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Introduction To Blockchain Technology

Blockchain is a distributed ledger technology that records transactions in a verifiable and permanent way by achieving consensus across a network of computers. It utilizes cryptography to allow peer-to-peer transactions to occur securely without the need for a central authority. Each transaction is bundled into a block that is chained to previous blocks, forming a blockchain. This makes blockchains resistant to modification, keeping records transparent and secure. Bitcoin was the first application to use blockchain technology by creating a cryptocurrency that allows for decentralized transactions without intermediaries.

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276 views25 pages

Introduction To Blockchain Technology

Blockchain is a distributed ledger technology that records transactions in a verifiable and permanent way by achieving consensus across a network of computers. It utilizes cryptography to allow peer-to-peer transactions to occur securely without the need for a central authority. Each transaction is bundled into a block that is chained to previous blocks, forming a blockchain. This makes blockchains resistant to modification, keeping records transparent and secure. Bitcoin was the first application to use blockchain technology by creating a cryptocurrency that allows for decentralized transactions without intermediaries.

Uploaded by

Meggan Cabalu
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PPTX, PDF, TXT or read online on Scribd
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Introduction to Blockchain

Technology
WHAT IS BLOCKCHAIN?

Blockchain is another
class of thing like the
Internet.

It is for any form of assets registry,


inventory, and exchange, including every
area of finance, economics, and money.

Melanie Swan, Founder, Institute for Blockchain Studies.


WHAT IS BLOCKCHAIN?

Blockchain technology is
secured with cryptographic
techniques.
making it near impossible for hackers to make
changes to it. The only way to make changes
would be to hack more than half of the nodes in
the blockchain, which again, is why it is more
secure to have more nodes/computers running
the blockchain.
WHAT IS BLOCKCHAIN?

The blockchain is a
secured protocol
enabling peer- to-pear
exchanges

on a distributed network in a secured, public


and non-repudiable.
HOW DOES BLOCKCHAIN WORK?

• Blockchain keeps a
record of all data
exchanges.

• It utilizes a distributed
system to verify each
transaction.
CONCEPT OF KEYS

• Your public key is how others are able to identify you.


• Your private key gives you the power to digitally sign and
authorize different actions on behalf of this digital identity
when used with your public key.
Each transaction in
that ledger will have the
same data: a digital
signature, a public key, a
timestamp, and a unique
ID.
The anonymity of cryptocurrencies

come from the fact that your

public key is just a randomized

sequence of numbers and letters.


Simplifying Business

Most businesses use different


systems, so it is hard for them to
share a database with
another business.
Trust & Transparency

Trust is an essential part of


getting the difficult
world of blockchain explained.
Cost Effective

As the blockchain is a trusted peer-


to-peer network,
it removes the need for a central
third party.
Unbreakable

Once a transaction is confirmed, it


is stored on the
ledger and protected using
cryptography.
Availability

Blockchain is a decentralized peer-


to-peer network
and there is no central point of
failure.
Decentralized

Decentralization is one of the core


— and most
important — advantages of
blockchain technology.
BITCOIN

Bitcoin is the first Blockchain


application.

Bitcoin is a virtual currency


that blossomed in public
consciousness after its price-
per-coin rose above $13,000 in
early 2018.
Cryptocurrency Defined

• Cryptocurrencies are
lines of computer
code that hold
monetary value.
• Cryptocurrency is also
known as digital
currency.
WHAT ARE BITCOIN?

• Bitcoin was the first


popular cryptocoin.
• A pseudonymous
software developer
going by the name of
Satoshi Nakamoto
proposed bitcoin in
2008.
• Because bitcoin was the first major
cryptocurrency, all digital currencies
created since then are called
altcoins, or alternative coins.
• One of the advantages of bitcoin is
that it can be stored offline on a
person's local hardware.
• On the flip side, if a person loses
access to the hardware that contains
the bitcoins, the currency is gone
forever.
HOW BITCOINS WORK?

• Bitcoins are completely virtual coins designed to be self-contained


for their value, with no need for banks to move and store the
money.
• Bitcoins are traded from one personal wallet to another.
• Bitcoins are forgery-resistant.
ABUSE OF BITCOINS
• Technical weakness —
time delay in
confirmation.
• Human dishonesty —
pool organizers taking
unfair share slices
• Human
mismanagement —
online exchanges.
THREE REASONS WHY BITCOINS ARE SUCH A
BIG DEAL
• Bitcoins are not created by
any central bank or regulated
by any government.
• Bitcoins completely bypass
banks.
• Bitcoin transactions are
irreversible.
Presented by:
Meggan Cabalu x Nova Alintahan
Angel Hormillosa x Ridell Villanueva

BTVTED CP 1A

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