A Blockchain is a type of diary or spreadsheet containing information about transactions. Each transaction generates a hash. If a transaction is approved by a majority of the nodes then it is written into a block. Each block refers to the previous block and together make the Blockchain. And I am sharing this to help everyone to learn about blockchain technology.

1. SHRI RAMSWAROOP MEMORIAL UNIVERSITY
Submitted by : -
ARNAV PATEL
SEMINAR
TOPIC : - BLOCKCHAIN
TECHNOLOGY

2. What is Blockchain?
Blockchain is a data structure
that holds transactional records
and while ensuring security,
transparency, and
decentralization. You can also
think of it as a chain or records
stored in the forms of blocks
which are controlled by no single
authority.

3. The History of Blockchain
(A short history of
Blockchain)
2008: The first
description of Bitcoin
was published in 2008
by an individual or a
group under the
pseudonym "Satoshi
Nakamoto" in a now
very famous white
paper.
2009: The Bitcoin
Network goes live and
the first Bitcoins are
mined.
2010: The first
cryptocurrency stock
exchange for trading
Bitcoin is launched.
2011: One Bitcoin
equals one USD.
2013: One Bitcoin now
equals 100 USD.
2014: Microsoft starts
accepting Bitcoin as
payments.
2017: One Bitcoin
equals 10'000 USD.

4. How does Blockchain work?
A Blockchain is a type of diary or spreadsheet containing
information about transactions. Each transaction generates a
hash. If a transaction is approved by a majority of the nodes
then it is written into a block. Each block refers to the
previous block and together make the Blockchain.

5. The blockchain is a distributed database:- The
blockchain can be thought of as a distributed
database. Additions to this database are initiated
by one of the members who creates a new
“block” of data, which can contain all sorts of
information. This new block is then broadcasted
to every party in the network in an encrypted
form (utilizing cryptography) so that the
transaction details are not made public. Those in
the network collectively determine the block’s
validity in accordance with a pre-defined
algorithmic validation method, commonly
referred to as a “consensus mechanism”.
Transaction “blocks” are signed with a digital
signature using a private key:- Every user on a
blockchain network has a set of two keys. A
private key, which is used to create a digital
signature for a transaction, and a public key,
which is known to everyone on the network. A
public key has two uses: 1) it serves as an address
on the blockchain network; and 2) it is used to
validate the identity of the sender. A user’s public
and private keys are kept in a digital wallet or
e-wallet. Such wallet can be stored or saved
online and/or offline
Bye-bye middleman? One of the key advantages
of blockchain technology is that it allows to
simplify the execution of a wide array of
transactions that would normally require the
intermediation of a third party (e.g. a custodian, a
bank, a securities settlement system,
broker-dealers).

6. IMPLICATION OF BLOCKCHAIN TECHNOLOGY
• Blockchain technology has made a great impact on society, including: Bitcoin ,
Blockchain’s prime application and the whole reason the technology was developed
in the first place, has helped many people through financial services such as digital
wallets.
• It has provided microloans and allowed micropayments to people in less than ideal
economic circumstances, thereby introducing new life in the world economy.
• The next major impact is in the concept of TRUST, especially within the sphere of
international transactions. Previously, lawyers were hired to bridge the trust gap
between two different parties, but it consumed extra time and money.
• But the introduction of Cryptocurrency has radically changed the trust equation.
Many organizations are located in areas where resources are scarce, and corruption
is widespread.

7. • In the area of politics, Blockchain is being looked at by an organization called Follow My Vote, which is trying to
combat election fraud at the ballot box. The advent of the Internet of Things (IoT) has unleashed l a plethora of
smart machines that transfer data over the Internet without any human interaction needed.
• Likewise, technology is even used for public services such as rubbish collection, transportation, and traffic
management. So, in the world of IoT, you can make Smart Contracts and allow smart objects to perform the listed
tasks, which in turn negates the need for human involvement.
• Blockchain technology can create a decentralized peer-to-peer network for organizations or apps like Airbnb and
Uber. It allows people to pay for things like toll fees, parking, etc. Blockchain technology can be used as a secure
platform for the healthcare industry for the purposes of storing sensitive patient data.
• Health-related organizations can create a centralized database with Blockchain technology and share the
information with only the appropriately authorized people. In the private consumer world, Blockchain technology
can be employed by two parties who wish to conduct a private transaction.

8. Advantages and Disadvantages of Blockchain
Cons
• Significant technology cost associated with
mining bitcoin.
• Low transactions per second.
• History of use in illicit activities.
• Susceptibility to being hacked.
Pros
• Improved accuracy by removing human
involvement in verification.
• Cost reductions by eliminating third-party
verification.
• Decentralization makes it harder to tamper
with.
• Transactions are secure, private and efficient.
• Transparent technology.

