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Introduction To Blockchain

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Priyam Dabli
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7 views

Introduction To Blockchain

Uploaded by

Priyam Dabli
Copyright
© © All Rights Reserved
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
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Unit - 1

Introduction to Blockchain
What is Blockchain?

• A blockchain is a constantly growing ledger which keeps a permanent


record of all the transactions that have taken place in a secure,
chronological, and immutable way.
Who uses the blockchain?

• Blockchain technology can be integrated into multiple areas.

The primary use of blockchains is as a distributed ledger for

cryptocurrencies. It shows great promise across a wide range

of business applications like Banking, Finance, Government,

Healthcare, Insurance, Media and Entertainment, Retail, etc.


Who uses the blockchain? Cont..
Benefits
• Blockchain technology has become popular because of the following.

• Time reduction: In the financial industry, blockchain can allow the quicker
settlement of trades. It does not take a lengthy process for verification,
settlement, and clearance. It is because of a single version of agreed-upon
data available between all stakeholders.

• Unchangeable transactions: Blockchain registers transactions in a


chronological order which certifies the un-alterability of all operations,
which means when a new block is added to the chain of ledgers, it cannot be
removed or modified.
Features of Blockchain

• A blockchain is a chain of blocks that contains information. Most


people think that Blockchain is Bitcoin and vice-versa. But it’s not the
case. In fact, Bitcoin is a digital currency or cryptocurrency that works
on Blockchain Technology. Blockchain was invented by Satoshi
Nakamoto.
• As the name suggests, Each block consists of a number of
transactions, and each transaction is recorded in the form of a Hash.
Hash is a unique address assigned to each block during its creation and
any further modification in the block will lead to a change in its hash.
Challenges
• Although Blockchain technology has a strong disruptive power and can change
many areas of our daily lives, there are still some challenges that need to be
addressed.
• The high energy consumption - Bitcoin uses a lot of energy.
• The scalability issue - Bitcoin supports far fewer transactions per second than
e.g. VISA.
• The question remains as to how far we want to bypass the middleman. Often he
can also protect us, e.g. a bank can protect us to the extent that we do not
transfer the money to the wrong person.
Applications
• Smart Contracts
The Project is a decentralized platform that runs smart contracts: applications
that run exactly as programmed without any possibility of downtime, censorship,
fraud or third party interference

• ✓ Cloud Storage
• Simply using excess hard drive space, users could store the traditional cloud
300 times over
Applications
• ✔Supply-Chain Communications & Proof-of- Provenance
• Most of the things we buy aren't made by a single entity, but by a chain of
suppliers who sell their components (e.g., graphite for pencils) to a company
that assembles and markets the final product.
• ✓ Paying Employees
• payments made via Bitcoin can save both money and time for employers and
employees.
• ✓ Electronic Voting
• Delegated Proof of Stake (DPOS) is the fastest, most efficient, most
decentralized, and most flexible consensus model available
What Is a Blockchain Platform?

• A blockchain platform allows users and developers to create novel uses


on top of an existing blockchain infrastructure. One example is Ethereum,
which has a native cryptocurrency known as ether (ETH).18 But the
Ethereum blockchain also allows the creation of smart contracts and
programmable tokens used in initial coin offerings (ICOs), and non-
fungible tokens (NFTs). These are all built up around the Ethereum
infrastructure and secured by nodes on the Ethereum network.
Conclusion:

• In conclusion, blockchain technology is a revolutionary technology


that has the potential to transform various industries. Its decentralized,
secure, transparent, and immutable nature make it a highly desirable
platform for various applications. As the technology continues to
evolve and mature, we can expect to see more innovative use cases for
blockchain technology in the future.

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