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Introduction to the Blockchain Technology

Introduction to the Blockchain Technology. The blockchain technology is conceptualized by Satoshi Nakamoto in 2008 . It is the collection of digital information put together in different blocks stored in a public database in the form of chain and the order of blocks is important

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Introduction to the Blockchain Technology

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  1. Introduction to the Blockchain Technology • The blockchain technology is conceptualized by Satoshi Nakamoto in 2008 . • It is the collection of digital information put together in different blocks stored in a public database in the form of chain and the order of blocks is important • Each blocks has three major information: • Transactions • User Information • Hash Value

  2. Introduction to the Blockchain Technology

  3. Introduction to the Blockchain Technology • How it Works? • Transactions of Data • Chain of Blocks Block 3 Transaction 5 Transaction 6 Block1 Transaction 1 Transaction 2 Block 2 Transaction 3 Transaction 4

  4. Introduction to the Blockchain Technology • How it Works? • Transactions of Data • Chain of Blocks Block 3 Transaction 5 Transaction 6 Block1 Transaction 1 Transaction 2 Block 2 Transaction 3 Transaction 4

  5. Introduction to the Blockchain Technology Block 1 T1: Ria -100BTC T1: Dia +100BTC T2: Sia -100BTC T2: Tia +100BTC Unique signature for the string of data ex:X32

  6. Introduction to the Blockchain Technology • How the Hash is created? • Cryptographic Hash Function • Unique 64-bit string of output • 4561A7DD9CAFE34C7CDE6C1270E17F773025A61E511A56F700D415F0D3E199868 • SHA-256 Hashing Algorithm

  7. Introduction to the Blockchain Technology • Mining: • Hash value should meet certain requirements to accept in blockchain. • For example, only blocks with signatures starts with four consecutive number of zeros qualify to be added to the blockchain. • A block consists of : • Transactions Data • The signature of the previous block • A nonce

  8. Introduction to the Blockchain Technology • Mining: • It is a process of repeatedly changing the nonce to find an eligible signature.

  9. Introduction to the Blockchain Technology

  10. Introduction to the Blockchain Technology • How Blockchain is Immutable? • If you try to alter a block then it will unchain it from the subsequent blocks. • If a block is altered then this altered block has to be accepted by the rest of the network and it needs to be chained to the subsequent blocks again. • This process is costly and time consuming

  11. Introduction to the Blockchain Technology • Importance of Decentralization? • Decentralization makes the blockchain impervious to • Censorship • Tampering • Data are replicated in different locations • When a new block is added to the blockchain every computer in the network updates its blockchain.

  12. Introduction to the Blockchain Technology • Blockchain in Real World • Monetary Transactions • Medical Records • Supply Chain • Applications • Banks • Cryptocurrency • Smart Contract

  13. Introduction to the Blockchain Technology • Advantages: • Decentralization • Efficiency • Cost • Privacy • Transparency

  14. Introduction to the Blockchain Technology • Disadvantages • Cost • Susceptibility

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