9. Which banks use Blockchain?
•ICICI was the first bank to use the blockchain technology.
•Axis Bank Ltd., and Kotak Mahindra Bank Ltd., are two of the
latest banks to join the growing number of global financial institutions
jumping onto the blockchain bandwagon.

10. Future of Blockchain
The future of blockchain is
Forget Bitcoin.
Cryptocurrencies of all types
make use of distributed
ledger technology known
as blockchain.
However, blockchain technol
ogy remains a
quickly-growing area of
growth for companies across
a host of industries.

11. Does Blockchain change the world?
Blockchain could make it easier to
treat health problems by radically
improving the accuracy and
availability of your medical history. By
creating an accessible,
permanent blockchain record, owned
by you, you could instantly reveal the
ailments, allergies, and lifestyle
factors that help doctors diagnose
and treat you.

12. How secure is blockchain?
• Blockchain is a simple topology is the most secure today. In order to move anything of value
over any kind of blockchain, the network [of nodes] must first agree that that transaction is
valid, which means no single entity can go in and say one way or the other whether or not a
transaction happened.
• To hack it, you wouldn't just have to hack one system like in a bank, you'd have to hack every
single computer on that network, which is fighting against you doing that.

13. The Three Pillars of Blockchain
Technology
•Decentralization : - Decentralization is the process of distributing and dispersing power away from a central authority. thorite. It offers every
single user an opportunity to become one of the network's many payment processors.
•Transparency : - It is addressed through the powerful cryptography used to approve transactions in the blocks of the distributed ledger.
•Immutability : - Immutability can be defined as the ability of a blockchain ledger to remain unchanged, for a blockchain to remain unaltered
and indelible

14. Why do people use the peer-to-peer network?
•One of the main uses of the peer-to-peer network is file sharing, also call
torrenting.
•In a peer-to-peer system, there is no central authority, and hence if even one of the peers in the
network goes out of the race, you still have more peers to download from.

15. How Blockchain can Revolutionize the Existing
System of Corporate Governance
Blockchain is a distributed and decentralized ledger
technology that permanently records every
transaction made on its network. Combined with
smart contracts, blockchain has the potential to
revolutionize corporate governance by making the
transaction of money, property, and shares
transparent and conflict-free, especially amongst
privately held companies. One important aspect of
blockchain in corporate governance is secure and
accurate proxy voting. Proxy voting is a
complicated process for corporations and often
result in flaws, incomplete distribution of ballots,
inexact voter list and problematic vote tabulation.

16. Maintaining the
Blockchain
The blockchain uses a special kind of
network called “peer-to-peer network”
which partitions its entire workload
between participants, who are all equally
privileged, called “peers”. There is no
longer one central server, now there are
several distributed and decentralized
peers.

17. Blockchain also works in past faced financial
transactions (banking)

18. Public Vs Private Blockchains
•Public Blockchain : - Public blockchain ledgers can be managed autonomously to exchange information between parties.
There's no need for an administrator. In effect, the blockchain users are the administrator.
•Private Blockchain : - private blockchain allows companies to create and centrally administer their own transactional
networks that can be used inter- or intra-company with partners.

19. Bitcoin
• Bitcoin is a form of digital currency, created and held electronically. No one
controls it. Bitcoin’s aren’t printed like dollars or euros- they’re produced by
people, and increasingly businesses, running computers all around the world,
using software that solves mathematical problems.
• However, bitcoin’s most important characteristic,& the things that make it
different to conventional money, is that it is decentralized. No single institution
controls the bitcoin network. This puts some people at ease, because it means
that a large bank can’t control their money.
• As of February 2015, 0ver 100,000 merchants and vendors accepted bitcoin as
payment. According to a research produced by Cambridge University in 2017,
thee are 2.0 to 5.8 million unique users using a cryptocurrency wallet, most of
them using bitcoin.

20. • Managing transactional and the issuing of bitcoins is carried out collectively by
the network.
• The transactional are verified by proof-of-work system of computers running a
mining software.
• The virtual character of Bitcoin implies that Bitcoins normally do not take a
physical form.
• Bitcoin is based on a PoW consensus mechanism. The issue of Bitcoins takes
place via a process called "mining“. The aggregate number of Bitcoins that can
be created through mining is limited: the Bitcoin system is programmed so that
the development of blocks in time will be rewarded with increasingly less
Bitcoins and that at no point in time will more than 21 million Bitcoins exist.

