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Block Chain Technology: Unit - 1

The document discusses block chain technology and provides details on how blockchains work. It explains that a blockchain is a growing list of records called blocks linked using cryptography. Each block contains a hash of the previous block, a timestamp, and transaction data. As new blocks are added, they reinforce the ones before, making blockchains resistant to modification of past data. Blockchains use peer-to-peer networks to distribute and validate new blocks across nodes adhering to a protocol. Although forks are possible, blockchains are designed to be secure with high fault tolerance.

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61 views

Block Chain Technology: Unit - 1

The document discusses block chain technology and provides details on how blockchains work. It explains that a blockchain is a growing list of records called blocks linked using cryptography. Each block contains a hash of the previous block, a timestamp, and transaction data. As new blocks are added, they reinforce the ones before, making blockchains resistant to modification of past data. Blockchains use peer-to-peer networks to distribute and validate new blocks across nodes adhering to a protocol. Although forks are possible, blockchains are designed to be secure with high fault tolerance.

Uploaded by

Keshav Rao
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
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Block Chain Technology

Unit - 1

https://www.slideshare.net/Mithileysh/blockchain-technology-181440314
Block Chain

• A blockchain is a growing list of records, called blocks, that are linked together


using cryptography.
• Each block contains a cryptographic hash of the previous block, a timestamp,
and transaction data (generally represented as a Merkle tree).
• The timestamp proves that the transaction data existed when the block was
published in order to get into its hash.
• As blocks each contain information about the block previous to it, they form a
chain, with each additional block reinforcing the ones before it.
• Therefore, blockchains are resistant to modification of their data because once
recorded, the data in any given block cannot be altered retroactively without
altering all subsequent blocks.
Bit Coin Block Chain Structure
• Blockchains are typically managed by a peer-to-peer network for use
as a publicly distributed ledger, where nodes collectively adhere to a 
protocol to communicate and validate new blocks.

• Although blockchain records are not unalterable as forks are possible,


blockchains may be considered secure by design and exemplify a
distributed computing system with high Byzantine fault tolerance.
A blockchain has been described as a value-exchange protocol.[20] A blockchain can
maintain title rights because, when properly set up to detail the exchange
agreement, it provides a record that compels offer and acceptance.

Logically, a blockchain can be seen as consisting of several layers:

• Infrastructure (hardware)

• Networking (node discovery, information propagation and verification)

• Consensus (proof of work, proof of stake)

• Data (blocks, transactions)

• Application (smart contracts/decentralized applications, if applicable)


Blockchain Formation

The main chain (black) consists of the longest


series of blocks from the genesis block (green)
to the current block.
Orphan blocks (purple) exist outside of the
main chain.
Blockchain Terminologies
● Blockchain – What is it?
In fact, the blockchain is more than a technology, it
o Usually contains financial transactions
o Is replicated across a number of systems in almost real-time
o Uses cryptography and digital signatures to prove identity, authenticity and
enforce read/write access rights
o Can be written by everyone in a public blockchain (but only certain
participants in a private blockchain)
o Can be read by participants, often a wider audience
o Has mechanisms to make it hard to change historical records, or at least
make it easy to detect when someone is trying to do so

hash hash hash hash


Block 1 Block 2 Block 3 Block 4

Source: https://miethereum.com/wp-content/uploads/2017/11/A.-A-Gentle-Introduction-To-Blockchain-Technology.pdf
FMCG – Fast-Moving Consumer Goods
Applications / Examples
Types of Block Chain

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