![Blockchain is a public register in which transactions between two
users belonging to the same network are stored in a secure, verifiable
and permanent way. The data relating to the exchanges are saved
inside cryptographic blocks, connected in a hierarchical manner to
each other. This creates an endless chain of data blocks -- hence the
name blockchain -- that allows you to trace and verify all the
transactions you have ever made. [1]
[1] Forbes: https://www.forbes.com/sites/forbestechcouncil/2018/03/28/blockchain-what-is-it-and-what-is-it-for/#6f39e9951a16
… public distributed ledger secured with cryptographic algorithms.
… public distributed database storying keys and values secured with
cryptographic algorithms.](data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7)
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Introduction to blockchain
- 1. INTRODUCTION TO BLOCKCHAIN Short Story of Elusive Trust krzysiek.bury@gmail.com@krzysiek_bury Krzysztof Bury
- 2. Blockchain is a public register in which transactions between two users belonging to the same network are stored in a secure, verifiable and permanent way. The data relating to the exchanges are saved inside cryptographic blocks, connected in a hierarchical manner to each other. This creates an endless chain of data blocks -- hence the name blockchain -- that allows you to trace and verify all the transactions you have ever made. [1] [1] Forbes: https://www.forbes.com/sites/forbestechcouncil/2018/03/28/blockchain-what-is-it-and-what-is-it-for/#6f39e9951a16 … public distributed ledger secured with cryptographic algorithms. … public distributed database storying keys and values secured with cryptographic algorithms.
- 3. • 1991 - Work on a secured chain of blocks described by Stuart Haber and W. Scott Stornetta [2] • 2008 - Implementation of blockchain concept by Satoshi Nakamoto as a core component of the digital currency Bitcoin. Brief History [2] Haber, Stuart; Stornetta, W. Scott (January 1991)."How to time-stamp a digital document".
- 4. 3 Key Principles •Principle 1: Chain of transactions - Ledger •Principle 2: Distribution (distributed ledger) •Principle 3: Understanding and synchronization of nodes (consensus)
- 6. But really what problem does it solves? • Double-spending problem - Fixed • Trusted 3rd party • Governed by 3rd party and regulators • Double-spending problem - Fixed • Public, Distributed, Immutable • Governed by Mathematical Algorithms TRUST
- 8. Public Blockchain Examples Bitcoin Ethereum (cryptocurrency: Ether) Litecoin
- 10. Pros of Blockchain • Decentralized • Public • Low cost of transactions • Immutable • Mathematically Based • Not Governed by any 3rd parties • Rapidly Growing
- 11. Cons of Blockchain • Emerging Technology - Immature • Current networks performance is very low compared to standard (VISA for instance) solutions • Not many “experts” on the market • Scalability Issues • Hacks and Security Vulnerabilities • In Community We Trust – really? • Forks
- 13. Don’t Fall Into This Trap • Be Smart • Ask yourselves – initial questions • Watch & Evaluate • Find the right problems that blockchain can help to solve • Finance – Inter Businesses Payments • Global Supply Chain – Chain Of Supply with verifiable parties (from sea to plate) • Land Owning • Internet of Things (IoT) integration hub platform • Be Innovator not Follower
- 14. More Information • http://www.datacraze.pl/ • https://medium.com/@diginaexplorers • https://www.coindesk.com/ • https://cointelegraph.com/
- 15. Appendix
Editor's Notes
- * By default, blockchain was created as an open, public to everyone solution where every party can see every transaction. In real world as noble as it is complete openness would not suite everybody, thus private and hybrid blockchain networks are emerging. * Distributed copies of a ledger are synchronized - all the participants in the network sees the same copy. In simple terms each user of a network that is running a full node will download to a computer, full copy of the whole blockchain, which will include all transactions data for particular network (currently size of Bitcoin Blockchain is 150 GB) [4]. * Steps to be taken to have a synchronized network: 1. Transaction is being published and broadcast to network 2. Transaction is waiting to validation 3. Nodes are working (as per Proof of Work algorithm) to validate transaction - add it to chain and get financial reward (network token).
- Chain Blocks Immutable Avg. 92 Transactions per Block -> Bitcoin blockchain