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BLOCKCHAIN TECHNOLOGY (Autosaved)

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Elias ke
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18 views7 pages

BLOCKCHAIN TECHNOLOGY (Autosaved)

Uploaded by

Elias ke
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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BLOCKCHAIN

TECHNOLOGY
 Blockchain technology is a decentralized and distributed
ledger system that records transactions across multiple
computers to ensure security, transparency, and immutability.

User
Block1
User User
Peer Peer Peer

User User Peer To Peer


Block3 Block2
Direct peer-to-peer
transactions of data and
Decentralization finance Distributed
The control power is not held by Data is distributed among the
one entity or user. nodes or computers/hard drives
Even if one node fails, the system Even if one node is tempered,
repairs itself. the data does not get
compromised
Structure of a Blockchain
1. Blocks and Chains: Data is stored in
blocks, each containing a list of transactions.
These blocks are linked together in a
chronological chain using cryptographic
hashes, ensuring that once data is recorded,
it cannot be altered without altering all
subsequent blocks.

2. Decentralization: Unlike traditional


databases controlled by a single entity,
blockchain is maintained by a network of
computers (nodes). This decentralization
enhances security and transparency, as no
single point of failure exists.

3. Consensus Mechanisms: The


network must reach a consensus to add a
new block to the chain. This is often achieved
through mechanisms like Proof of Work (PoW)
or Proof of Stake (PoS), which ensure that all
participants agree on the validity of
transactions
Benefits of
Blockchain
1. Security: The
cryptographic nature 3. Efficiency: By eliminating
of blockchain makes it intermediaries, blockchain
highly secure against can streamline processes
tampering and fraud. and reduce costs in various
industries
2. Transparency: All
transactions are
recorded on a public
ledger, making it easy to
trace and verify data.
Applications of Blockchain Technology

1. Smart Contracts: 2. Supply Chain


Self-executing Management:
contracts with the Enhances
terms directly transparency and
written into code, traceability of
reducing the need goods from origin
for intermediaries 3. Healthcare:
to consumer.
Secures
patient records
and ensures
4. Cryptocurrencies: data integrity.
The most well-
known application,
with Bitcoin being
the first and most
famous example.

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