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The Blockchain Technology

Blockchain is a growing list of records called blocks that are linked using cryptography. It uses distributed ledger and decentralization concepts to securely store transactions. There are public, private, and consortium blockchains depending on who can access the network. Blockchain has characteristics like decentralization, transparency, security, and immutability that make it applicable to many domains beyond just digital currencies. It has advantages like transparency but also disadvantages like high energy consumption and costs. Blockchain is transforming trusted transactions just as the internet transformed communications.

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50 views15 pages

The Blockchain Technology

Blockchain is a growing list of records called blocks that are linked using cryptography. It uses distributed ledger and decentralization concepts to securely store transactions. There are public, private, and consortium blockchains depending on who can access the network. Blockchain has characteristics like decentralization, transparency, security, and immutability that make it applicable to many domains beyond just digital currencies. It has advantages like transparency but also disadvantages like high energy consumption and costs. Blockchain is transforming trusted transactions just as the internet transformed communications.

Uploaded by

Sai Prakash
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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THE BLOCKCHAIN TECHNOLOGY

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PRESENTED BY : V SHASHANK
ROLLNO : B19CS098
SECTION : 5CSE-II
COUNSELLOR : V GOUTAMI
WHAT IS BLOCKCHAIN?
• A blockchain is a growing list of records, called blocks, that are linked
together using cryptography.

• Blockchain is highly secured technology.it uses the concept of


DISTRIBUTED LEDGER , DECENTRALIZATION & HASH VALUES

• Though blockchain technology uses the concept of distributed ledger ,


it provides assurance for the user that his data will not be leaked at
any cost by the usage of HASHING concept.
• 
• There are also different types of Blockchains based on their usage and
distinct attributes:
1) Public blockchains : Public blockchains are truly decentralized and
allow anyone to join the network and engage in managing them.
e.g, Bitcoin , Ethereum
2) Private blockchains : only invited people from a single organization
can join the network and manage them.
e.g,
3) Consortium blockchains : The consortium Blockchain also called
“Federated Blockchain” is between public and private Blockchain, in terms
of permissions and management. Invited people from multiple
organizations are allowed to join this blockchain.
e.g, Hyperledger , Quorum
 
• The main strength of the applicability of Blockchain to such wide
domains is in its characteristics or features like decentralization,
transparency, democracy, immutability, auditability, fault tolerance
and security.
• The success of Blockchain technology also heavily depends on the
availability of the application development frameworks (ADFs).
CHARACTERISTICS OF BLOCKCHAIN
• Decentralization
• Transparency
• Autonomy
• Security
• Immutability
• Traceability
• Anonymity
• Democratized
• Fault Tolerance
Architecture of Blockchain 1.0

Blockchain 1.0 is a distributed ledger to store the digital cash transactions


between two parties efficiently. The transactions are stored as a growing
list of records called “Blocks”. These blocks are resistant to any
modification in them and are verifiable in a permanent way. A group of
users joined together by a P2P network typically manages the verification
of the ledger records. In order to make any changes within blocks, a
consensus is required between more than half of the users of the network.
BLOCK :
• A block is the data structure in Blockchain 1.0 to store transaction records. It
consists of two parts: 1) Block Header and 2) Block Body. The block header contains
following fields:
Block Version: specifies the rules for block validation.
Merkle Tree Root Hash: it stores the hash value of all transactions in the
block.
Time Stamp: stamps the current time in seconds according to universal time
since January 1, 1970.
nBits: threshold for a valid block hash.
Nonce: a mathematical value starts with 0 and increases with calculation of
every hash.
Parent Block Hash: points to the previous block.
• The block body contains the transactions and transaction
counter. The maximum capacity of block to store the transactions
is determined by the block size and size of each transaction
contained in it.
Architecture Of Blockchain 2.0 (Smart Contracts)

Smart contracts are implanted as computer programs in blockchain


softwares like ethereum and hyperledger. Participants join the network
depending upon the type of blockchain and can request the execution of
a particular contract for a transaction in the blockchain P2P network.
The history of these transactions is stored in blockchain similar to
•digital
V currencies. The state of the contract and assets of participants
are determined by the sequence of transaction in the blockchain
Architecture of blockchain 3.0 (blockchain
applications)

Besides financial market, the blockchain technology has been adopted


in many industries for development of distributed applications e.g.,
Games, user-generated content networks, internet of things (iot), smart
hardware, supply chain, source tracing and economy sharing credits etc.
Blockchain technology provides many features to these distributed
applications including better performance in terms of low latency and
high throughput, simpler identity management and enabling them for
offline transactions and flexible maintainability for system upgrades
and easy bug recovery
DISADVANTAGES OF BLOCKCHAIN
HIGH ENERGY SOME SOLUTIONS CONSUME TOO MUCH
CONSUMPTION ENERGY

HIGH COST BLOCKCHAIN IMPLEMENTATION IS A COSTLY


PROCESS
SELF- USERS HAVE TO MAINTAIN THEIR OWN WALLETS OR
ELSE THEY CAN LOSE ACCESS
MAINTENANCE

INTEGRATION ITS HARD TO INTEGRATE INTO LEGACY SYSTEMS

SLOWER BLOCKCHAIN CAN SLOW DOWN WHEN THERE ARE TOO


PROCESS MANY USERS ON THE NETWORL
BLOCKCHAINALGORITHMS FOR
SECURITY
• Hash Functions
ThemostcommonlyusedhashfunctioninblockchainsisSHA256.thecollision-
resistanceandonewayfunctionalityarethetwobasicrequirementsofthehashfunction.
Thekeyuseofhashistoensauredataintegrityforonlineorofflinetranscations.
CONCLUSION

Blockchain is a transformational technology, which provides a basis to


develop distributed and secure applications for all industries beyond the
monetary markets. Due to its vast and rapid applications development, it is
envisaged that Blockchain will do for trusted transactions what the internet
did for communications.
The technology is being adapted into many verticals like Healthcare,
Medicines, Insurance, Smart Properties, Automobiles, and even
Governments.
THANK
YOU…

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