Blockchain Technology is being adopted by businesses nowadays to secure themselves from hackers

1. BLOCKCHAIN TECHNOLOGY
BY NIKHIL PRIYA
UNDER THE GUIDANCE OF PROF. D.S RAY

2. MEANING AND DEFINITION
Blockchain technology is a structure that stores transactional records, also known as the block,
of the public in several databases, known as the “chain,” in a network connected through peer-to-
peer nodes. Typically, this storage is referred to as a 'digital ledger. Every transaction in this ledger
is authorized by the digital signature of the owner, which authenticates the transaction and
safeguards it from tampering. Hence, the information the digital ledger contains is highly secure. In
simpler words, the digital ledger is like a Google spreadsheet shared among numerous computers
in a network, in which, the transactional records are stored based on actual purchases. The
fascinating angle is that anybody can see the data, but they can’t corrupt it.

3. WHY IS BLOCKCHAIN POPULAR?
• Suppose you are transferring money to your family or friends from your bank account. You
would log in to online banking and transfer the amount to the other person using their account
number. When the transaction is done, your bank updates the transaction records. It seems
simple enough, right? There is a potential issue which most of us neglect
• These types of transactions can be tampered with very quickly. People who are familiar with
this truth are often wary of using these types of transactions, hence the evolution of third-party
payment applications in recent years. But this vulnerability is essentially why Blockchain
technology was created.
• Technologically, Blockchain is a digital ledger that is gaining a lot of attention and traction
recently. But why has it become so popular? Well, let’s dig into it to fathom the whole concept.

4. BLOCKCHAIN FEATURES AND USES
With close to 3,000 different cryptocurrencies in the market right now, it’s clear that despite their
volatile nature, they are here to stay. But did you know almost all cryptocurrencies were born from
the same concept? Nearly all cryptocurrencies are based on blockchain technology. Also referred
to as the shared ledger, given its distributed nature, blockchain is considered one of the most
secure digital technologies. In this article, we’re going to look at blockchain technology and how it
is used to enable cryptocurrencies, including topics such as:
• Why transactions fail
• What is a cryptocurrency?
• What are the types of cryptocurrencies?
• What is blockchain?
• How does a Bitcoin transaction work?
• Features of blockchain
• The Walmart problem

5. FEATURES OF BLOCKCHAIN TECHNOLOGY
1) Cannot be Corrupted
2) Decentralized Technology
3) Enhanced Security
4) Distributed Ledgers
5) Consensus
6) Faster Settlement

6. USES• Secure sharing of medical data
• Music royalties tracking
• Cross-border payments
• Real-time IoT operating systems
• Personal identity security
• Anti-money laundering tracking system
• Supply chain and logistics monitoring
• Voting mechanism
• Advertising insights
• Original content creation
• Cryptocurrency exchange
• Real estate processing platform

7. IMPORTANCE OF BLOCKCHAIN TECHNOLOGY
• Security
• Transparency
• Inexpensive
• Time of Transaction is Less
• Increased Efficiency in Finance

8. THE BENEFITS OF APPLYING BLOCKCHAIN
TECHNOLOGY IN ANY INDUSTRY
• Blockchain technology has evolved greatly since the introduction of Bitcoin in 2008, the first
decentralized peer-to-peer electronic cash system. Today, innovators in various fields are
realizing the benefits of the technology behind Bitcoin. From medicine to finance, many sectors
are looking for ways to integrate blockchain into their infrastructures.
• With its decentralized and trustless nature, Blockchain technology can lead to new
opportunities and benefit businesses through greater transparency, enhanced security, and
easier traceability.

9. DISADVANTAGES OF BLOCKCHAIN
• Blockchain is not a distributed computing system. ...
• Scalability Is An Issue. ...
• Some Blockchain Solutions Consume Too Much Energy. ...
• Blockchain Cannot Go Back — Data is Immutable. ...
• Blockchains are sometimes inefficient. ...
• Not Completely Secure. ...
• Users Are Their Own Bank: Private Keys.

10. THANK YOU!