blockchainintroduction-180323144102.pptx

Blockchain is a shared immutable ledger that facilitates the process of recording transactions and tracking assets across a business network. Anything of value can be tracked and traded on the Blockchain network. A Blockchain is a distributed database, which is shared over a computer network.

1. Blockchain

2. Agenda #. What is Blockchain #. Definition n Properties #. How it works

3. Bitcoin is not Blockchain Blockchain powers Bitcoin.

4. Need Bring s Trust : To establish trust between ourselves, we depend on individual third parties such as banks, land registries, government etc. Decentralization : Chances of error, mistakes and corruption can happen in centralized control systems. Remove s Middle Man : They always comes with somewhat risk and cost.

5. Satoshi Nakamoto published a whitepaper on 31st October 2008 Bitcoin: A Peer to Peer Electronic cash system. The invention of the blockchain for bitcoin made it the first digital currency to solve the spending problem without the need of a trusted authority or central server. The satoshi is currently the smallest unit of the bitcoin currency recorded on the blockchain. It is a one hundred millionth of a single bitcoin (0.00000001 BTC)

6. Properties of block chain # . An open, immutable and distributed database/ledger. #. Disintermediation - P2P #. No central authority. #. Chained by Cryptography. #.Trustless

7. Defination A Distributed Ledger of Transactions , stored as Immutable Blocks that are connected to one another hence forming a Chain , the Validity of which has been agreed upon by Peers on a Decentralised network secured by Cryptography .

8. How it works ?

9. What is Block ? #. Bundle of Transactions. #. Contains previous block hash. #. All blocks are linked using their hash. #. Data can’t be changed in one block without breaking the chain.

10. Hash Hash is a hexadecimal code which used SHA- 256 (Secure Hashing Algorithm 256) Blockchain uses a Cryptographic Hash Function. It’s a hash function It takes any string as input Give fixed-size of output (256 bits) Efficiently Computable

11. Mining is the process by which transactions are verified and added to a blockchain. Difficulty in Proof-of- Work mining, is how hard it is to verify blocks in a blockchain network Proof of Work is a system that ties mining capability to computational power. When a block is successfully hashed, the hashing must have taken some time and computational effort and hashed block is considered proof of work.

12. Where can you use Blockchain? • Supply Chain Management It is one sector that has seen good use of blockchain technology to track their good from one point to another. It helped in ensuring that the goods and products were ethically sourced. It further helped limit the risk of fraud, theft, or counterfeiting, as blockchain technology could easily track and trace everything. • Identity Management It can create a decentralized identity management system to help individuals own and control their digital identity. Additionally, creating a decentralized system also helps during identity verification and thus eliminating the need for physical document verification.

13. • Voting System Elections are crucial to any economy for its growth and development. The voting phase is often considered a fixture, making people less interested. With the help of blockchain-based voting options, the concerned departments can improve the accuracy and transparency of the election process. You can use this system to offer immutable and tamper-proof voting records. Moreover, with a decentralized system in place, it can also help eliminate the need for people to vote at the designated centers. Instead, they can be allowed to vote remotely at their comfort. https://ifacet.iitk.ac.in/knowledge-hub/blockchain-and-cryptocurrency-with-python/the-evolution-of-blockchain-technology-from-bitcoin-to-decentralized-applications/

14. • Healthcare The Healthcare industry has seen a lot of advantages of using blockchain technology. They are using this technology to store and share medical records securely. Keeping medical records in a centralized platform gives patients and doctors access to the information at all times. Since it is run with the help of advanced technology, it helps to reduce the error percentage and enhance the patient care experience .