21. How It Works?
• Every “account” consist of the public key (bitcoin address) & the
private key.
• The miners confirm the transaction.
• The transaction is broadcasted to the bitcoin network.
• Anyone can purchase Bitcoin from a Bitcoin exchange using
dozens of different currencies and payment methods to buy and
sell it.
• Bitcoin is sent from person to person similar to how PayPal
works with an email. All you need is a BTC address to send to and
it will arrive instantly.

22. CRYPTOCURRENCIES
Cryptography is the technique of
protecting information by
transforming it (i.e. encrypting it) into
an unreadable format that can only be
deciphered (or decrypted) by
someone who possesses a secret key.
Cryptocurrencies has become a
“buzzword” to refer to a wide array of
technological developments that
utilize a technique better known as
cryptography. Cryptocurrencies, are
virtual currencies of the latter type:
they can both be bought with
traditional money as sold against
traditional money, and they can be
used to buy both digital and real goods
and services.

23. Cryptocurrencies – Tokens – Cryptosecurities
a. Cryptocurrencies – Tokens:- Tokens are issued in the
framework of an Initial Token Offering or “ITO” to raise
funds for a given project or enterprise. They constitute a
novel class of crypto-assets (i.e. digital assets recorded on a
distributed ledger, secured by cryptography) which embody
some sort of claim against an entity (or against its cash
flows, assets, residual value, future goods or services, …)
that arises from the use of blockchain technology.
b. Cryptocurrencies – Cryptosecurities:- It has been argued
that blockchain technology could also be used to register,
issue and transfer regular shares and other corporate
securities, so that the capitalization table of a company is
always accurate and up-to-date. Because this technological
process would be secured with cryptography, it has been
suggested that these securities be defined as
cryptosecurities.
c. Cryptocurrencies – Blockchain:- Blockchain is a type of
distributed ledger technology that forms the backbone of
the crypto-market. It is the technology behind the large
variety of cryptocurrencies currently in circulation.

25. Cryptocurrency users
A cryptocurrency user is a natural person or legal entity who obtains coins to use them (i) to purchase real or virtual goods or
services (ii) to make P2P payments, or (iii) to hold them for investment purposes. A cryptocurrency user can obtain his coins in a
number of ways:
• Firstly, he can simply buy his coins on a cryptocurrency exchange using fiat money or another cryptocurrency;
• Secondly, he can buy his coins directly from another cryptocurrency user (i.e. through a trading platform – this form of exchange
is often referred to as a “P2P exchange”);
• Thirdly, if a cryptocurrency is based on a PoW consensus mechanism, he can mine a new coin (i.e. participate in the validation of
transactions by solving of a “cryptographic puzzle” and be rewarded a new coin);
• Fourthly, in some cases he can obtain his coins directly from the coin offeror, either as part of a free initial offering of coins
• Fifthly, if he sells goods or services in exchange for cryptocurrency, he can also receive coins as a payment for those goods or
services;
• Sixthly, in case of a “hard fork” of a coin’s blockchain, he will automatically obtain an amount of the newly created coin; and
• Finally, he can receive coins as a gift or donation from another cryptocurrency user.

26. DISTRIBUTED LEDGER TECHNOLOGY
Distributed ledgers (DLs) are a specific
implementation of the broader category of
‘shared ledgers’, which are simply defined as a
shared record of data across different parties. A
shared ledger can be a single ledger with layered
permissions or a distributed ledger, which
consists of multiple ledgers maintained by a
distributed network of node. DLs are categorized
as permissioned or permissionless, depending on
whether network participants (nodes) need
permission from any entity to make changes to
the ledger. Distributed ledgers are categorized as
public or private depending on whether the
ledgers can be accessed by anyone or only by the
participating nodes in the network.

27. How Does Blockchain-Based DLT
Work?
Two core attributes of a DLT-based infrastructure are: (i) ability to store,
record and exchange “information” in digital form across different,
self-interested counterparties without the need for a central record-keeper
(i.e. peer-to-peer) and without the need for trust among counterparties;
and, (ii) ensure there is no ‘double-spend” (i.e. the same asset or token
cannot be sent to multiple parties)

28. Challenges
Although Blockchain technology has a strong disruptive power and can
change many areas of our daily lives, there are still some challenges
that need to be addressed.
•The high energy consumption - Bitcoin uses a lot of energy.
•The scalability issue - Bitcoin supports far less transactions per
second than e.g. VISA.
•It opens up possibilities for money laundering - Some blockchains as
Monaro are anonymous.

29. REFERENCES
• https://en.wikipedia.org/wiki/Blockchain
• https://www.informit.com/articles/article.aspx?p=2955143&seqNum=8
• https://blockgeeks.com/guides/what-is-blockchain-technology/
• http://www.unece.org/fileadmin/DAM/cefact/GuidanceMaterials/WhitePaperBl
ockchain.pdf

30. THANK YOU