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Blockchain Technology

Blockchain is a growing list of records called blocks that are securely linked using cryptography. Each block contains a cryptographic hash of the previous block and a timestamp. Blockchain works on key elements like being decentralized, distributed, and having immutable records. It allows transactions to be verified by consensus instead of by a central authority. There are public, private, and consortium types of blockchains. Blockchain has many potential uses across industries like secure IoT networks, artist royalties tracking, data storage, non-fungible tokens, money transfers, and more.

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42 views12 pages

Blockchain Technology

Blockchain is a growing list of records called blocks that are securely linked using cryptography. Each block contains a cryptographic hash of the previous block and a timestamp. Blockchain works on key elements like being decentralized, distributed, and having immutable records. It allows transactions to be verified by consensus instead of by a central authority. There are public, private, and consortium types of blockchains. Blockchain has many potential uses across industries like secure IoT networks, artist royalties tracking, data storage, non-fungible tokens, money transfers, and more.

Uploaded by

017-BharathiRaja J
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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BlOC KC HA IN T EC H NO LO GY.

BLOCKCHAIN:
BLOCKCHAIN:

•  A blockchain is a growing
list of records, called blocks,
that are securely linked
together using cryptography.
Each block contains a
cryptographic hash of the
previous block, a timestamp.

• First blockchain was created


by Satoshi Nakamoto in the
way of inventing bitcoin in
2010.
BLOCKCHAIN WORKS
BASED 0N:
K E Y E L E M E N T S O F B LO C KC H A I N W H E R E :

• Decentralized • Distributed • Immutable records:


system : ledger:    
A decentralised A distributed ledger Immutability — the
system in systems is a database that is ability for a
theory is a system in consensually shared blockchain ledger to
which lower level  and synchronized remain a permanent,
components operate across multiple sites, indelible, and
on local information institutions, or unalterable history of
to accomplish global geographies. ... What transactions — is a
goals Is a Permissioned ... definitive feature that
blockchain
evangelists highlight
as a key benefit.
REASON FOR THE POPULARITY:
Ø Blockchain makes it virtually impossible to remove or
change data without being detected by other users.
Today, most of the transactions require approval from a
regulatory authority such as banks and the government.
In blockchain technology, the verification comes from
the consensus of different users.

Ø         Blockchain technology has far-reaching applications


across many industries. Blockchain is already used to
facilitate identity management, smart contracts, supply
chain analysis, and much more. The full potential of
blockchain technology likely remains to be discovered.
Types of blockchain:

There are three types of blockchain and they are,

• Public

• Private

• Consortium
Types of blockchain:

 PUBLIC: Public blockchain have ledgers visible to everyone on the internet


and anyone can verify and add a block of transaction to the blockchain.

 PRIVATE: Private blockchain allow only specific people in the organization to


verify and add transaction blocks but everyone on the internet is generally
allowed to view.

 CONSORTIUM: Here only a group of organization(such as banks) can verify


and add transactions but the ledger can open or restricted to select groups.
USES OF BLOCKCHAIN

Secure IOT network Artist royalties Data storage

Non-Fungible Tokens       Bitcoin Money transfers


(NFT)
CONCLUSION:

 Blockchain change the world: 


  
• As a peer-to-peer distributed digital ledger of time-stamped transactions, the
applications of blockchain are virtually limitless.

• As data shows, the technology can revolutionize lending, security, consumerism,


business models and digital property.

• And this is just the tip of the iceberg of its wider capabilities.

________________________________________________

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