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Blockchain technology.pptx

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Introduction to Blockchain
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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.

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.

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Blockchain technology.pptx

  1. 1. SHRI RAMSWAROOP MEMORIAL UNIVERSITY Submitted by : - ARNAV PATEL SEMINAR TOPIC : - BLOCKCHAIN TECHNOLOGY
  2. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 17. Blockchain also works in past faced financial transactions (banking)
  18. 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. 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. 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. 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. 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. 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.
  24. 24. 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.
  25. 25. 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.
  26. 26. 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)
  27. 27. 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.
  28. 28. 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
  29. 29. THANK YOU

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