BLOCKCHAIN PPT BY SANIYA.pptx || ece by arun parmar
- 1. CREATED BY :-SANIYA PARMAR
- 2. [email protected] Block Chain Technology BEYOND CRYPTOCURRENCIES
- 3. ABOUT BLOCKCHAIN Block chain generally defined as an advanced database technology. All the data stored is public and is easily verified. All the blocks are connected to each other.
- 4. Blockchain technology began in the year 2008. An anonymous person or group of persons named Satoshi Nakamoto outlined blockchain technology in its modern form.
- 5. Sr. No. Topic 1. INTRODUCTION 2. What is block? 3. Types of blockchain technology 4. Why is block chain important? 5. How does blockchain work? 6. Bitocoin 7. Cyptocurrency 8. Advantages and disadvantages of blockchain Conclusion 9.
- 6. Blockchain technology is an advanced database mechanism that allows transparent infromation sharing within a business network. A blockchain database stores data in blocks that are linked together in a chain .A Blockchain is a distributed database or ledgerThat is shared among the nodes of a computer Network. As a database , a blockchain stores Information electronically in digital format.Blockchain are best known for their crucialRole in cryptocurrency systems, such as Bitcoin,For maintaining a secure and decentralized record of transactions .The innovation with a blockchain is tha it gurantees the fidelity andSecurity of record of data and generates trust without the need for a trusted third party..
- 7. What is block? Blocks are files stored by a blockchain , where transaction data are permanently recorded.In blockchain technology , a block is a file that permanently sotes transaction data for a blockchain network. Blocks are similar to pages in a ledger or account book, and once written , the data in a block cannot be changed or removed without altering the blocks that come before or after it. Blocks are linked together to form a chain, with each block containing the cryptographic hash of the previous block , all the way back to the first block, known as the genesis block. HEADER: Contains metadata such as a timestamp and the hash of the previous block. DATA SECTION: Contains the actual information, such as transactions and smart contracts. HASH: A unique cryptographic value that represents the entire block and is used for verification.
- 8. BLOCK 1 BLOCK 3 BLOCK 2 Hash: 6U9P2 Previous Hash:0000 Hash: 914z1 Previous Hash:8Y5C9 Hash: 8Y5C9 Previous Hash:6U9P2 BLOCK
- 9. EXAMPLE OF BLOCKCHAIIN TECHNOLOGY One example of blockchain technology is the crypto currency Bit coin. Bit coin utilizes a public block chain to record all transactions made with the currency. The block chain acts as a decentralized ledger, ensuring transaparency and security while eliminating the need for a central authority to verify and validate transactions.
- 10. THERE ARE MANY CURRENCIES IN INDIA TCOIN IS THE FIRST DECENTRALIZED CYPTOCURRENCY. tcoin was the first cyptocurrency created in 2009 by an nonymous person or group using the pseudonym “Satoshi akamoto. Bitcoin is world most popular currency
- 11. Designed to act as money and a form of payment outside the control of any person, group, or entity Bitcoin balance is bound to the private key printed on the banknote or embedded within the coin. More recently crptocurrencies such as bitcoin have been used as medium of exchange in black market transactions. BITCOIN CURRENCY Bitcoin is an online currency that can be exchanged into any real currency in the world. Bitcoin is the first decentralized crptocurrency. Nodes in the peer bitcoin network verify transactions through cryptography and record them in a public distrubuted ledger, called a blockchain, without central oversight.
- 12. D C A B PUBLIC BLOCKCHAIN These blockchain are completely oper to following the idear of decentralization. FOUR TYPES OF TECHNOLOGY HYBRID BLOCKCHAIN It is themixed 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. PRIVATE BLOCKCHAIN These blockchain are not as decentralized as the public blockchain only selected nodes can participated in the process , making it more secure than the others.. CONSORTIUM BLOCKCHAIN It is a creative approch that soves the needs of the organizations. This blockchain validates the transaction and also intiates or receives transactions .
- 13. 01 02 03 04 Why is blockchain important Blockchain uses cryptography, decentralization, and consensus to create a secure system that’s nearly impossible to tamper with. Blockchain can speed up business transactions through transparency and smart contracts. Blockchain can help secure sensitive data and eliminate the need for password. Blockchain can help with contract management.
