K. J.

Somaiya College of Engineering, Mumbai-77

Department of Computer Engineering

Batch: B2 Roll No.: 16010121200

Experiment No. 1

Title: Block explorer – Bitcoin and Ethereum and Test Networks

Objective: Introduction to Blockchain Technology

Expected Outcome of Experiment:

CO Outcome

1 Learn basics of Blockchain, to get familiar with terms and concepts

Books/ Journals/ Websites referred:

 https://andersbrownworth.com/blockchain/

 https://youtu.be/_160oMzblY8

 https://youtu.be/xIDL_akeras

 https://blockchaindemo.io/

 https://www.blockchain.com/explorer

 https://www.investopedia.com/terms/b/blockchain.asp

 https://aws.amazon.com/what-is/blockchain/

Abstract:

Blockchain, a ground-breaking technology originating with Bitcoin in 2008,

revolutionizes transactions through decentralization and tamper-resistant recording.
This introduction outlines core blockchain components—blocks, hashing,
consensus— and explores diverse blockchain types. The technology's potential
spans finance, supply chains, healthcare, and more. Security, privacy, and smart
contracts are discussed, emphasizing their role in safeguarding transactions and
automating agreements. Overall, blockchain's transparent, secure, and
decentralized nature holds transformative potential across industries, reshaping
trust and collaboration paradigms. Understanding these principles is vital for
comprehending blockchain's evolving applications.

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 K. J. Somaiya College of Engineering, Mumbai-77
Department of Computer Engineering

Related Theory:

What is blockchain technology?

Blockchain technology is an advanced database mechanism that allows transparent
information sharing within a business network. A blockchain database stores data in
blocks that are linked together in a chain. The data is chronologically consistent
because you cannot delete or modify the chain without consensus from the network.
As a result, you can use blockchain technology to create an unalterable or
immutable ledger for tracking orders, payments, accounts, and other transactions.
The system has built-in mechanisms that prevent unauthorized transaction entries
and create consistency in the shared view of these transactions.

Importance:
Blockchain addresses the limitations of traditional databases in transaction recording
by introducing a decentralized, tamper-proof system. Unlike conventional methods
where trust relies on a third party, blockchain ensures transparency and security. For
example, in property sales, separate ledgers for buyers and sellers validate
transactions, preventing disputes. Blockchain's integrity and real-time updates create
a reliable history, reducing vulnerability. This innovation extends to sectors like
digital currency (e.g., Bitcoin), offering a transformative solution to trust and
transparency challenges.
1. Introduction to Blockchain:
 Explain the concept of blockchain as a decentralized, distributed ledger.
 Highlight its key features: transparency, security, immutability, and
decentralization.

2. Core Components:
 Introduce the concept of a "block" as a fundamental unit containing
data.
 Explain the structure of a block: index, timestamp, data, previous hash,
and current hash.

3. Building the Blockchain:

 Initialize the blockchain with a genesis block (the first block).
 Define a method to add new blocks to the chain.
 Implement a hashing function to calculate the hash of each block.
4. Consensus Mechanisms:
 Introduce proof-of-work (PoW) as a way to validate and add blocks to
the chain.
 Explain the concept of mining and miners competing to solve complex

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Department of Computer Engineering

mathematical puzzles.

5. Security and Immutability:

 Describe how each block's hash depends on the previous block's
hash, creating a chain.
 Explain how altering a block's data would change its hash and disrupt
the chain.
6. Decentralization:
 Highlight the concept of a distributed network of nodes maintaining the
blockchain.

 Discuss the benefits of decentralization in terms of resilience and trust.

7. Practical Example:
 Illustrate a simplified blockchain using Python classes and methods. ∙ Create
a Block class with attributes like index, timestamp, data, previous hash, and
hash.
 Implement a Blockchain class with methods to add blocks, calculate hashes,
and validate the chain.

8. Use Cases and Beyond:

 Explore real-world use cases beyond cryptocurrency, such as supply chain
management, healthcare, and voting systems.
 Discuss challenges like scalability, energy consumption, and regulatory
concerns.
9. Future Trends:
 Briefly touch on emerging blockchain trends, such as proof-of-stake (PoS)
and blockchain interoperability.

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 K. J. Somaiya College of Engineering, Mumbai-77
Department of Computer Engineering

Implementation Details:
1. Enlist all the Steps followed and various options explored
Explored the Blockchain Explorer Interface:

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Department of Computer Engineering

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2. Explain your program logic, classes and methods used.

We engaged with the blockchain explorer's user interface, gaining hands-on
experience and insight into the practical workings of blockchain technology.
Through this interactive exploration, we delved into topics ranging from
NFTs, Bitcoin, and Ethereum to various other intriguing subjects.
Furthermore, we complemented our learning by viewing two instructive
videos by Anders Brownworth, which were thoughtfully included in the
journal.

3. Explain the importance of the approach followed by you.

We indulged in the subject which holds substantial importance in shaping our
understanding of blockchain technology. By laying a strong foundation in
fundamental blockchain terminology, such as proof of work, proof of
concept, mining, ledger, decentralized nodes, decentralization, immutability
etc. we established a clear framework for comprehending the technology's
core principles.
The incorporation of reputable sources like AWS data lent credibility and
practical relevance to our learning. This approach not only expanded our
theoretical knowledge but also connected it with real-world applications,
making the concepts more tangible and relatable.
Engaging with the blockchain explorer's user interface added a layer of
practical experience, allowing us to witness the technology in action. This
hands-on interaction illuminated how blockchain operates and solidified our
grasp of its mechanics.
Additionally, exploring diverse topics including NFTs, Bitcoin, Ethereum,
and others broadened our horizons, showcasing the breadth of blockchain's
applications and its potential to disrupt various industries.
The inclusion of Anders Brownworth's videos complemented our learning
journey by providing visual explanations, which can often simplify complex
concepts. This multi-dimensional approach catered to different learning
preferences, ensuring a well-rounded understanding of blockchain
technology's significance and its transformative role across diverse sectors.

Conclusion:

We've grasped blockchain's decentralized, secure ledger; understood core

components like blocks, hashing, and consensus; and explored practical use cases.
This knowledge enriches our understanding of transformative technology. We've
further comprehended the significance of blockchain's transparency, immutability,
and decentralization. Through hands-on exercises, we've created and validated blocks,
strengthening our grasp of its practical implementation. Exploring diverse sectors
where blockchain revolutionizes operations, we've recognized its potential to redefine
trust and collaboration. This foundational understanding equips us to engage in
discussions about blockchain's far-reaching impact.

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