blockchaintechnologypptproject-221208214159-86e2bd7c.pptx

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1. BLOCKCHAIN TECHNOLOGY

2. INDEX Sr. No. Topic 1. What is Blockchain Technology? 2. Fundamentals of Blockchain 3. Types of Blockchain Technology 4. Why is Blockchain important? 5. How does Blockchain Work? 6. Transaction process in Blockchain 7. Decentralization in Blockchain 8. Why is decentralization important? 9. Applications of Blockchain 10. History of Blockchain Technology 11. Bitcoin vs. Blockchain 12. Advantages and Disadvantages of Blockchain Technology 13. Conclusion 14. References

3. What is Blockchain Technology? A blockchain is a distributed database or ledger that is shared among the nodes of a computer network. As a database, a blockchain stores information electronically in digital format. Blockchains are best known for their crucial role in cryptocurrency systems, such as Bitcoin, for maintaining a secure and decentralized record of transactions. The innovation with a blockchain is that it guarantees the fidelity and security of a record of data and generates trust without the need for a trusted third party.

4. Fundamentals of Blockchain Public Distributed Ledgers A blockchain is a decentralized public distributed ledger that is used to record transactions across many computers. A distributed ledger is a database that is shared among the users of the blockchain network. The transactions are accessed and verified by users associated with the bitcoin network, thereby making it less prone to cyberattack. 2. Encryption Blockchain eliminates unauthorized access by using the cryptographic algorithm (SHA256) to ensure the blocks are kept secure. Each user in the blockchain has their key.

5. 3. Proof of Work Proof of work (PoW) is a method to validate transactions in a blockchain network by solving a complex mathematical puzzle called mining. Note: Users trying to solve the puzzle are called miners . 4. Mining In Blockchain, when miners use their resources (time, money, electricity, etc .) to validate a new transaction and record them on the public ledger, they are given a reward. Note: As a reward, the miner gets 12.5 BTC (bitcoins )

6. Based on the most recent data available: The current price of 1 Bitcoin (BTC) is approximately $117,240.50 USD . The current exchange rate is 1 USD = 143.75 ETB (Ethiopian Birr). Now, let's calculate the value of 12.5 BTC: 1. Value in US Dollars (USD): 12.5 BTC×$117,240.50 per BTC=$1,465,506.25 USD 2. Value in Ethiopian Birr (ETB): $1,465,506.25 USD×143.75 ETB per USD=210,634,814.80 ETB Therefore, 12.5 BTC is worth approximately: $1,465,506.25 USD 210,634,814.80 ETB Note: The prices of crypto currencies and foreign exchange rates are highly volatile and can change rapidly. These figures are based on the latest available data at the time of this response and should be considered an estimate. in words One million, four hundred sixty-five thousand, five hundred six US dollars and twenty-five cents. Two hundred ten million, six hundred thirty-four thousand, eight hundred fourteen Ethiopian Birr and eighty cents.

7. it is absolutely possible to convert your Bitcoin into cash. However, you can't just take a digital Bitcoin and get physical money directly. The process requires a few steps to move from the digital world of cryptocurrency to the physical world of cash. Here are the most common ways to get cash for your Bitcoin : 1. Using a Cryptocurrency Exchange This is the most common and secure method, especially for larger amounts. Sell your Bitcoin : You first need to send your Bitcoin to a cryptocurrency exchange (like Coinbase , Kraken, or Binance ). On the exchange, you sell your Bitcoin for your local currency (e.g., USD, EUR, or ETB). Withdraw to your bank account: The exchange will hold the cash balance in your account. You can then initiate a withdrawal to your linked bank account. Withdraw cash: Once the funds have been transferred to your bank account, you can withdraw them as physical cash from your bank or an ATM. This process can take a few business days for the funds to arrive in your bank account, and exchanges may require you to verify your identity (a process called KYC, or "Know Your Customer") to comply with regulations. 2. Using a Bitcoin ATM Bitcoin ATMs are specialized machines that allow you to buy and sell Bitcoin for cash directly. Find a Bitcoin ATM: You use a locator app or website to find an ATM near you that offers a "sell" function. Sell your Bitcoin : You select the "sell" option, specify the amount you want to sell, and the ATM will generate a QR code for you to send your Bitcoin to. Receive cash: Once the transaction is confirmed on the blockchain , the ATM will dispense the physical cash. Pros: This is one of the fastest ways to get cash. Cons: Bitcoin ATMs typically have higher fees (often 7-20%) and may have daily transaction limits. They are also not available in all locations. 3. Peer-to-Peer (P2P) Trading P2P platforms (like Paxful or LocalBitcoins ) allow you to sell your Bitcoin directly to another person for cash. Find a buyer: You create an advertisement on a P2P platform, stating that you want to sell your Bitcoin for cash. Arrange a meeting: You and the buyer agree on a meeting place to exchange the cash in person. Complete the trade: The platform's escrow service will hold your Bitcoin until the buyer confirms they have paid you the cash. Once you confirm receipt, the Bitcoin is released to them. Pros: This method can offer more privacy and flexibility in payment methods. Cons: It carries a higher risk due to the in-person exchange and requires a high degree of trust between parties. It's crucial to use the escrow service provided by the platform.

