1991 by the research scientist Stuart Haber and W.
    Scott Stornetta.

    • Bitcoin came into being in 2008 as the first application of Blockchain technology. Satoshi
    Nakamoto in his whitepaper detailed it as an electronic peer-to-peer system.
     Introduction of Blockchain
     Purpose of Blockchain
    • The purpose of Blockchain technology is to create a distributed database network to store
    confidential data (especially ledgers, transactions, agreements) which can not be altered once
    it is stored in the blockchain. The data is verified and validated by the nodes in the network
    and so it is almost impossible for a malicious node to misuse the data.
    • A blockchain technology is an online ledger that user data structure, to simplify the way we
    transact.

    • Some of the Blockchain technology applications are:

    Cryptocurrencies Healthcare Digital Identity


     Use of Blockchain
     Blockchain decentralized

    • In a decentralized blockchain network, no one has to know or trust anyone else. Each
    member in the network has a copy of the exact same data in the form of a distributed
    ledger. If a member's ledger is altered or corrupted in any way, it will be rejected by the
    majority of the members in the network.
     How Blockchain Works ?
     Transaction Process.

    A transection is A block representing The block is sent to Nodes validate the


    requested and that transaction is every node in the transection
    authenticated created network

    The update is Nodes receive a reward


    The The block is added to
    distributed for proof of work,
    transection is the existing blockchain
    across the typically in
    complete
    network cryptocurrency
     Is Blockchain Secure ?
    • Blockchain technology is secure as it is decentralized and distributed. There is no
    single point of failure, which makes it much harder to corrupt.
    • Hacking into one part of the system cannot affect other parts.
     Benefits of Blockchain
    Enhanced security
    Your data is sensitive and crucial, and blockchain can significantly change how your critical
    information is viewed. By creating a record that can’t be altered and is encrypted end-to- end.

    Greater transparency
    Without blockchain, each organization has to keep a separate database. Because blockchain uses a
    distributed ledger, transactions and data are recorded identically in multiple locations. All network
    participants with permissioned access see the same information at the same time, providing full transparency.

    Increased efficiency and speed


    Traditional paper-heavy processes are time-consuming, prone to human error, and often requires
    third-party mediation. By streamlining these processes with blockchain, transactions can be completed faster
    and more efficiently. 
     Benefits of Blockchain
    Instant traceability
    Blockchain creates an audit trail that documents the provenance of an asset at every step on its
    journey.

    Automation
    Transactions can even be automated with “smart contracts,” which increase your efficiency and
    speed the process even further.
    for example, once a customer has provided all necessary documentation to file a claim, the claim can
    automatically be settled and paid.
     Drawbacks of Blockchain

    High energy consumption


    It uses the Proof-of-work consensus algorithm that relied on the miners to do the hard work. The miners are
    incentivized to solve complex mathematical problems. The high energy consumption is what makes these complex
    mathematical problems not so ideal for the real-world.

    High Cost
    There are costs associated with hiring developers, managing a team that excels at different aspects of
    blockchain technology, licensing costs if you opt for a paid blockchain solution, and so on.

    Expertise Knowledge
    Implementing and managing a blockchain project is hard. It requires thorough knowledge from the business
    to go through the whole process.
     Language for Blockchain

    Solidity
    • Influenced by JavaScript, Powershell, and C++, Solidity is the first blockchain programming
    language.
    • The Solidity blockchain programming language was developed by Vitalik Buterin.
    benefits
    • Developer-friendliness,
    • Accessibility to JavaScript infrastructures, debuggers, and other tools,
    • Precise accuracy
     Blockchain Models
    • Blockchain can be set up either in Public / Permissionless or Private / Permissioned
    configurations, each of which has its own advantages and disadvantages as given in the
    table below:

    PUBLIC/PERMISSIONLESS PRIVATE/PERMISSIONED
    No permission required to participate. Permission required to participate.
    Anyone can join, read, write and commit. Only authorized participants can write and
    commit.
    Truly decentralized because of participation of Partially decentralized because of participation of
    unknown actors. known actors.
    Finality of transaction could take longer time due Finality of transactions could be better in this
    to more number of participants in the network model due to less number of participants compared
    compared to private network. to public networks.
    Highly secure due to more participants. Also secure depending on the size of the network.
     Conclusion

    • In this short tutorial you were introduced to several concepts of Blockchain by taking
    Bitcoin as a case study.
    • The Bitcoin is the first successful implementation of blockchain. Today, the world has found
    applications of blockchain technology in several industries like where the trust without the
    involvement of a centralized authority is desired.
    • Implementation and continues auditing not expected in a close future.
    • So welcome to the world of Blockchain.
     Future Enhancement

    • Blockchain in Digital Advertising


    • Blockchain in Cyber Security
    • Governments will provide their digital currencies
    • Managing World trade with the help of Blockchain Technology
    • Supply chain Management
    • Use of Blockchain in the Internet of Things and Networking
    • Blockchain in cloud storage
     Bibliography

    www.investopedia.com
    www.intellipaat.com
    www.Javapoint.com
    www.edureka.com
    www.101blockchains.com
    THANK YOU
    Sayog Donga

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