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Block Chain

Blockchain technology is a decentralized, secure, and transparent method for recording transactions, originally developed for Bitcoin but now applicable across various sectors such as finance, healthcare, and supply chain. Its key features include decentralization, immutability, transparency, and security, which address issues like centralization risks and data breaches. The future of blockchain holds potential for integration with AI and IoT, promising to transform traditional business models and enhance digital transactions.

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14 views18 pages

Block Chain

Blockchain technology is a decentralized, secure, and transparent method for recording transactions, originally developed for Bitcoin but now applicable across various sectors such as finance, healthcare, and supply chain. Its key features include decentralization, immutability, transparency, and security, which address issues like centralization risks and data breaches. The future of blockchain holds potential for integration with AI and IoT, promising to transform traditional business models and enhance digital transactions.

Uploaded by

steveiamid
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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ARBA MINCH INSTITUTE OF TECHNOLOGY (AMIT)

(ARBA MINCH UNIVERSITY)


DEPARTMENT OF COMPUTER SCIENCE

SELECTED TOPICS IN COMPUTER SCIENCE GROUP Assignment

Group -6

NAME ID.no

Estfanos Zenebe EVAMIT/021/13

Tekeste Arega EVAMIT/043/13

Tihut Woyesa EVAMIT/044/13


BLOCKCHAIN Understanding
Blockchain and Its
TECHNOLOGY Applications
INTRODUCTION TO BLOCKCHAIN
Blockchain technology represents a revolutionary approach to managing data and
transactions in a secure, decentralized manner. Initially designed to support Bitcoin,
blockchain has evolved into a versatile solution applicable to various sectors,
including finance, healthcare, supply chain, and governance.
Definition: Blockchain is a distributed ledger technology (DLT) that enables secure,
transparent, and tamper-proof recording of transactions. It operates on a
decentralized network of computers (nodes) and uses cryptographic techniques to
ensure data integrity.
...CONT'D
Importance and Relevance

Importance: Enhances transparency, reduces costs, and ensures security.


Blockchain addresses critical challenges in traditional systems, such as:
Centralization risks: Single points of failure in centralized systems.
Security vulnerabilities: Data breaches and unauthorized access.
Lack of transparency: Limited traceability in complex processes.
WHAT IS BLOCKCHAIN?

Explanation: A blockchain consists of a chain of blocks that are linked together


using cryptographic techniques.
Blockchain as a Ledger: A digital ledger that records every transaction in a
permanent and unalterable manner.
KEY FEATURES OF BLOCKCHAIN

Decentralization: No central authority, distributed across peer-to-peer networks.


Immutability: Once data is recorded, it cannot be altered or deleted.
Transparency: Transactions are visible to all network participants.
Security: Cryptography ensures secure transactions.
BLOCKCHAIN STRUCTURE
Block Components:

1. Block Header (contains metadata)


2. Block Body (contains transaction data)
Linking of Blocks: Each block has a hash pointer to the previous block.
TYPES OF BLOCKCHAIN

Public Blockchain: Open to everyone, anyone can join the network (e.g., Bitcoin,
Ethereum).
Private Blockchain: Restricted to specific participants, used by enterprises for
internal purposes.
Consortium Blockchain: Controlled by a group of organizations.
BLOCKCHAIN IN FINANCE

Cross-Border Payments: Blockchain enables faster and cheaper international


transfers.
Smart Contracts in Finance: Used to automate financial contracts.
Example: Ripple, a blockchain-powered payment system.
BLOCKCHAIN IN HEALTHCARE

Data Security: Blockchain ensures secure storage of patient records.


Interoperability: Easier data exchange between healthcare providers.

Example: MedRec, a blockchain-based system for managing medical records.


BLOCKCHAIN IN SUPPLY CHAIN

Tracking and Transparency: Every step in the supply chain is recorded on the
blockchain.
Real-time Data: Facilitates real-time visibility of product status.

Example: IBM’s Food Trust Network for tracking food products.


BLOCKCHAIN IN VOTING SYSTEMS

Transparency and Security: Blockchain can enhance electoral transparency and


ensure secure voting.
Reduced Fraud: Tamper-proof digital voting records.

Example: Estonian digital identity and voting system.


BLOCKCHAIN IN INTELLECTUAL PROPERTY

Copyright Management: Blockchain helps secure intellectual property rights and


simplifies royalty management.
Proof of Ownership: Blockchain verifies the authenticity and ownership of digital
works.
BLOCKCHAIN IN REAL ESTATE

Property Transactions: Blockchain simplifies property ownership transfers and


record-keeping.
Smart Contracts for Real Estate: Automating legal agreements for property sales.

Example: Propy, a blockchain-based real estate platform.


ADVANTAGES OF BLOCKCHAIN

Security: High encryption standards, making data tampering nearly impossible.


Cost-Efficiency: Reduces the need for intermediaries, lowering transaction costs.
Trust: Enhanced trust due to decentralized and transparent nature.
FUTURE OF BLOCKCHAIN

Integration with AI and IoT: Blockchain as a foundation for secure and


decentralized IoT networks.
Cross-Industry Adoption: Potential for blockchain in healthcare, finance,
government, and more.
CONCLUSION

Summary: Blockchain is transforming industries by providing a secure, transparent,


and decentralized approach to digital transactions.
Future Impact: Blockchain's potential to disrupt traditional business models and
pave the way for decentralized applications.
REFERENCES

1. Nakamoto, S. (2008). Bitcoin: A Peer-to-Peer Electronic Cash System.


2. Tapscott, D., & Tapscott, A. (2016). Blockchain Revolution: How the Technology
Behind Bitcoin and Other Cryptocurrencies is Changing the World.
3. Mougayar, W. (2016). The Business Blockchain: Promise, Practice, and the 100-Year
Quest to Reinvent Money.
4. Buterin, V. (2013). A Next-Generation Smart Contract and Decentralized Application
Platform.
5. Agbo, C. C., et al. (2019). Blockchain Technology in Healthcare: A Systematic Review.
Healthcare, 7(2), 56.
6. Tapscott, D., & Tapscott, A. (2016). Blockchain Revolution.

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