Scribd
Upload
102 views11 pages

Blockchain Technology PDF

Blockchain is a distributed database of records or public ledger of all transactions that have been executed and shared among participating parties. Each new block contains a cryptographic hash of the previous block, a timestamp, and transaction data. The blockchain is immutable and transparent because the data in any given block cannot be altered once it has been recorded, making it a secure and reliable technology. It was first introduced in 2008 by the fictitious person Satoshi Nakamoto as the underlying technology behind bitcoin cryptocurrency.

Uploaded by

Anshul Diwakar
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
102 views11 pages

Blockchain Technology PDF

Blockchain is a distributed database of records or public ledger of all transactions that have been executed and shared among participating parties. Each new block contains a cryptographic hash of the previous block, a timestamp, and transaction data. The blockchain is immutable and transparent because the data in any given block cannot be altered once it has been recorded, making it a secure and reliable technology. It was first introduced in 2008 by the fictitious person Satoshi Nakamoto as the underlying technology behind bitcoin cryptocurrency.

Uploaded by

Anshul Diwakar
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
You are on page 1/ 11

Blockchain

Technology
What is Blockchain?
❑Blockchain is a distributed database but its stored devices are not connected to a shared server.

❑In blockchain list of records is stored as blocks and they are linked by using cryptography.

❑Hence we can say that blockchain is a digital record and is used for recording transactions made
with cryptocurrencies such as bitcoins.

❑If we add a new block it can be linked with the previous block with the help of a 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
need to be altered. We can say that blockchain is the purest peer-to-peer database that is
immutable.
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.
Origin of Blockchain Technology
❑The blockchain was created by a person (or group of people) using the name (or
pseudonym) Santoshi Nakamoto in 2008 to serve as the public distributed ledger for bitcoin
cryptocurrency transactions, based on previous work by Stuart Harbor, W. Scott Storentta,
and Dave Bayer. The identity of Satoshi Nakamoto remains unknown to date.
❑The implementation of the blockchain within bitcoin made it the first digital currency to solve
the double-spending problem without the need of a trusted authority or central server. The
bitcoin design has inspired other applications and blockchains that are readable by the public
and are widely used by Cryptocurrency. The blockchain may be considered a type
of payment rail.
❑Private blockchains have been proposed for business use. Computerworld called the
marketing of such privatized blockchains without a proper security model “Snake
Oil"; however, others have argued that permitted blockchains, if carefully designed, may be
more decentralized and therefore more secure in practice than permissionless ones
The Technology used in Blockchain
❑Cryptographic Keys
❑Network Protocol
❑Distributed Ledger Technology
❑Hashing
Purpose of Blockchain
❑Blockchain uses an 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.


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
blockchain.
❑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 a virtual wallet.
❑It is decentralized 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.
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 use 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 wallets, gift card, and another point of
scale functionality.
❑Food industry Network from farmers to groceries is very complex and blockchain makes it easier by
tracking down foodborne illness challenging.
❑Real estate also uses blockchain technology by allowing anyone anywhere in the country to invest in
real estate.
Advantages of Blockchain
❑Greater Transparency

❑Highly secure

❑Easily traceable

❑High efficiency and speed

❑Low cost

❑Zero percentage of fraud

❑Extremely volatile
Disadvantages of Blockchain
❑More power consumption
❑Can be a regulatory problem for financial institutions
❑scalability
Thank You!

You might also like