Block Chain Technology

1. "Cryptocurrencies and block chain
technology"
By
Dr.P.Muthukumar

2. Points to be remember
• What is money and its evolution?
• What are its types?

3. Block Chain Technology

4. 1. History
• Introduced in 1991 by Stuart Haber and W. Scott Stornetta.
• The first decentralized block chain was conceptualized by a person (or
group of people) known as Satoshi Nakamoto in 2008.

5. What is block chain technology in simple terms?
• Block chain is a system of recording information in a way that makes it
difficult or impossible to change, hack, or cheat the system.
• A block chain is essentially a digital ledger of transactions that is
duplicated and distributed across the entire network of computer
systems on the block chain.

6. What is a Block?
• Blocks hold batches of valid transactions that are hashed and
encoded.
• Each block includes the cryptographic hash of the prior block in the
block chain, linking the two.
• The linked blocks form a chain.
• This iterative process confirms the integrity of the previous block, all
the way back to the original genesis block.

7. What is Block chain?
• A block chain is, an immutable time-stamped series record of data
that is distributed and managed by cluster of computers.
• A Block chain is a chain of blocks which contain information.
• The data which is stored inside a block depends on the type of block
chain.
For Example, A Bitcoin Block contains information about the Sender,
Receiver, number of bitcoins to be transferred.
• The first block in the chain is called the Genesis block.

8. What is Block chain Technology?
• Based on a peer-to-peer (P2P) topology, block chain is a distributed
ledger technology (DLT).
• It allows data to be stored globally on thousands of servers while
letting anyone on the network see everyone else's entries in near
real-time.
• That makes it difficult for one user to gain control of, or game, the
network.

9. What are the 4 different types of block chain
technology?
• There are four main types of block chain networks:
• public block chains,
• private block chains,
• consortium block chains and
• hybrid block chains.
• Each one of these platforms has its benefits, drawbacks and ideal
uses.

10. Who is the biggest block chain company?
• IBM. Founded in 1911, IBM is a cloud platform and cognitive solutions
company — it's also the largest company in the world embracing
block chain.
• IBM has helped more than 220 businesses develop applications and
data governance tools that run on block chain.

11. Why Block chain technology?
• To implement a system where document timestamps could not be
tampered with.
• For carrying out safe digital transactions.
• To serve as public transaction ledger that no one can change but
everyone can see

12. Uses of Block chain Technology
• Initially, used for Bit coin and other crypto currencies.
• Block chain has now found use cases in several industries including
finance, real estate, and health

13. How is block chain used in real life?
• Money Transfer and Payment Processing Potentially the most ideal
and rational application of block chain technology is using it as a
means to accelerate the transfer of funds from one party to another.

14. How Block chain Technology works (Continue..)
• Block chain technology – How?
• A Block chain is a type of diary or spreadsheet containing information
about transactions.
• Each transaction generates a hash.
• A hash is a string of numbers and letters.
• Transactions are entered in the order in which they occurred. Order is
very important.
• The hash depends not only on the transaction but the previous
transaction's hash.

15. How Block chain Technology works(Continuation)
• Even a small change in a transaction creates a completely new hash
• The nodes check to make sure a transaction has not been changed by
inspecting the 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 Block chain.
• A Block chain is effective as it is spread over many computers, each of
which have a copy of the Block chain.
• These computers are called nodes.
• The Block chain updates itself every 10 minutes

16. What is the main use of block chain?
• Block chain was first created to enable crypto currency but has since
been widely touted for its potential to transform entire industries.
• Global spending on block chain is forecast to reach nearly $19 billion
in 2024, growing at a five-year compound annual growth rate of
46.4%.

17. What is crypto currency?
• A crypto currency is a digital currency, which is an alternative form of
payment created using encryption algorithms.
• The use of encryption technologies means that Cryptocurrencies
function both as a currency and as a virtual accounting system.
• Examples of payment Cryptocurrencies include Bitcoin, Litecoin,
Monero, Dogecoin, and Bitcoin Cash

18. Is crypto real money?
• Crypto only exists digitally and can't be physically withdrawn. So,
you'll never actually hold a bitcoin in your hand

19. What are the 4 types of crypto currency?
• The four major types include
• utility,
• payment,
• security, and
• stable coins.

