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Blockchain Technology[1]

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15 views

Blockchain Technology[1]

Uploaded by

jk4449555
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
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Blockchain

Technology
Presented by
RAJESH MUDULI
AGENDA
Blockchain Technology

Nodes in Blockchain

Working of Nodes

Significance of the technology

How Blockchain works

Digital Signature in Blockchain

How Authentication is Done

How Confidentiality is Achieved


Benefits of Smart Contract

Drawback of Blockchain
WHAT IS BLOCKCHAIN ?
● A Linked List
○ Replicated
○ Distributed
○ Consistency maintained by Consensus
○ Asymmetric Cryptographically Linked
○ Cryptographically assured integrity of data

● Used as
○ Immutable Ledger of events, transactions or time-stamped
data
○ Tampered Resistant Log
○ Platform to create and Transact in Cryptocurrency
○ Log of events/transactions unrelated to currency
Nodes in Blockchain
● A blockchain exists out of blocks of data.
These blocks of data are stored on nodes
(compare it to small servers). Nodes can be
any kind of device (mostly computers,
laptops or even bigger servers).

● All nodes on a blockchain are connected to


each other and they constantly exchange
the latest blockchain data with each other
so all nodes stay up to date. They store,
spread and preserve the blockchain data, so
theoretically a blockchain exists on nodes.
What do Nodes do?

● Nodes check if a block of transactions is valid and accept or reject it.

● Nodes save and store blocks of transactions (storing blockchain


transaction history).

● Nodes broadcast and spread this transaction history to other nodes


that may need to synchronize with the blockchain (need to be
updated on transaction history).
Significance of the technology
● Disintermediation: Blockchain provides transaction immutability and a distributed
ledger architecture, which are key requirements for eliminating the need for an enforcer
of trust in the ecosystem.

● Transparency: Blockchain technology will significantly increase transparency


between market participants. Blockchain implementations promote the creation of a
public record of activity in the ecosystem to which all market participants have access
in real time.

● Provenance: Blockchain maintains an immutable record of transactions and


therefore asset ownership since the time the asset first appears in a transaction on the
blockchain. This significantly reduces risk and the need for associated mitigating
operations for multiple asset types.
DIGITAL SIGNATURE IN BLOCKCHAIN

What is Digital Signature ?

Digital Signature - Signatures are commonly used to authenticate documents. The


digital signature is simply a small block of data that is attached to documents you
sign. It is generated from your digital ID, which includes both a private and public
key.

Purpose of Digital Signature


● Used For Authentication
○ It validates the signer and guarantees the receiver that message is sent by the
signer only,no one else.
HOW AUTHENTICATION IS DONE?
It is done with the help of private and public key.

Private key is used for encryption and public key is used for decryption.
HOW CONFIDENTIALITY IS ACHIEVED?
A document can be authenticated with the previous method but its not confidential.To
achieve confidentiality as well as authentication a double encryption and decryption
method is used.
TYPES OF BLOCKCHAIN
=> Private blockchain- Restrictive blockchain operative only in a
closed network. EX- organization blockchain.

=> Public blockchain- It is non-restrictive, user can access current


and past record,verify record and can do mining.EX-
bitcoin,ethereum,litecoin.

=> Consortium blockchain- It is semi decentralized type where more


than one organization manages a blockchain network.ex-banks.

=> Hybrid blockchain- Only a section of data is allowed to go


public,rest is private.ex-Dragonchain.
BENEFITS OF SMART CONTRACT:
➢ Transparency:

Smart contracts allow for the terms and conditions of these contracts to be fully
accessible and visible to all the relevant parties. Once the agreement has been
established, there is no way to dispute it.

➢ Accuracy:

One of the main requirements of smart contracts is the need to record all the
terms and conditions in precise details. The element is necessary since an
omission can result in transaction errors. So, automated contracts try to avoid
the pitfalls that are associated with manually filling out heaps of forms.
➢ Security:

Smart contracts employ the highest level of data encryption that is currently available,
the same as what is used by cryptocurrencies. By doing this, their level of protection
is among the best and the most secure on the world wide web.

➢ Speed:

Smart contracts live on the internet and run on software code. As a result, they can
execute transactions very fast. This speed can save many hours when compared to
traditional business processes.
➢ Efficiency:

This is the byproduct of accuracy and speed. The great thing is that higher efficiencies
lead to more value-generating transactions that are processed per unit of time.

➢ Trust:

The good thing about smart contacts is that they inspire absolute confidence in their
execution. The secure, autonomous and transparent nature of these agreements takes
away the possibility of bias, manipulation or error.
DRAWBACKS OF BLOCKCHAIN

●Complexity.
●Inefficient.
●Blockchains Use Excessive Energy.
●Not Accepted Everywhere Till Now.
●Limited Supply.
●Some Cryptocurrencies Are Fake.
●Once You Have Done The Payment You Can’t Reverse It.
Thank You

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