BLOCKCHAI

N
TECHNOLOG
Y
 What is Blockchain Technology?
A blockchain is a distributed database or ledger
that is shared among the nodes of a computer
network. As a database, a blockchain stores
information electronically in digital format.
Blockchains are best known for their crucial
role in cryptocurrency systems, such as Bitcoin,
for maintaining a secure and decentralized
record of transactions. The innovation with a
blockchain is that it guarantees the fidelity and
security of a record of data and generates trust
without the need for a trusted third party.
 Fundamentals of Blockchain
1. Public Distributed Ledgers

2. Encryption

4. Mining
1. Public Blockchain
These blockchains are completely open to following the idea of decentralization. They don’t have any
restrictions, anyone having a computer and internet can participate in the network.

2. Private Blockchain
These blockchains are not as decentralized as the public blockchain only selected nodes can
participate in the process, making it more secure than the others.

3. Consortium Blockchain
It is a creative approach that solves the needs of the organization. This blockchain validates the
transaction and also initiates or receives transactions. It is also known as Federated Blockchain.

4. Hybrid Blockchain
It is the mixed content of the private and public blockchain, where some part is controlled by some
organization and other makes are made visible as a public blockchain.
 Why is Blockchain important?
Blockchain is an especially promising and
revolutionary technology because it helps reduce
security risks, stamp out fraud and bring
transparency in a scalable way.
Originally popularized in the 2010s by its
association with cryptocurrency and NFTs,
blockchain technology has since evolved to
become a management solution for all types of
global industries. Today, you can find blockchain
technology providing transparency for the food
supply chain, securing healthcare data, innovating
gaming and overall changing how we handle data
and ownership on a large scale.
History of Blockchain Technology
 Decentralization in Blockchain
In the blockchain, decentralization alludes
to the transfer of supervision and
decision-making from a centralized
association (individual, corporation, or
group of people) to a dispersed network.
Decentralized networks endeavor to
decrease the degree of trust that
members should put in each other and
dissuade their capacity to put forth
authority or command over each other in
manners that corrupt the potency of the
network.
 How Does Blockchain Work?
The goal of blockchain is to allow digital information to be recorded and
distributed, but not edited. In this way, a blockchain is the foundation for
immutable ledgers, or records of transactions that cannot be altered,
deleted, or destroyed. This is why blockchains are also known as
a distributed ledger technology (DLT).
First proposed as a research project in 1991, the blockchain concept
predated its first widespread application in use: Bitcoin, in 2009. In the
years since, the use of blockchains has exploded via the creation of
various cryptocurrencies, decentralized finance (DeFi) applications, non-
fungible tokens (NFTs), and smart contracts.
Transaction Process in Blockchain
1. Money transfers 2. Financial exchanges
The original concept behind the invention of Many companies have popped up over the
blockchain technology is still a great past few years offering
application. Money transfers using decentralized cryptocurrency exchanges.
blockchain can be less expensive and faster Using blockchain for exchanges allows for
than using existing money transfer services. faster and less expensive transactions.

3. Lending 4. Insurance
Lenders can use blockchain to execute Using smart contracts on a blockchain can
collateralized loans through smart contracts. provide greater transparency for customers
Smart contracts built on the blockchain and insurance providers. Recording all claims
allow certain events to automatically trigger on a blockchain would keep customers from
things like a service payment, a margin call. making duplicate claims for the same event.
5. Secure Personal Information 6. Voting
Blockchain technology can be used to secure If personal identity information is held on a
access to identifying information while blockchain, from also being able to vote
improving access for those who need it in using blockchain technology. Using
industries such as travel, healthcare, blockchain technology can make sure that
finance, and education.. nobody votes twice, only eligible voters are
able to vote.

7. Real Estate 8. Health Care

Using blockchain technology to record real Keeping medical records on a blockchain can
estate transactions can provide a more allow doctors and medical professionals to
secure and accessible means of verifying obtain accurate and up-to-date information
and transferring ownership. That can speed on their patients. That can ensure that
up transactions, reduce paperwork, and patients seeing multiple doctors get the best
save money. care possible.
 Bitcoin vs. Blockchain
Blockchain technology was first outlined in 1991 by
Stuart Haber and W. Scott Stornetta, two
researchers who wanted to implement a system
where document timestamps could not be
tampered with. But it wasn’t until almost two
decades later, with the launch of Bitcoin in January
2009, that blockchain had its first real-world
application.
The Bitcoin protocol is built on a blockchain. In a
research paper introducing the digital currency,
Bitcoin’s pseudonymous creator, Satoshi
Nakamoto, referred to it as “a new electronic cash
system that’s fully peer-to-peer, with no trusted
third party.”
Job Opportunities in
Blockchain
1 Blockchain Developer
Designs, develops, and tests
blockchain solutions.

2 Smart Contract
Auditor
Reviews smart contracts for
vulnerabilities and
inefficiencies.

3 Blockchain Consultant
Advises businesses on implementing blockchain technologies.
 Conclusion

The Bitcoin is the first successful implementation of blockchain. Today, the world
has found applications of blockchain technology in several industries, where the
trust without the involvement of a centralized authority is desired. So welcome
to the world of Blockchain.
Blockchain technology is only going to grow in the fields of business, finance, law,
medicine, and real estate. Whether you’re an experienced Blockchain developer,
or you’re aspiring to break into this exciting industry, enrolling in our Blockchain
Certification Training program will help individuals with all levels of experience to
learn Blockchain developer techniques and strategies.
 References
1. https://en.wikipedia.org/wiki/Blockchain
2. https://www.investopedia.com/terms/b/blockchain.asp
3. https://www.pngegg.com/en/search?q=blockchain+Technology
4. https://www.simplilearn.com/tutorials/blockchain-tutorial/why-is-blockchai
n-important
5. https://www.geeksforgeeks.org/advantages-and-disadvantages-of-blockcha
in/
6. https://builtin.com/blockchain
Made By : Mr. Scientist