- 14. HOW DOES BLOCKCHAIN WORK? 02 New blocks are added to the chain after the majority of nodes verify the new data, Each block is connected to the one before and after it, creating a chain of data BLOCKS AND LINKS TOGETHER 03 Transactions are encrypted using unique, unchangeable hashes.. `BLOCKS ARE ENCYPTED 04 The chain is chronology consistent because you cannot delete or modify it without consensus from the network. BLOCKS ARE IMMUTABLE 01 Each transaction is recorded as a block of data that includes information like who , what , when, where and how much. DATA IS STORED IN BLOCKS
- 15. “To understand the power of blockchain systems,and the things they can do, it is important to distinguish between three things that are commonly muddled up, namely the bitcoin currency,the specific blockchain that underpins it and the idea of blockchain in general.” “BLOCKCHAIN” HAS MANY MEANINGS
- 16. The transaction is represented oline as a “block”. The blcok is broadcast to every party in the network. The money moves from A to B. The block then can be added to the chain. Which provides an indelible and transparent record of transactions. Those in the network approve the transaction is valid A wants to send money to B.. HOWTRANSACTIONS ARE DONE? 1 4 3 2 6 5
- 17. A BLOCKCHAIN IS PROGRAMMABLE (‘SMART CONTRACTS PROGRAMMABLE ALL RECORD ARE INDIVIDULLY ENCRYPTED SECURE TRANSACTION TIMESTAMP IS RECORDED IN A BLOCK. . TIME-STAMPED THE IDENTITY OF PARTICIPANTS IS EITHER PSEUDONYMOUS OR ANONYMOUS. ANONYMOUS 01 02 03 04 FEATURES
- 18. A cryptocurrency, crypto-currency, or crypto is a digital currency designed to work through a computer network that is not reliant on any central authority. Such as a government or bank, to uphold or maintain it. Cryptocurrency is a virtual currency, that works on the basis of the blockchain technology. Where all the transactions are stored inside a digital distrubuted ledger. CRYPTOCURRENCY Cryptocurrencies are recorded on a public ledger called a blockchain, which uses encryption to make transactions secure and immutable. Cryptocurrencies are worth what people are willing to pay for them in the market, and they have no intrinsic value. Cryptocurrencies can be stored in online exchanges or in hardware wallets. Cryptocurrencies can be bought and sold on exchanges, but this can be complicated and expensive.
- 19. DISADVANTAGES OF BLOCK CHAIN TECHNOLOGY Block chain technology does not allow easy modification of data once recorded, and it requires rewriting the codes in all of the blocks, which is time-consuming and expensive. The downside of this feature is that it is hard to correct a mistake or make any necessary adjustments. 1. 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 infromation. 2. 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 transaction done using blockchain technology. 3. 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. 4. STORAGE: blcokchain 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. ADVANTAGES OF BLOCKCHAIN TECHNOLOGY The benefits of blockchain are increasing trust, security and transparency among member organizations by improving the traceability of data shared across a business network, plus delivering cost savings through new efficiencies. 1. 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, one does not require any permission from anybody to join the distributed network. 2. VERIFICATION: Blockchain technology is used to store information in a decentralized manner so everyone can verify the correctness of the infromation by using zero-knowledge proof through which one party proves the correctness of data to another party without revealing anything about data. 3. PERMANENT: Records or information which is stored using blockchain technology are permanent means one needs not to worry about losing the data because duplicate copies are stored at each local node as it is a decentralized network that has several trustworthy nodes. 4. EFFICIENCY: Blockchain removes any third-party intervention between transactions and removes mistakes making the system efficient and faster. Settlement is made easier and smooth.
- 21. CONCLUSION The bitcoin is the first successful implementation of blockchain , today the world has found application 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 exiciting industry, enrolling in our blockchain certification training program will help indeviduals with all levels of experience to learn blockchain developer techniques strategies. Blockchain technlogy is a promising innovation. Which can be used in different microgid areas. Probably the most popular use case application is p2p trading, where the blockchain enables energytrading between peers in a secure way. Most projects are based on Ethereum, which offers the possibility of smart contract implementions.
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