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victor

Blockchain technology is a decentralized and distributed ledger that enhances transparency and security through a peer-to-peer network. It has various applications beyond cryptocurrencies, including smart contracts, but faces challenges such as scalability and security. Future trends indicate further integration with IoT and expansion in finance, highlighting its transformative potential across industries.

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9 views

victor

Blockchain technology is a decentralized and distributed ledger that enhances transparency and security through a peer-to-peer network. It has various applications beyond cryptocurrencies, including smart contracts, but faces challenges such as scalability and security. Future trends indicate further integration with IoT and expansion in finance, highlighting its transformative potential across industries.

Uploaded by

victor
Copyright
© © All Rights Reserved
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
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BLOCK CHAIN

TECHNOLOGY

NAME
OKOSUN VICTOR EHIMAREH
PSC1900226
SUPERVISOR
Presentation Outline

Introduction
How Blockchain
Works
Types of Blockchain
Applications of
Blockchain
Challenges and
concerns
Future Trends in
Blockchain
Conclusion
INTRODUCTION
• Blockchain is a revolutionary technology that serves as a
decentralized and distributed ledger.
• At its core, it is a chain of blocks, each containing a list of
transactions. Unlike traditional centralized systems, blockchain
operates on a peer-to-peer network, ensuring transparency and
security.
• Its inception with Bitcoin laid the foundation for a myriad of
applications beyond cryptocurrencies. Understanding the basics of
blockchain is key to comprehending its transformative potential
across industries.
HOW BLOCKCHAIN WORKS

 Blockchain functions through a series of interconnected blocks, where each

block contains a set of transactions.


 These blocks are linked in a chronological chain through cryptographic hashes.
 The decentralized nature of blockchain ensures that transactions are verified by

a network of participants, often referred to as miners.


 The consensus mechanism, such as Proof of Work or Proof of Stake, validates

and secures the transactions. Understanding this process is crucial for grasping

the transparency and security inherent in blockchain technology.


TYPES OF BLOCKCHAINS

Public Blockchain
 - Open and accessible to anyone.
 - Decentralized and transparent.
 - Examples include Bitcoin and Ethereum.

Private Blockchain
 - Restricted access to a specific group or organization.
 - Offers more control over permissions.
 - Suitable for internal business operations.
APPLICATIONS OF BLOCKCHAIN

Blockchain's versatility extends beyond cryptocurrencies, with impactful

applications across industries.

Cryptocurrencies
 - Birthed by blockchain, cryptocurrencies like Bitcoin and Ethereum

revolutionize digital currency.

Smart Contracts
 - Self-executing contracts with coded terms and conditions.
 - Automate and enforce contractual agreements on the blockchain.
CHALLENGES AND CONCERNS

Blockchain, while transformative, faces several challenges and considerations.

Scalability

 - Balancing transaction speed with the increasing volume on the blockchain.

Security

 - Ongoing efforts to fortify against hacking and potential vulnerabilities.

Understanding and addressing these challenges is crucial for the widespread adoption

and sustained success of blockchain technology.


FUTURE TRENDS IN
BLOCKCHAIN

The future of blockchain technology is marked by evolving trends that promise further

innovation.

Integration with IoT

- Collaboration with the Internet of Things for enhanced connectivity and data integrity.

Blockchain in Finance

- Expanding applications in traditional finance, offering transparency and security.

Exploring these trends provides insights into the continued evolution and expanding

influence of blockchain across diverse sectors.


CONCLUSION

In conclusion, blockchain technology represents a paradigm shift in how we handle

data, transactions, and trust. From its fundamental principles to diverse applications,

blockchain has demonstrated its potential to revolutionize various industries. While

challenges exist, ongoing developments and future trends, such as integration with

IoT and expansion in finance, underscore the dynamic nature of blockchain.

Embracing this technology requires a nuanced understanding of its capabilities and

considerations. As we move forward, the transformative impact of blockchain

continues to shape the future of decentralized and secure systems.

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