BLOCKCHAIN TECHNOLOGY.ppt
- 1. BLOCKCHAIN TECHNOLOGY • Name : JISHNU B • Roll : RA1911008020074 • Class : 3rd year IT – B
- 2. Introduction What is Blockchain? Why Blockchain? How Blockchain works? Applications of Blockchain. Cryptocurrencies. Blockchain Crypotocurrencies Pillars of Blockchain Who can learn Blockchain? Advantages &Disadvantages Conclusion
- 3. What isblockchain? Blockchain is basically a chain like structure in which each block stores all the transactional details and records of the owner. This storage structure is referred to as 6Digital ledger7.
- 5. Why blockchain? In digital transactions blockchain brings a trust, transparency and accountability. If a system built on the blockchain will not take much time to process transactions and it also requires many more times the resources like processing, electricity and data transfer.
- 6. Blockchain is an open distributed ledger which can record transactions safely in a efficient way. It is distributed so it is typically managed by a peer-to- peer network which is working together to solve many complex mathematical problem in order to validate fresh blocks. How blockchain works?
- 8. 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 APPLICATIONS OF BLOCKCHAIN:
- 9. A cryptocurrency is a digital or virtual currency that is secured by cryptography, which makes it nearly impossible to counterfeit or double-spend. Many cryptocurrencies are decentralized networks based on blockchain technology— a distributed ledger enforced by a disparate network of computers. A defining feature of cryptocurrencies is that they are generally not issued by any central authority, rendering them theoretically immune to government interference or manipulation. CRYPT OCURRENCIES:
- 10. Cryptocurrencies are basically designed to behave as medium of exchange which is created and stored electronically in blockchain.Blockchain cryptocurrencies works on digital channels and they are sticked to strong cryptography to secure financial transaction which occur through online. Several types of blockchain cryptocurrencies are Bitcoin, Litecoin, Ripple etc. Due to this Blockchain currency it became possible to create things that is not possible to be duplicated and it can sent easily and directly from one person to the another. The value and the supply of cryptocurrencies are controlled by the activities of their users and highly complexed protocols which are built into governing codes. Blockchain Cryptocurrencies:
- 11. Blockchain and Cryptocurrency are not same Blockchain currency is referred to the online mode of transactions and blockchain is the technology underlying it. Blockchain drives the concept of cryptocurrency as the whole. The note is that the Blockchain was basically designed to manage the crypto currencies. Blockchain stores all the data on a distributed ledger in which all the transactional details for every activity is stored and maintained . Cryptocurrency is another type of data which can be stored on a blockchain. How Blockchain is used in Cryptocurrency? Blockchain allows Cryptocurrencies to operate without the need of the central authority by spreading its operation across a network of computers. This reduces risks and also eliminates the processing and transaction fees of many.
- 12. •Pillars of blockchain: • Decentralization Transparency Immutability
- 13. Decentralization In blockchain, decentralization refers to the transfer of control and decision-making from a centralized entity (individual or group of organization) to a distributed network. Why Decentralization ? When building a technology solution, three primary network architectures are typically considered centralized, distributed, and decentralized. While blockchain technologies often make use of decentralized networks, a blockchain application itself cannot be categorized simply as being decentralized or not. Rather, decentralization is a sliding scale and should be applied to all aspects of a blockchain application. By decentralizing the management of and access to resources in an application, greater and fairer service can be achieved.
- 14. TRANSPARENCY: TRANSPARENCY IN REAL LIFE MEANS SOMETHING WITH ZERO OPACITY. In Blockchain, it means that blockchain has zero privacy to be exact when we talk about transactions, all the transactions are public and can be viewed by anyone on the network. One area where blockchain technology truly shows off its transparency is through Bitcoin casino sites. While in any casino, the house will always have the advantage, provably fair games allow users to actually check the server seeds of the game to ensure that the results they are receiving are genuine and fair. This is a truly revolutionary aspect to online gaming and is something that other casino sites and gaming platforms are looking at integrating in order to develop a new level of trust between the site and their players.
- 15. Immutability: Immutability can be defined as the ability of a blockchain ledger to remain unchanged, for a blockchain to remain unaltered and indelible. Data in the blockchain cannot be altered. Each block of information, such as facts or transaction details, proceed using a cryptographic principle or a hash value. That hash value consists of an alphanumeric string generated by each block separately. Every block not only contains a hash or digital signature for itself but also for the previous one. This ensures that blocks are retroactively coupled together and unrelenting. This functionality of blockchain technology ensures that no one can intrude in the system or alter the data saved to the block.
- 16. Prerequisite Skills Required to be a Blockchain Developer Fundamental skill and Knowledge in Technical Field There are a few skills that one should learn to become a blockchain developer. An individual should have a good knowledge of Information technologies, Information security, and computer science. The basic understanding of an aspiring blockchain developer should be clear in distributed systems, networking, cryptography and data structures. WHO CAN LEARN BLOCKCHAIN?
- 17. Append only . Validated transactions. Once information is recorded it cannot be reversed or changed. Before blocks are recorded,transactions must be validated. Data stored on private keys Reliable security. blockchain can only be accessed with Empowered users : users are in control of all the information and transactions. High quality data : blockchain data is complete consistent timely accurate and widely available.. ADVANT AGES:
- 18. Human error. If used as a database information must be of immense quality. Many governments are still exploring the need for blockchain. Lack of full-scale adoption. Uncertain regulatory status. Businesses worldwide are still unsure about adopting blockchain. Data immutable: Blockchain cannot go back as as data is immutable. Integration : Its hard to integrate into Legacy systems. DISADVANT AGES: