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Introduction To Blockchain

Blockchain is a distributed database of records or public ledger of transactions that is shared among participating parties. It uses cryptography to allow for secure recording of transactions that are difficult to alter retrospectively. Each transaction on the blockchain is secured with a digital signature to verify its authenticity and transactions are recorded into blocks that are then cryptographically chained together.

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187 views

Introduction To Blockchain

Blockchain is a distributed database of records or public ledger of transactions that is shared among participating parties. It uses cryptography to allow for secure recording of transactions that are difficult to alter retrospectively. Each transaction on the blockchain is secured with a digital signature to verify its authenticity and transactions are recorded into blocks that are then cryptographically chained together.

Uploaded by

Shrey
Copyright
© © All Rights Reserved
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
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Introduction to Blockchain

01/13/2022 https://refreshscience.com/
What is Blockchain
• Blockchain is a distributed database but its
stored devices are not connected with a shared
server.
• In block chain list of records are stored as blocks
and they are linked by using cryptography.
• Hence we can say that blockchain is a digital
record and are used for recording transactions
made with crypto currencies such as bitcoins .

01/13/2022 https://refreshscience.com
Cont..
• If we add a new block it can be linked with the
previous block with the help of 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
needs to be altered. We can say that block chain is
a purest peer to peer database that is immutable.

01/13/2022 https://refreshscience.com
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.

01/13/2022 https://refreshscience.com
Technology used in Blockchain
• Cryptographic Keys
• Network Protocol
• Distributed Ledger Technology
• Hashing

01/13/2022 https://refreshscience.com
Purpose of Blockchain
• Block chain uses 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.

01/13/2022 https://refreshscience.com
Blockchain in Cryptocurrency

01/13/2022 https://refreshscience.com
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 block
chain.
• 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 virtual wallet.
• It is decentralised 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.

01/13/2022 https://refreshscience.com
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 uses 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 wallet, gift
card and other point of scale functionality.
• Food industry Network from farmers to groceries is very complex and
blockchain makes it easier by tracking down food borne illness challenging.
• Real estates also uses blockchain technology by allowing anyone anywhere
in the country to invest in real estate.

01/13/2022 https://refreshscience.com
Advantages of Blockchain
• Greater Transparency
• Highly secure
• Easily traceable
• High efficiency and speed
• Low cost
• Zero percentage of fraud
• Extremely volatile

01/13/2022 https://refreshscience.com
Disadvantages of Blockchain
• More power consumption
• Can be a regulatory problem for financial
institutions

01/13/2022 https://refreshscience.com
Thank You

01/13/2022 https://refreshscience.com

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