Blockchain Technology

Nov 17, 2020Download as PPTX, PDF6 likes1,867 views

The Basic Introduction to Blockchain technology and its features along with its working ,usage and application areas. This presentation clarifies all the basic concenpts related to blockchain technology .

Presented By:
Palak Gulati
MCA 2nd year
Roll no -56
Kurukshetra University, Kurukshetra .

What is Blockchain?
 BITCOIN uses a technology called BLOCKCHAIN to work the way
it does.
 Blockchain technology first came to light when a person ‘satoshi
nakamoto’ published a white paper on “Biytcoin: A peer to peer
electronic cash system” in 2008.
 A blockchain is a continuously growing list of records(blocks) which
are linked to each other, and secured using cryptography.
 It enables bitcoin or any Cryptocurrency to transfer from one person
to another person.

3 fundamental Pillars Of Blockchain
 The three main properties of Blockchain Technology
which has helped it gain widespread acclaim are ---
1) Decentralization
2) Transparency
3) Immutability

Pillar #1: Decentralization : Means NO CENTRALIZED
AUTHORITY.
 The network is decentralized meaning it doesn’t have any governing
authority or a single person looking after the framework. Rather a group of
nodes maintains the network making it decentralized.
Pillar #2: Transparency : EVERY ONE CAN SEE whats happening in
the block chain.
 It Means blockchain is a public distributed ledger. Which means everyone
has access to all the records and these records are distributed over the
network and because this ledger is distributed hence cannot altered by
hacking into the central autority .
Pillar #3: Immutability : Any additions to the Blockchain are
PERMANENT in nature.
 It means that once something has been entered into the Blockchain, it
cannot be tampered with.
The reason why the Blockchain gets this property is that of cryptographic hash
function.

Key Features of Blockchain
 Cannot be Corrupted
 Decentralized Technology
 Enhanced Security
 Distributed Ledgers
 Consensus
 Faster Settlement

3 Terminologies widely used in the
concept of BLOCKCHAIN Technology
are --
1. High level Encryption
2. Proof of work
3. Mining

Proof of work
 Proof-of-Work, or PoW, is the original consensus algorithm in a
Blockchain network.
 In Blockchain, this algorithm is used to confirm transactions and
produce new blocks to the chain. With PoW, miners compete
against each other to complete transactions on the network and
get rewarded.

Mining
 Mining is the process of adding transactions to the large
distributed public ledger of existing transactions,known as
the blockchain.

Blockchain is a distributed database or digital ledger of transactions that is duplicated and shared among members of a network. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data. By design, blockchains are inherently resistant to modification of the data. The blockchain serves as an open, distributed ledger that can record transactions between parties efficiently and in a verifiable and permanent way, without the need for a central authority. This document provides an overview of blockchain technology, including its fundamentals, types, how it works, applications, advantages, and disadvantages.

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Blockchain Technology

1. Presented By: Palak Gulati MCA 2nd year Roll no -56 Kurukshetra University, Kurukshetra .

2. What is Blockchain?  BITCOIN uses a technology called BLOCKCHAIN to work the way it does.  Blockchain technology first came to light when a person ‘satoshi nakamoto’ published a white paper on “Biytcoin: A peer to peer electronic cash system” in 2008.  A blockchain is a continuously growing list of records(blocks) which are linked to each other, and secured using cryptography.  It enables bitcoin or any Cryptocurrency to transfer from one person to another person.

3. 3 fundamental Pillars Of Blockchain  The three main properties of Blockchain Technology which has helped it gain widespread acclaim are --- 1) Decentralization 2) Transparency 3) Immutability

4. Pillar #1: Decentralization : Means NO CENTRALIZED AUTHORITY.  The network is decentralized meaning it doesn’t have any governing authority or a single person looking after the framework. Rather a group of nodes maintains the network making it decentralized. Pillar #2: Transparency : EVERY ONE CAN SEE whats happening in the block chain.  It Means blockchain is a public distributed ledger. Which means everyone has access to all the records and these records are distributed over the network and because this ledger is distributed hence cannot altered by hacking into the central autority . Pillar #3: Immutability : Any additions to the Blockchain are PERMANENT in nature.  It means that once something has been entered into the Blockchain, it cannot be tampered with. The reason why the Blockchain gets this property is that of cryptographic hash function.

5. Key Features of Blockchain  Cannot be Corrupted  Decentralized Technology  Enhanced Security  Distributed Ledgers  Consensus  Faster Settlement

6. 3 Terminologies widely used in the concept of BLOCKCHAIN Technology are -- 1. High level Encryption 2. Proof of work 3. Mining

7. High level Encryption

8. Proof of work  Proof-of-Work, or PoW, is the original consensus algorithm in a Blockchain network.  In Blockchain, this algorithm is used to confirm transactions and produce new blocks to the chain. With PoW, miners compete against each other to complete transactions on the network and get rewarded.

9. Mining  Mining is the process of adding transactions to the large distributed public ledger of existing transactions,known as the blockchain.

10. How does a Bitcoin transaction work?

11. Applications of Blockchain

12. THANK YOU 

Blockchain Technology

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