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Blockchain

Blockchain is a growing list of records called blocks that are linked using cryptography. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data. When a block is filled it is chained to the previous block, forming a blockchain. Blockchain allows transactions to be recorded and distributed without being edited, and its decentralized nature means no single entity controls the data.

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27 views

Blockchain

Blockchain is a growing list of records called blocks that are linked using cryptography. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data. When a block is filled it is chained to the previous block, forming a blockchain. Blockchain allows transactions to be recorded and distributed without being edited, and its decentralized nature means no single entity controls the data.

Uploaded by

rehbarnaqvi0510
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PPTX, PDF, TXT or read online on Scribd
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BLOCKCHAIN

S. REHBAR HUSAIN NAQVI


FUNDAMENTALS OF CRYPTOGRAPHY
CSE (CYBERSECURITY) 3RD SEMESTER, 0126CY201044
WHAT IS BLOCKCHAIN?

• A blockchain is a growing list of records, called blocks, that are linked together
using cryptography.
• Blockchain is typically a database (a collection of information stored
electronically on the computer). It also permits to record and distribute the digital
info, but not to edit.
• This technology was first introduced in 1991 by Stuart Haber and W. Scott
Stornetta, but blockchain got its first real world application in 2009 with the
launch of Bitcoin.
WHY IS IT CALLED BLOCKCHAIN?

• Blockchain collects information in groups and these groups are also called
‘blocks’.
• Every block has a limited storage capacity, therefore when a block is filled
completely, then it goes and joins with the previously filled block.
• By this way, a chain of data is formed and therefore its called a ‘blockchain’.
HOW DOES BLOCKCHAIN WORKS?
• This blockchain is a chain of such blocks that contain information.
Every block has a cryptographic hash of its previous block.
• Hash is a string of letters and numbers which generates at every
transaction or insertion.
WHAT IS HASH?
• Basically hash is connection which converts an input of letters and
numbers into an encrypted output of a fixed length.
• This hash not only depends upon the transactions but also depends on the previously
generated transaction hashes in the chain.
• If we do a minor or slight change in the transaction, then it will create a new hash.

• It means if someone tries to tamper the data of the blockchain, then its all settings will be
changed and in this way the manipulation of records can be traced.
SOME IMPORTANT FACTS ABOUT
BLOCKCHAIN.
• This blockchain is spread on many computers and every computer has a copy of
blockchains.
• These computers are called ‘nodes’ and these nodes are responsible for the verification
of the transactions.
• If most of the nodes approve any transaction, then the transaction is recorded in block.
• A ‘full node’ is computer or any device that has the copy of a blockchain transaction
history.
• This blockchain updates itself at every 10 minutes.
IMPORTANCE OF BLOCKCHAIN FOR
CRYPTOCURRENCIES (LIKE BITCOIN)

• Blockchain is a specific database that stores every Bitcoin transaction.


• In cryptocurrencies like Bitcoin, it spreads the options of the currencies on
the computer network.
• This allows to operate these currencies without any central authority.
• Its use reduces risk as well as eliminate many processing and transaction
fees.
OTHER APPLICATIONS OF BLOCKCHAIN

• Banking.
• Fund exchanging between banks and institutions.
• Health & care sector.
• Voting Systems.
• Supply Chain.
ADVANTAGES OF BLOCKCHAIN
TECHNOLOGY
• Improvement in accuracy.
• Reduction of cost due to the removal of third-party verification.
• Transactions are secured and private.

ADVANTAGES OF BLOCKCHAIN
TECHNOLOGY
• Its not free.
• It only does limited transactions per second due to its speed.
• It has been used in illegal activities.
THANK YOU

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