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    Blockchain Technology

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    Robsen Merga
    Blockchain is a decentralized database that records transactions in groups called blocks that are linked together using cryptography. It allows for transparent sharing of information among participants in a network. Key features include decentralization, immutability, and consensus. The components that make up a blockchain include a distributed ledger, blocks, a peer-to-peer network, nodes, cryptographic keys, hashes, and smart contracts. There are public, private, hybrid, and consortium types of blockchains that differ in their level of decentralization and access restrictions. Advantages include security, transparency, reduced costs and intermediaries, while disadvantages include high energy use, scalability issues, and privacy concerns.

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    Blockchain Technology

    Uploaded by

    Robsen Merga
    16 views14 pages
    Blockchain is a decentralized database that records transactions in groups called blocks that are linked together using cryptography. It allows for transparent sharing of information among participants in a network. Key features include decentralization, immutability, and consensus. The components that make up a blockchain include a distributed ledger, blocks, a peer-to-peer network, nodes, cryptographic keys, hashes, and smart contracts. There are public, private, hybrid, and consortium types of blockchains that differ in their level of decentralization and access restrictions. Advantages include security, transparency, reduced costs and intermediaries, while disadvantages include high energy use, scalability issues, and privacy concerns.

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    Blockchain is a decentralized database that records transactions in groups called blocks that are linked together using cryptography. It allows for transparent sharing of information among participants in a network. Key features include decentralization, immutability, and consensus. The components that make up a blockchain include a distributed ledger, blocks, a peer-to-peer network, nodes, cryptographic keys, hashes, and smart contracts. There are public, private, hybrid, and consortium types of blockchains that differ in their level of decentralization and access restrictions. Advantages include security, transparency, reduced costs and intermediaries, while disadvantages include high energy use, scalability issues, and privacy concerns.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    16 views14 pages

    Blockchain Technology

    Uploaded by

    Robsen Merga
    Blockchain is a decentralized database that records transactions in groups called blocks that are linked together using cryptography. It allows for transparent sharing of information among participants in a network. Key features include decentralization, immutability, and consensus. The components that make up a blockchain include a distributed ledger, blocks, a peer-to-peer network, nodes, cryptographic keys, hashes, and smart contracts. There are public, private, hybrid, and consortium types of blockchains that differ in their level of decentralization and access restrictions. Advantages include security, transparency, reduced costs and intermediaries, while disadvantages include high energy use, scalability issues, and privacy concerns.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    of 14

    BLOCKCHAIN

    TECHNOLOGY
    CONTENTS

    • What is Blockchain?
    • Features of Blockchain
    • Components of blockchain
    • How does it works?
    • Types of Blockchain
    • Advantage and disadvantage
    What is Blockchain ?

    • Blockchain technology is an advanced database mechanism


    that allows transparent information sharing within a business
    network.
    • A blockchain database stores data in blocks that are linked
    together in a chain. 
    • The data is chronologically consistent because you cannot
    delete or modify the chain without consensus from the
    network.
    • The first blockchain technology was invented in 2008 by the unknown
    persons behind the online cash currency bitcoin, under the pseudonym
    of Satoshi Nakamoto.

    • But blockchain is not only for cryptocurrency.  Virtually anything of value


    or assets can be tracked and traded on a blockchain network, reducing
    risk and cutting costs for all involved.
    •  An asset can be tangible (a house, car, cash, land) or intangible
    (intellectual property, patents, copyrights, branding).
    Important features of blockchain

    • Decentralization
    Decentralization in blockchain refers to transferring control and
    decision making from a centralized entity (individual, organization, or
    group) to a distributed network.
    • Immutability
    Immutability means something cannot be changed or altered. No one
    can delete or modify an existing block from a blockchain.  
    If a transaction record includes an error, you must add a new
    transaction to reverse the mistake, and both transactions are visible to
    the network.
    • Consensus
    A blockchain system establishes rules about participant consent for
    recording transactions. You can record new transactions only when the
    majority of participants in the network give their consent.
    Component of Blockchain

    o Distributed ledger
    o Blocks
    o Peer to peer network (p2p)
    o Nodes
    o Cryptographic key
     Private key &
     Public key
    o Hash
    o Smart contract
    Types of blockchain
    There are four type of blockchain technology.
    • Public blockchain networks
    Public blockchains are permissionless and allow everyone to join them. All
    members of the blockchain have equal rights to read, and validate the blockchain.
    People primarily use public blockchains to exchange and mine cryptocurrencies
    like Bitcoin, Ethereum, and Litecoin. 
    • Private blockchain networks
    A single organization controls private blockchains, also called managed
    blockchains. The authority determines who can be a member and what rights they
    have in the network.
    Private blockchains are only partially decentralized because they have access
    restrictions.
    • Hybrid blockchain networks
    Hybrid blockchains combine elements from both private and public
    networks. Companies can set up private, permission-based systems
    alongside a public system.
    In this way, they control access to specific data stored in the
    blockchain while keeping the rest of the data public. 

    • Consortium blockchain network


    This type of blockchain is owned and managed by a group of
    individuals, coworkers, or organizations and acts as a centralized system.
    It follows a hybrid method of decentralization along with a managing
    authority.
    Advantage of Blockchain

    • Advanced security : no one can change a validated transaction. No


    single point of failure
    • Transparency : transactions are visible to every one
    • No intermediaries : no need of third parties like bank or government
    • Trust less : no need to trust any one
    • Speed : with no third parities transaction will be fast
    • Reduced cost : almost zero transaction fee
    Down side of blockchain

    • High energy consumption


    • Scalability
    • Thorough knowledge
    • Users are their own bank: Private Keys
    • Privacy issue
    • Cryptos are volatile
    • Most companies don’t accept transaction through crypto

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