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Blockchain 1

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Rajan Narha
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12 views8 pages

Blockchain 1

Uploaded by

Rajan Narha
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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Introduction to

Blockchain
Blockchain is a revolutionary technology with the potential to transform
various industries. It is a secure, transparent, and decentralized system that
records transactions in a distributed ledger.

Lovepreet Singh

CRN: 2315143
Blockchain Fundamentals
Data Structure Immutability
1 2
It uses a chain of blocks, each containing a set of transactions, Once a block is added to the chain, it cannot be altered or
linked together cryptographically. deleted, ensuring data integrity.

Consensus Mechanism Transparency


3 4
Blockchain relies on a consensus mechanism, such as Proof-of- All transactions are publicly viewable on the blockchain,
Work, to validate transactions and maintain network security. providing transparency and accountability.
Decentralization and Distributed Ledger

Decentralization Distributed Ledger Trustless System


Blockchain eliminates the need for a The blockchain is a shared, distributed Blockchain facilitates trust among
central authority, distributing control ledger, with copies held by multiple participants without the need for
across the network. participants. intermediaries.
Cryptocurrency and Bitcoin

Cryptocurrency Bitcoin
Digital currencies that utilize The first and most well-known
cryptography for security and cryptocurrency, launched in
operate on decentralized 2009 by an anonymous
blockchain networks. individual or group known as
Satoshi Nakamoto.

Decentralized Finance (DeFi)


A rapidly growing sector of blockchain technology that aims to
revolutionize traditional financial services.
Smart Contracts
Code Execution
Smart contracts are self-executing agreements written in
code and stored on a blockchain.

Automation
They automate the execution of agreements when
predetermined conditions are met, eliminating the need for
intermediaries.

Transparency
All smart contract code is publicly viewable on the
blockchain, ensuring transparency and accountability.
Blockchain Applications
Supply Chain Management Track products from origin to
destination, improving transparency
and efficiency.

Healthcare Securely store and share patient


medical records, enhancing privacy
and interoperability.

Voting Systems Provide secure and transparent


voting processes, increasing trust
and accountability.

Identity Management Enable individuals to control and


manage their digital identities
securely.
Challenges and Limitations

Scalability
1
Blockchain networks can struggle to handle a high volume of
transactions, leading to delays and increased costs.

Regulation
2
The lack of clear regulatory frameworks poses challenges for
blockchain adoption and innovation.

Security
3
Despite its security features, blockchain is not immune to
vulnerabilities, such as smart contract bugs and attacks.
Future of Blockchain

Continued Adoption Technological Advancements


Blockchain technology is expected to
continue gaining adoption across Ongoing research and development
various sectors. are driving innovations in blockchain
scalability, security, and privacy.

Increased Integration New Applications


Blockchain is expected to become The potential applications of
increasingly integrated with existing blockchain continue to expand, with
systems and technologies. new use cases emerging regularly.

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