8. 2. Private Blockchain These blockchains are not as decentralized as the public blockchain only selected nodes can participate in the process, making it more secure than the others. 4. Hybrid Blockchain It is the mixed content of the private and public blockchain, where some part is controlled by some organization and other makes are made visible as a public blockchain. 3. Consortium Blockchain It is a creative approach that solves the needs of the organization. This blockchain validates the transaction and also initiates or receives transactions. It is also known as Federated Blockchain.  1. Public Blockchain These blockchains are completely open to following the idea of decentralization. They don’t have any restrictions, anyone having a computer and internet can participate in the network.

9. Why is Blockchain important? Blockchain is an especially promising and revolutionary technology because it helps reduce security risks, stamp out fraud and bring transparency in a scalable way.  Originally popularized in the 2010s by its association with cryptocurrency and  NFTs , blockchain technology has since evolved to become a management solution for  all types of global industries . Today, you can find blockchain technology  providing transparency for the food supply chain ,  securing healthcare data ,  innovating gaming  and overall changing how we handle data and ownership on a large scale.

10. How Does Blockchain Work? The goal of blockchain is to allow digital information to be recorded and distributed, but not edited. In this way, a blockchain is the foundation for immutable ledgers, or records of transactions that cannot be altered, deleted, or destroyed. This is why blockchains are also known as a distributed ledger technology (DLT). First proposed as a research project in 1991, the blockchain concept predated its first widespread application in use: Bitcoin, in 2009. In the years since, the use of blockchains has exploded via the creation of various cryptocurrencies, decentralized finance (DeFi) applications, non-fungible tokens (NFTs), and smart contracts.

11. Transaction Process in Blockchain

12. Decentralization in Blockchain In the blockchain, decentralization alludes to the transfer of supervision and decision-making from a centralized association (individual, corporation, or group of people) to a dispersed network. Decentralized networks endeavor to decrease the degree of trust that members should put in each other and dissuade their capacity to put forth authority or command over each other in manners that corrupt the potency of the network.

13. Why is decentralization important? Decentralization is actually not a new idea . When assembling a technological arrangement, three essential network structures are commonly thought of: centralized, decentralized, and disseminated . While blockchain technologies frequently utilize decentralized networks, a blockchain application itself simply can’t be sorted as being decentralized or not. Maybe, decentralization is a sliding scale and should be applied to all parts of a blockchain application. By decentralizing the administration of and admittance to assets in an application, more prominent and more pleasant assistance can be accomplished. Decentralization typically has a few setoffs, for example, lower exchange. However, such setoffs are worth it in comparison to the improved security and services they provide. 

14. The original concept behind the invention of blockchain technology is still a great application. Money transfers using blockchain can be less expensive and faster than using existing money transfer services. Money transfers Many companies have popped up over the past few years offering decentralized  cryptocurrency exchanges . Using blockchain for exchanges allows for faster and less expensive transactions. Lenders can use blockchain to execute collateralized loans through  smart contracts . Smart contracts built on the blockchain allow certain events to automatically trigger things like a service payment, a margin call. Using smart contracts on a blockchain can provide greater transparency for customers and  insurance providers . Recording all claims on a blockchain would keep customers from making duplicate claims for the same event. 2. Financial exchanges 3 . Lending 4. Insurance

15. Blockchain technology can be used to secure access to identifying information while improving access for those who need it in industries such as  travel , healthcare, finance, and  education .. 5 . Secure Personal Information If personal identity information is held on a blockchain, from also being able to vote using blockchain technology. Using blockchain technology can make sure that nobody votes twice, only eligible voters are able to vote. Using blockchain technology to record real estate transactions can provide a more secure and accessible means of verifying and transferring ownership. That can speed up transactions, reduce paperwork, and save money. Keeping medical records on a blockchain can allow doctors and medical professionals to obtain accurate and up-to-date information on their patients. That can ensure that patients seeing multiple doctors get the best care possible. 6 . Voting 7 . Real Estate 8 . Health Care

