Blockchain-technology

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TABLE OF CONTENTS
1. What is blockchain technology?
2. Why is blockchain important?
3. How do different industries use blockchain?
4. What are the features of blockchain technology?
5. What are the key components of blockchain technology?
6. How does blockchain work?
7. What are the types of blockchain networks?
8. Conclusion
What is blockchain technology?
• 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.
Why is blockchain important?
• Traditional database technologies present several
challenges for recording financial transactions. For
instance, consider the sale of a property.
How do different industries use
blockchain?
Energy
Energy companies use blockchain technology to
create peer-to-peer energy trading platforms and
streamline access to renewable energy.
blockchain?
Finance
Traditional financial systems, like banks and stock
exchanges, use blockchain services to manage
online payments, accounts, and market trading.
blockchain?
Media and entertainment
Companies in media and entertainment use
blockchain systems to manage copyright data.
Copyright verification is critical for the fair
compensation of artists.
blockchain?
Retail
Retail companies use blockchain to track the
movement of goods between suppliers and buyers.
What are the features of
blockchain technology?
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 participant can tamper with a
transaction once someone has recorded it to the
shared ledger.
Consensus
A blockchain system establishes rules about
participant consent for recording transactions.
What are the key components of
Smart contracts
Companies use smart contracts to self-manage
business contracts without the need for an assisting
third party.
What are the key components of
Public key cryptography
Public key cryptography is a security feature to
uniquely identify participants in the blockchain
network. This mechanism generates two sets of
keys for network members.
How does blockchain work?
Step 1 – Record the transaction
A blockchain transaction shows the movement of
physical or digital assets from one party to another
in the blockchain network.
Step 2 – Gain consensus
Most participants on the distributed blockchain
network must agree that the recorded transaction is
valid.
Step 3 – Link the blocks
Once the participants have reached a consensus,
transactions on the blockchain are written into
blocks equivalent to the pages of a ledger book.
Step 4 – Share the ledger
The system distributes the latest copy of the central
ledger to all participants.
What are the types of blockchain
networks?
Public blockchain networks
Public blockchains are permissionless and allow
everyone to join them. All members of the
blockchain have equal rights to read, edit, and
validate the blockchain.
networks?
Private blockchain networks
A single organization controls private blockchains,
also called managed blockchains.
networks?
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.
networks?
Consortium blockchain networks
A group of organizations governs consortium
blockchain networks. Preselected organizations
share the responsibility of maintaining the
blockchain and determining data access rights.
Conclusion
Blockchain technology is a key component of

distributed ledgers as it provides a secure and
transparent way of recording and verifying
transactions. It has several benefits, including
security, transparency, and efficiency.
References
• Wikipedia.org
• Google.com
• Seminarppt.com
• Studymafia.org
Thanks
To
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Blockchain technology is a key component of

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