Report On Blockchain

A self Learning Report on
Blockchain
C#.net
History :-
Blockchain is a constantly growing ledger technology where records and data are
stored permanently for all linked transactions having taken place in a secure,
sequential, and irreversible manner. Safe transferring of digital money, possessions,
contracts, etc., with no requirement of a third-party go-between any bank or
government, can be done using this technology. In this chapter, you will learn about
the basics of Blockchain technology.
What is Blockchain?
A Blockchain is defined as a series of blocks in which each block contains transaction
information. This method has been proposed to provide timestamps in digital
documents, making it impossible to revert them or change their metadata. This can be
defined as a software protocol that cannot run without the Internet. This can also be
called meta-technology as it influences other technologies, such as a database,
software applications, connected computers, etc.
A blockchain has as many blocks as transactions, and each block refers to the previous
block; these are called blockchains. Blockchain technology is very effective because
multiple copies of a Blockchain are spread across multiple computers via the Internet,
which is impossible to alter.
Blockchain Characteristics and Components
1. Ledger: Any file with a constantly growing record related to the transaction.
2. Permanent: transaction means that once the transaction goes inside a
Blockchain, it is stored permanently in the record and immutable.
3. Secure: Information is stored securely through this technology as highly
advanced cryptographic techniques are used to ensure that your information is
locked within the Blockchain.
4. Chronological: It means every transaction occurs after the previous one.
uses the blockchain?

Blockchain technology can be integrated into multiple areas. The primary use of
blockchains is as a distributed ledger for cryptocurrencies. It shows great promise
across a wide range of business applications like Banking, Finance, Government,
Healthcare, Insurance, Media and Entertainment, Retail, etc.
Need of Blockchain
Blockchain technology has become popular because of the following.
o Time reduction: In the financial industry, blockchain can allow the quicker
settlement of trades. It does not take a lengthy process for verification,
settlement, and clearance. It is because of a single version of agreed-upon data
available between all stakeholders.
o Unchangeable transactions: Blockchain register transactions in a
chronological order which certifies the unalterability of all operations, means
when a new block is added to the chain of ledgers, it cannot be removed or
modified.
o Reliability: Blockchain certifies and verifies the identities of each interested
parties. This removes double records, reducing rates and accelerates
transactions.
o Security: Blockchain uses very advanced cryptography to make sure that the
information is locked inside the blockchain. It uses Distributed Ledger
Technology where each party holds a copy of the original chain, so the system
remains operative, even the large number of other nodes fall.
o Collaboration: It allows each party to transact directly with each other without
requiring a third-party intermediary.
o Decentralized: It is decentralized because there is no central authority
supervising anything. There are standards rules on how every node exchanges
the blockchain information. This method ensures that all transactions are
validated, and all valid transactions are added one by one.
Blockchain Version
The brief description of the evolution of blockchain technology and
its versioning from 1.0 to 3.0 are explained below.
Blockchain 1.0: Currency

The idea of creating money through solving computational puzzles was first
introduced in 2005 by Hal Finney, who created the first concept for cryptocurrencies
(The implementation of distributed ledger technology). This ledger allows financial
transactions based on blockchain technology or DLT to be executed with Bitcoin.
Bitcoin is the most prominent example in this segment. It is being used as cash for
the Internet and seen as the enabler of an Internet of Money.
Blockchain 2.0: Smart Contracts

The main issues that came with Bitcoin are wasteful mining and lack of network
scalability. To overcome these issues, this version extends the concept of Bitcoin
beyond currency. The new key concepts are Smart Contracts. It is small computer
programs that "live" in the blockchain. They are free computer programs which
executed automatically and checked conditions which are defined earlier like
facilitation, verification or enforcement. The big advantage of this technology that
blockchain offers, making it impossible to tamper or hack Smart Contracts. A most
prominent example is the Ethereum Blockchain, which provides a platform where the
developer community can build distributed applications for the Blockchain network.
Quickly, the blockchain 2.0 version is successfully processing a high number of daily
transactions on a public network, where millions were raised through ICO (Initial Coin
Offerings), and the market cap increased rapidly.
Blockchain 3.0: DApps

DApps is also known as a decentralized application. It uses decentralized storage and
communication. Its backend code is running on a decentralized peer-to-peer network.
A DApp can have frontend code hosted on decentralized storages such as Ethereum
Swarm and user interfaces written in any language that can make a call to its backend
like a traditional Apps.

Report On Blockchain

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A self Learning Report on

Blockchain Characteristics and Components

uses the blockchain?

Blockchain technology has become popular because of the following.

Blockchain 1.0: Currency

Blockchain 2.0: Smart Contracts

Blockchain 3.0: DApps

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