Blockchain Technology
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The document discusses blockchain technology, explaining it as a distributed transaction database and a secured public ledger for bitcoin transactions. It outlines the structure of bitcoin addresses, blocks, and the mining process, highlighting key features such as decentralization and transparency. Additionally, it presents advantages of blockchain, specific projects, and potential technical improvements.
![The Genesis Block (2/2)
The Times 03/Jan/2009 Chancellor on brink of second bailout for banks
GetHash() = 0x000000000019d6689c085ae165831e934ff763ae46a2a6c172b3f1b60a8ce26f
hashMerkleRoot = 0x4a5e1e4baab89f3a32518a88c31bc87f618f76673e2cc77ab2127b7afdeda33b
txNew.vin[0].scriptSig = 486604799 4
0x736B6E616220726F662074756F6C69616220646E6F63657320666F206B6E697262206E6F20726F6C6C65636E61684320393030322F
6E614A2F33302073656D695420656854
txNew.vout[0].nValue = 5000000000
txNew.vout[0].scriptPubKey =
0x5F1DF16B2B704C8A578D0BBAF74D385CDE12C11EE50455F3C438EF4C3FBCF649B6DE611FEAE06279A60939E028A8D65C10B7
3071A6F16719274855FEB0FD8A6704 OP_CHECKSIG
block.nVersion = 1
block.nTime = 1231006505
block.nBits = 0x1d00ffff
block.nNonce = 2083236893
CBlock(hash=000000000019d6, ver=1, hashPrevBlock=00000000000000, hashMerkleRoot=4a5e1e, nTime=1231006505, nBits=1d00ffff,
nNonce=2083236893, vtx=1)
CTransaction(hash=4a5e1e, ver=1, vin.size=1, vout.size=1, nLockTime=0)
CTxIn(COutPoint(000000, -1), coinbase
04ffff001d0104455468652054696d65732030332f4a616e2f32303039204368616e63656c6c6f72206f6e206272696e6b206f66207365636f6e
64206261696c6f757420666f722062616e6b73)
CTxOut(nValue=50.00000000, scriptPubKey=0x5F1DF16B2B704C8A578D0B)
vMerkleTree: 4a5e1e](https://image.slidesharecdn.com/blockchaintechnology-csi-161017061822/85/Blockchain-Technology-10-320.jpg)
Blockchain Technology
- 1. CSI IT2020 Conference Blockchain Technology Joel Divekar Mumbai 14th Oct 2016
- 2. What is Blockchain ? (1/2) Originally called block chain, is a distributed transaction database.
- 3. What is Blockchain ? (2/2) Secured public ledger, which maintains every transaction ever executed in Bitcoin. With this historical information one can derive how much value belonged to each Bitcoin address at any point in history.
- 4. What is Bitcoin Address ? (1/2) A Bitcoin address or address is an identifier of 26-35 alphanumeric characters, beginning with 1 or 3. Two address formats are P2PKH begins with 1, 1AwCNTFZtuXfurUGo5Bv4n4HGg7xJaOVN3 Newer P2SH begins with 3, 3K98u1WpEZ73CNmQvifcrnyiXrnqRhWNMz
- 5. What is Bitcoin Address ? (2/2) Address is like your email address and to receive payment, you need to share your address with the payer
- 6. What are Blocks in Blockchain ? (1/2) Blocks hold list of valid transactions Each block includes the hash of previous block It is like a chain of blocks from the genesis block to the current block
- 7. What are Blocks in Blockchain ? (2/2) Blockchain is constantly growing as new completed blocks are added with new set of recordings Blocks are added in a linear, chronological order It is impossible to modify a block once it is part of the chain for a while
- 8. Blockchain can only store Bitcoins NO ... A verified transaction can be for cryptocurrency, contracts, records or other information
- 9. The Genesis Block (1/2) The Genesis block is the first block of the blockchain It is a special, as it does not reference the previous block
- 10. The Genesis Block (2/2) The Times 03/Jan/2009 Chancellor on brink of second bailout for banks GetHash() = 0x000000000019d6689c085ae165831e934ff763ae46a2a6c172b3f1b60a8ce26f hashMerkleRoot = 0x4a5e1e4baab89f3a32518a88c31bc87f618f76673e2cc77ab2127b7afdeda33b txNew.vin[0].scriptSig = 486604799 4 0x736B6E616220726F662074756F6C69616220646E6F63657320666F206B6E697262206E6F20726F6C6C65636E61684320393030322F 6E614A2F33302073656D695420656854 txNew.vout[0].nValue = 5000000000 txNew.vout[0].scriptPubKey = 0x5F1DF16B2B704C8A578D0BBAF74D385CDE12C11EE50455F3C438EF4C3FBCF649B6DE611FEAE06279A60939E028A8D65C10B7 3071A6F16719274855FEB0FD8A6704 OP_CHECKSIG block.nVersion = 1 block.nTime = 1231006505 block.nBits = 0x1d00ffff block.nNonce = 2083236893 CBlock(hash=000000000019d6, ver=1, hashPrevBlock=00000000000000, hashMerkleRoot=4a5e1e, nTime=1231006505, nBits=1d00ffff, nNonce=2083236893, vtx=1) CTransaction(hash=4a5e1e, ver=1, vin.size=1, vout.size=1, nLockTime=0) CTxIn(COutPoint(000000, -1), coinbase 04ffff001d0104455468652054696d65732030332f4a616e2f32303039204368616e63656c6c6f72206f6e206272696e6b206f66207365636f6e 64206261696c6f757420666f722062616e6b73) CTxOut(nValue=50.00000000, scriptPubKey=0x5F1DF16B2B704C8A578D0B) vMerkleTree: 4a5e1e
- 11. Bitcoin Mining (1/2) Bitcoin Mining is a process by which transactions are verified and added to blockchain and new Bitcoins are rewarded Mining process involves compiling recent transactions into blocks and solving computationally difficult puzzle
- 12. Bitcoin Mining (2/2) First mining participant to solve the puzzle gets the reward The block reward is halved every 2,10,000 blocks i.e roughly every 4 years Currently it is 25 BTC
- 13. Blockchain flow Request is made for a transaction Requested transaction is broadcasted over p2p network consisting of computers known as nodes Nodes validates the transaction Once verified, the transaction is combined with other transaction to create a new block New block is then added to the blockchain
- 14. Advantages of Blockchain No central authority Buyer and seller do not need intermedairy to confidently and securely transfer value Maintains Open and Transparent Ledger
- 15. Fundamental problems solved by Blockchain Every node maintains updated identical copy of database and no centralised database Distributed peer to peer replicated database No single point of failure Robust database environment
- 16. Blockchain Projects ā Private Etherem Hyperledger Chain MultiChain OpenChain
- 17. Blockchain Projects ā What do they mean Centralise authority, write is controlled Read access is restricted No proof of ownership Technical improvement - write speed - access control - data encryption
- 18. Thanks Joel Divekar Mumbai, India +91 9920208223 joeldivekar.blogspot.com www.linkedin.com/in/joeldivekar www.slideshare.net/JoelDivekar Consulting / DevOps / Software Development / Training