Madhuben & Bhanubhai Patel Institute of Technology

(A Constituent College of CVM University)

New V. V. Nagar

COMPUTER ENGINEERING DEPARTMENT

Seminar Report
on
BLOCKCHAIN

Submitted By

Name of Student: LAKUM VIDHI D.

Enrolment Number: 12102080701129

SEMINAR (102040404)

A.Y. 2022-23 EVEN TERM

pg. 1
 Table of Contents
Acknowledgements
Abstract 3
List of Tables (if any) 4

INTRODUCTION
 HISTORY 5

 STRUCTURE AND DESIGN 5

 TYPES 5

BENEFITS 7
DISADVANTAGES 8
REFERENCES 10
CONCLUSION 10

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ABSTRACT
Types:
1.Public blockchains
2.Private blockchain
3.Hybrid blockchain
4.Sidechain

Benefits of Blockchains :
1.Blockchain Decentralization
2.Transparency
3.Supply chain
4.Currency

Disadvantages:
1.Blockchain is not a Distributed Computing System
2.Scalability Is An Issue
3.Some Blockchain Solutions Consume Too Much Energy
4.Blockchain Cannot Go Back — Data is Immutable
5.Blockchains are Sometimes Inefficient

References:

pg. 3
"Leaderless, Blockchain-Based Venture Capital Fund Raises $100
Million, And Counting". Fortune. Archived
"Blockchain Size". Archived

Movies references:
 Trust Machine: The Story of Blockchain
 Bitcoin: The End Of Money As We Know It
Conclusion:
We can conclude that Blockchain is making its own sweet way to
come in the market and in the products and services we are using.

Table of content
What is blockchain?
History
Structure and design
Types
Benefits of blockchain
Disadvantages
Blockchain project ecosystem
References
Movies references
Conclusion

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WHAT IS BLOCKCHAIN?
 A blockchain is the foundation for immutable ledgers, or records of transactions that cannot
be altered, deleted, or destroyed. This is why blockchains are also known as a distributed
ledger technology (DLT).

HISTORY
 Cryptographer David Chaum first proposed a blockchain-like protocol in his 1982
dissertation "Computer Systems Established, Maintained, and Trusted by Mutually
Suspicious Groups."

 The first decentralized blockchain was conceptualized by a person (or group of people)
known as Satoshi Nakamoto in 2008.
 The design was implemented the following year by Nakamoto as a core component of the
cryptocurrency bitcoin, where it serves as the public ledger for all transactions on the
network.

STRUCTURE AND DESIGN

 A blockchain is a decentralized, distributed, and often public, digital ledger consisting
of records called blocks that are used to record transactions across many computers
so that any involved block cannot be altered retroactively, without the alteration of
all subsequent blocks.

 All new information that follows that freshly added block is compiled into a newly
formed block that will then also be added to the chain once filled.

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  In cryptocurrency, this is practically when the transaction takes place, so a shorter
block time means faster transactions. The block time for Ethereum(blockchain) is set
to between 14 and 15 seconds, while for bitcoin it is on average 10 minutes.
 Logically, a blockchain can be seen as consisting of several layers:
• infrastructure (hardware)
• networking (node discovery, information propagation and verification)
• consensus (proof of work, proof of stake)

• data (blocks, transactions)

• application (smart contracts/decentralized applications, if applicable)

TYPES
 PRIVTE BLOCKCHAIN
 A public blockchain has absolutely no access restrictions. Anyone with
an Internet connection can send transactions to it as well as become a
validator. Usually, such networks offer economic incentives for those
who secure them and utilize some type of a Proof of Stake or Proof of
Work algorithm.
 Some of the largest, most known public blockchains are the bitcoin
blockchain and the Ethereum blockchain.

 PRIVATE BLOCKCHAIN
 A private blockchain is permissioned.One cannot join it unless invited by
the network administrators. Participant and validator access is restricted.
To distinguish between open blockchains and other peer-to-peer
decentralized database applications that are not open ad-hoc compute
clusters, the terminology Distributed Ledger (DLT) is normally used for
private blockchains.

 HYBRID BLOCKCHAIN
 A hybrid blockchain has a combination of centralized and decentralized
features.The exact workings of the chain can vary based on which
portions of centralization and decentralization are used.