16. History of Blockchain Technology

17. Bitcoin vs. Blockchain Blockchain technology was first outlined in 1991 by Stuart Haber and W. Scott Stornetta, two researchers who wanted to implement a system where document timestamps could not be tampered with. But it wasn’t until almost two decades later, with the launch of Bitcoin in January 2009, that blockchain had its first real-world application. The Bitcoin protocol is built on a blockchain. In a research paper introducing the digital currency, Bitcoin’s pseudonymous creator,  Satoshi Nakamoto , referred to it as “a new electronic cash system that’s fully peer-to-peer, with no trusted third party.”

18. Advantages of Blockchain Technology Open:  One of the major advantages of blockchain technology is that it is accessible to all means anyone can become a participant in the contribution to blockchain technology. Verifiable:  Blockchain technology is used to store information in a decentralized manner so everyone can verify the correctness of the information by using zero-knowledge. Permanent:  Records or information which is stored using blockchain technology is permanent means one needs not worry about losing the data. Tighter Security:  Blockchain uses hashing techniques to store each transaction on a block that is connected to each other so it has tighter security. Efficiency : Blockchain removes any third-party intervention between transactions and removes the mistake making the system efficient and faster. Settlement is made easier and smooth. Cost Reduction : As blockchain needs no third man it reduces the cost for the businesses and gives trust to the other partner.

19. Disadvantages of Blockchain Technology Scalability:  It is one of the biggest drawbacks of blockchain technology as it cannot be scaled due to the fixed size of the block for storing information. Energy Consuming:  For verifying any transaction a lot of energy is used so it becomes a problem according to the survey it is considered that 0.3 percent of the world’s electricity had been used by 2018 in the verification of transactions done using blockchain technology. Time-Consuming:  To add the next block in the chain miners need to compute nonce values many times so this is a time-consuming process and needs to be speed up to be used for industrial purposes. Legal Formalities:  In some countries, the use of blockchain technology applications is banned like cryptocurrency due to some environmental issues. Storage : Blockchain databases are stored on all the nodes of the network creates an issue with the storage, increasing number of transactions will require more storage.

20. Imagine you and a group of friends have decided to create your own digital currency, which you call "Bit-Cookie." The "Bit-Cookie" is your Bitcoin . It's the digital item of value you're trading. The Shared Notebook is your Blockchain . It's the public record where you write down every transaction. Here’s how it works: Initial Block : You all agree that you and your friends each have one "Bit-Cookie." You write this down on the first page of your notebooks. This is the genesis block , the very first block in the chain. Transaction : Now, your friend Alex wants to give a "Bit-Cookie" to Sarah . Alex shouts to the group, "I'm sending one Bit-Cookie to Sarah!" Verification (Mining) : Everyone in the group now checks their notebooks to make sure Alex actually has a Bit-Cookie to send. This verification process, done by all participants, is called mining in the Bitcoin network. It's how the network confirms that the transaction is valid. New Block : Once everyone agrees the transaction is valid, you all add a new entry (a block ) to your notebooks that says: "Alex sent one Bit-Cookie to Sarah." This new block is cryptographically linked to the previous one , so the chain is secure. Immutability : Because everyone in the group has an identical copy of the notebook, it's impossible for Alex to later erase the entry and say he still has the Bit-Cookie. The group's shared record is permanent and cannot be altered without everyone else's knowledge. In this simple example, the Bit-Cookie is the digital currency ( Bitcoin ), and the shared notebook that records every transaction is the technology that makes it work (the blockchain ).

21. Conclusion The Bitcoin is the first successful implementation of blockchain . Today, the world has found applications of blockchain technology in several industries, where the trust without the involvement of a centralized authority is desired. So welcome to the world of Blockchain. Blockchain technology is only going to grow in the fields of business, finance, law, medicine, and real estate. Whether you’re an experienced  Blockchain developer , or you’re aspiring to break into this exciting industry, enrolling in our  Blockchain Certification Training  program will help individuals with all levels of experience to learn Blockchain developer techniques and strategies. 

22. References https://en.wikipedia.org/wiki/Blockchain https://www.investopedia.com/terms/b/blockchain.asp https://www.pngegg.com/en/search?q=blockchain+Technology https://www.simplilearn.com/tutorials/blockchain-tutorial/why-is-blockchain-important https://www.geeksforgeeks.org/advantages-and-disadvantages-of-blockchain/ https://builtin.com/blockchain

23. Made By : Mr. S ahil Bansal