20. Is Bit coin also called crypto currency?
• Bit coin is the name of the best-known crypto currency, the one for
which block chain technology, as we currently know it, was created

21. Who owns crypto currency?
• This concludes that Cryptocurrencies are largely owned by young,
tech savvy and wealthy Americans.
• Highly educated Americans are more likely to own Cryptocurrencies,
17% of them hold a doctorate education and equivalent, while 9%
with a secondary education

22. How crypto currency works?
• Cryptocurrencies run on a distributed public ledger called block chain,
a record of all transactions updated and held by currency holders.
• Units of crypto currency are created through a process called mining,
which involves using computer power to solve complicated
mathematical problems that generate coins.

23. Is crypto currency safe?
• Crypto is secure, but users must take precautions. Crypto currency
has risks which can be mitigated by taking basic precautions.
• Crypto scams should be avoided by sticking to popular coins and
reputable exchanges.
• Invest in crypto safely by creating strong passwords, using 2FA, and
diversifying investments.

24. What is the price of crypto currency in India?
• # Name Price
• 1 Bitcoin BTC ₹ 1,918,204.68
• 2 Ethereum ETH ₹ 133,189.1
• 3 Tether USDT ₹ 82.94
• 4 BNB BNB ₹ 25,037.52

25. Is crypto a good investment?
• Investing in crypto assets is risky, but can be a good investment if you
do it properly and as part of a diversified portfolio.
• Crypto currency is a good investment if you want to gain direct
exposure to the demand for digital currency.

26. Is crypto currency legal in India?
• Based on the various key statements made by the Reserve Bank Of
India Governor as well as various government spokespersons
including the Finance Minister of the country, one can conclude that
crypto currency is illegal,
• but there is no certain ban on it in India.

27. Working of Block chain technology
https://www.youtube.com/watch?v=SSo_EIwHSd4

28. Is block chain a coding?
• It is essential to remember that the blockchain is a technology –
mathematically complex software code to be specific.
• And Bit coin (or Ethereum or any of the other cryptos on offer) are
just applications of that technology.

29. Is Python a block chain?
• Python is an excellent language for Block chain projects because it's
secure, per formant, scalable and very safe.
• Although Block chain is written in C++, many developers and data
scientists turn to other languages to build their block chains.

30. Is coding required for block chain?
• Yes, block chain does require coding.
• At least you need the most basic form of coding to create the "smart
contract" which is the basic thing on a block chain.

31. Can I create my own block chain?
• Apart from paying someone to create it, there are three main ways of
doing it yourself – build your own blockchain, modify an existing
blockchain or build on the back of an existing blockchain.
• However, there are things to consider beforehand, such as legality,
use case, tokenomics, and start-up costs

32. Application
• Real time Uses of Block chain technology
• Supply chain management
• Digital ID
• Healthcare
• Wills and inheritance
• Food safety
• Digital Voting
• Real Estate
• Data sharing
• AND Many more

33. A Practical example
• Food safety
• Intriguing use of block chain in food safety is the ability to trace your
food from its origin to your plate.
• Using the immutable nature of block chain, the transport of food
products from their origin to the supermarket can be traced.
• In the case of food-borne illnesses, the source of the contaminant can
be traced quickly and accurately.

34. Suguna Chicken
• Genesis Block (Block 1) (ID -002A) – Name of the chicken farm,
chicken information like Dates, vaccination, temperature, Feeding.
Etc.,)
• Block 2 (ID- AG9*BVN- Previous block ID-002A) - Product information
like product type, date of packaging, etc.)
• Block3 (ID- ZAP$4- Previous block ID - AG9*BVN) – transportation
information – date, location, etc.
• Block 4 (ID-SGA24# Previous block ID- ZAP$4) – Store Information
(Type, address, products, date of arrival .etc.)

35. Job Opportunity (Continuation…)
• Block chain Jobs – Naukri.com Listing
• Block chain Developer
• Block chain Architect
• Technology analyst
• Block chain software engineer
• Solution architect
• Project manager
• UX designer

36. Continuation
• Quality engineer
• Legal expert
• Other Connected Roles
• Accountants
• Public Relations
• Marketers
• Crypto journalists
• Managers
• Crypto brokers
• Analysts

37. Skill set required
• You need to learn and Build Some Coding Skills
• Learning Java, JavaScript, HTML, CSS will be added bonus.
• Learn Any One Block chain Platform like Ethuereum, Hyper ledger
• Understand the complete block chain technologies and their uses

38. Certificate courses
• Crypto currency Certification Consortium
• They offer three different types of certificates,
• Certified bitcoin professional,
• Certified Bitcoin expert and
• Certified Ethereum developer.
• https://www.quora.com/How-do-I-build-my-career-in-blockchain-as-
a-non-technical-person

39. Thank you