Scribd
Upload
12 views18 pages

ETB S06 - (Blockchain 1)

The document provides an overview of blockchain technology, including its definition, key features, and components such as nodes and smart contracts. It explains how blockchain works through blocks and consensus mechanisms, emphasizing its decentralized, immutable, and transparent nature. Additionally, it highlights the security and reliability of blockchain as a distributed ledger technology.

Uploaded by

Fitness Guide
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
12 views18 pages

ETB S06 - (Blockchain 1)

The document provides an overview of blockchain technology, including its definition, key features, and components such as nodes and smart contracts. It explains how blockchain works through blocks and consensus mechanisms, emphasizing its decentralized, immutable, and transparent nature. Additionally, it highlights the security and reliability of blockchain as a distributed ledger technology.

Uploaded by

Fitness Guide
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/ 18

Block Chain & It’s

Application 1/2
Topics
• History
• Introduction to Blockchain
• Pillars of Blockchain
• Its working
• Features of Blockchain
Introduction to Blockchain
• Definition: A distributed ledger technology where
transactions are recorded across many computers.
• Key Features: Decentralization, immutability, transparency.
• Visualization: Diagram of a blockchain.
How Blockchain Works
• Blocks: Groups of transactions recorded together.
• Chain: Each block is linked to the previous one, creating a
chain.
• Consensus Mechanisms: Proof of Work (PoW), Proof of
Stake (PoS) to validate transactions.
Block
• A block is a container data structure that aggregates transactions
for inclusion in the public ledger, the blockchain.
• Each block contains a cryptographic hash of the previous block, a
timestamp, and transaction data.
• First block in the chain is called as genesis block.
• Hash value is zero for the first block.
• 1 block =2000 transactions
What is Blockchain
Components of Blockchain Technology
• Nodes: Participants in the network.
• Ledger: A digital record of transactions.
• Smart Contracts: Self-executing contracts with terms written
directly into code.
• Blockchain is a system of recording information in a way that
makes it difficult or impossible to change, hack, or cheat the
system.
• Blockchain technology is a decentralized, distributed ledger that
stores the record of ownership of digital assets. Any data stored on
blockchain is unable to be modify.
• It is a Distributed public ledger technology (DLT) . It is transparent.
• Blockchain is a digital shared database/ digital storage.
• Blockchain is a list of records called blocks that store data publicly
and in chronological order.
• The information is encrypted using cryptography to ensure that the
privacy of the user is not compromised and data cannot be altered.
• The information is stored and managed in a decentralized manner
hence no central authority is the sole decision maker.
• Most decisions are based on a consensus of all the participating
nodes of the network spread all over the world.
Features of Blockchain
Features of Block chain (Contd.)
• Decentralized: Decentralized technology gives you the power to
store your assets in a network without the oversight and control of
a single person organization or entity.
• Digital ledger: Allows anyone with the required access to view the
ledger and makes the process transparent and reliable.
• Cryptographically Secure: Every document in the block is
encrypted and stored.
• Distributed: All the nodes are connected in the distributed system
and every node will have copy of ledger.
• Immutability: once the transaction blocks get added on the ledger,
no one can just go back and change it. Thus, any user on the
network won’t be able to edit, delete or update it.
Blockchain Architecture

You might also like