Blockchain Technology

Blockchain Technology

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  Presented By: Palak Gulati MCA2nd year Roll no -56 Kurukshetra University, Kurukshetra .
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  What is Blockchain? BITCOIN uses a technology called BLOCKCHAIN to work the way it does.  Blockchain technology first came to light when a person ‘satoshi nakamoto’ published a white paper on “Biytcoin: A peer to peer electronic cash system” in 2008.  A blockchain is a continuously growing list of records(blocks) which are linked to each other, and secured using cryptography.  It enables bitcoin or any Cryptocurrency to transfer from one person to another person.
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  3 fundamental PillarsOf Blockchain  The three main properties of Blockchain Technology which has helped it gain widespread acclaim are --- 1) Decentralization 2) Transparency 3) Immutability
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  Pillar #1: Decentralization: Means NO CENTRALIZED AUTHORITY.  The network is decentralized meaning it doesn’t have any governing authority or a single person looking after the framework. Rather a group of nodes maintains the network making it decentralized. Pillar #2: Transparency : EVERY ONE CAN SEE whats happening in the block chain.  It Means blockchain is a public distributed ledger. Which means everyone has access to all the records and these records are distributed over the network and because this ledger is distributed hence cannot altered by hacking into the central autority . Pillar #3: Immutability : Any additions to the Blockchain are PERMANENT in nature.  It means that once something has been entered into the Blockchain, it cannot be tampered with. The reason why the Blockchain gets this property is that of cryptographic hash function.
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  Key Features ofBlockchain  Cannot be Corrupted  Decentralized Technology  Enhanced Security  Distributed Ledgers  Consensus  Faster Settlement
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  3 Terminologies widelyused in the concept of BLOCKCHAIN Technology are -- 1. High level Encryption 2. Proof of work 3. Mining
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  High level Encryption
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  Proof of work Proof-of-Work, or PoW, is the original consensus algorithm in a Blockchain network.  In Blockchain, this algorithm is used to confirm transactions and produce new blocks to the chain. With PoW, miners compete against each other to complete transactions on the network and get rewarded.
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  Mining  Mining isthe process of adding transactions to the large distributed public ledger of existing transactions,known as the blockchain.
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  How does aBitcoin transaction work?
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  Applications of Blockchain
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  THANK YOU 