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  SIDE CHAIN
 A sidechain is a designation for a blockchain ledger that runs in parallel
to a primary blockchain. Entries from the primary blockchain can be
linked to and from the sidechain; this allows the sidechain to otherwise
operate independently of the primary blockchain

BENEFITS OF BLOCKCHAIN
1) Blockchain Decentralization

What a blockchain does is to allow the data held in that database to be

spread out among several network nodes at various locations. This not only
creates redundancy but also maintains the fidelity of the data stored
therein—if somebody tries to alter a record at one instance of the database,
the other nodes would not be altered and thus would prevent a bad actor
from doing so.

2) TRANSPARENCY

Because of the decentralized nature of Bitcoin’s blockchain, all transactions

can be transparently viewed by either having a personal node or
using blockchain explorers that allow anyone to see transactions occurring
live. Each node has its own copy of the chain that gets updated as fresh
blocks are confirmed and added. This means that if you wanted to, you could
track Bitcoin wherever it goes.

3) SUPPLY CHAIN

As in the IBM Food Trust example, suppliers can use blockchain to record the
origins of materials that they have purchased. This would allow companies to

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verify the authenticity of not only their products but also common labels
such as “Organic,” “Local,” and “Fair Trade.”
As reported by Forbes, the food industry is increasingly adopting the use of
blockchain to track the path and safety of food throughout the farm-to-user
journey.

4) CURRENCY

Blockchain forms the bedrock for cryptocurrencies like Bitcoin. The U.S.
dollar is controlled by the Federal Reserve. Under this central authority
system, a user’s data and currency are technically at the whim of their bank
or government. If a user’s bank is hacked, the client’s private information is
at risk. If the client’s bank collapses or the client lives in a country with an
unstable government, the value of their currency may be at risk. In 2008,
several failing banks were bailed out—partially using taxpayer money. These
are the worries out of which Bitcoin was first conceived and developed.

DISADVANTAGES

1) Blockchain is not a Distributed Computing System

Blockchain is a network that relies on nodes to function

properly. The quality of the nodes determines the quality of the
blockchain. For example, Bitcoin’s blockchain is strong and
incentivizes the nodes to participate in the network. However,
the same cannot be true for a blockchain network that does not
incentivize the nodes.

2) Scalability Is An Issue

Blockchains are not scalable as their counterpart centralized

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 system. If you have used the Bitcoin network, then you would
know that the transactions are completed depending on the
network congestion. This problem is related to scalability
issues with blockchain networks. In simple words, the more
people or nodes join the network, the chances of slowing down
is more!

3) Some Blockchain Solutions Consume Too Much

Energy
Blockchain technology got introduced with Bitcoin. It uses
the Proof-of-Work consensus algorithm that relied on the miners
to do the hard work. The miners are incentivized to solve
complex mathematical problems. The high energy consumption
is what makes these complex mathematical problems not so
ideal for the real-world.

4) Blockchain Cannot Go Back — Data is Immutable

Data immutability has always been one of the biggest
disadvantages of the blockchain. It is clear that multiple systems
benefit from it including supply chain, financial systems, and so
on. However, if you take how networks work, you should
understand that this immutability can only be present if the
network nodes are distributed fairly.

5) Blockchains are Sometimes Inefficient

Right now, there are multiple blockchain technologies out there.
If you pick up the most popular ones including the blockchain
technology used by Bitcoin, you will find a lot of inefficiencies
within the system. This is one of the big disadvantages of
blockchain.

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REFERENCES
Morris, David Z. (15 May 2016). "Leaderless, Blockchain-Based Venture
Capital Fund Raises $100 Million, And Counting". Fortune. Archived from the
original on 21 May 2016. Retrieved 23 May 2016.
Iansiti, Marco; Lakhani, Karim R. (January 2017). "The Truth About
Blockchain". Harvard Business Review. Cambridge, Massachusetts: Harvard
University. Archived from the original on 18 January 2017. Retrieved 17
January 2017. The technology at the heart of bitcoin and other virtual
currencies, blockchain is an open, distributed ledger that can record
transactions between two parties efficiently and in a verifiable and
permanent way.
"Blockchain Size". Archived from the original on 19 May 2020. Retrieved 25
February 2020.

MOVIE REFERENCES
 Trust Machine: The Story of Blockchain
 Bitcoin: The End Of Money As We Know It
 The Rise and Rise of Bitcoin
 I am Satoshi

CONCLUSION
We can conclude that Blockchain is making its own sweet way to
come in the market and in the products and services we are using.
There is still a lot of scope of implementation of blockchain in the
old database and upcoming products to delete the boundaries we
have with our current tech infrastructure.

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