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Blockchain Technology Presentation

Blockchain technology and cryptocurrencies like Bitcoin were discussed. Key points included: 1) A blockchain is a growing list of data blocks that are linked together using cryptography. This allows data to be recorded and shared across a decentralized network. 2) Bitcoin was the first cryptocurrency, created in 2008 by Satoshi Nakamoto. It allows digital ownership transfers without middlemen through a peer-to-peer network. 3) Blockchains use techniques like hashing and Merkle trees to securely store data and reach consensus across all participants in a decentralized way. This avoids the need for centralized authorities. 4) Blockchain applications include digital currencies, smart contracts, and creating secure timestamps for documents. Ch

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abhinav chowdhury
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178 views18 pages

Blockchain Technology Presentation

Blockchain technology and cryptocurrencies like Bitcoin were discussed. Key points included: 1) A blockchain is a growing list of data blocks that are linked together using cryptography. This allows data to be recorded and shared across a decentralized network. 2) Bitcoin was the first cryptocurrency, created in 2008 by Satoshi Nakamoto. It allows digital ownership transfers without middlemen through a peer-to-peer network. 3) Blockchains use techniques like hashing and Merkle trees to securely store data and reach consensus across all participants in a decentralized way. This avoids the need for centralized authorities. 4) Blockchain applications include digital currencies, smart contracts, and creating secure timestamps for documents. Ch

Uploaded by

abhinav chowdhury
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© © All Rights Reserved
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A

Seminar
On
Block chain Technology
BBDNITM(054)

By:-
1. Abhinav Chowdhury (1605410006)
2. Kailash Chandra (1605410067)
3. Abhijeet Kumar Mishra (1605410005)
4. Amar Nath Chaudhary(1605410019)
5. Abhishek Anand (1605410007)
Outline
 What is a Blockchain ?
 Blockchain Cryptocurrency.
 History of Bitcoin
 Bitcoin Vs Blockchain
 Bitcoin Ecosystem and its Working
Cutting the Middleman
 Key Features
Building Consensus
Creating Witnesses
 Blockchain Hashing
 Merkle Tree in Blockchain
Application’s of Block-chain
Challenges
References
What is a Blockchain?
 A block chain is a data structure, which is a growing list of
data blocks.
 A blockchain is a growing list of data blocks that are linked
together.
 The data blocks are linked together, such that old blocks
cannot be removed or altered.

Data Data Data

Reference Reference Reference


Block-chain Crypto-currency
The History of Bitcoin
2008 2009 2010 2011

Idea was published Start of the Bitcoin Fist cryptocurrency One Bitcoin equals
under the Network stock exchange is one USD
pseudonym Satoshi launched
Nakamoto

2013 2014 2017

1 Bi tcoin equals Microsoft accepts 1 Bit coin equals


100 USD Bit coin 10,000 USD
Bitcoin ≠ Block-chain

Is an application of Is the underlying data structure,


blockchain technology which can be used for many things,
including cryptocurrencies
Bitcoin is a way to
digitally transfer ownership The blockchain is a database that
without a middleman. records ownership through time.
Bitcoin Ecosystem
 A public network in which anyone,
including a malicious participant, can
participate without restriction.

 Even though it is not organized by a


central authority, it works!

 The Bitcoin ecosystem is self-stabilizing.


The more participants the system has,
the more difficult manipulations become
Working of Bitcoin Ecosystem

More Security
More
Participants

Increased
Bitcoin Value
Cutting the Middleman

E.g. direct transfer of Bitcoins


Key Features
 Write-only, immutable,  Resistant against
transparent data storage malicious participants

 Decentralized, no  Open to everyone


need for intermediaries
 Consistent state
across all participants
Building Consensus

 After a finite time, all


participants agree on a
single state.

 E.g. on who owns


how many Bitcoin.
Creating Witnesses

 If something is published on a
public blockchain, all
participants become witnesses.

 This is used, for example, by


OriginStamp to create a secure
timestamp for documents.
Blockchain Hashing
 A hash function takes an input string (numbers,
alphabets, media files) of any length and
transforms it into a fixed length.

 The fixed bit length can vary (like 32-bit or 64-


bit or 128-bit or 256-bit) depending on the hash
function which is being used.

 The fixed-length output is called a hash. This


hash is also the cryptographic byproduct of a
hash algorithm.

The hash algorithm has certain unique


properties:

1. It produces a unique output (or hash).

2. It is a one-way function.
Merkle Tree in Blockchain
 The concept of Merkle Tree is named
after Ralph Merkle, who patented the idea
in 1979.

 Merkle tree is a fundamental part of


blockchain technology.

 It is a mathematical data
structure composed of hashes of different
blocks of data, and which serves as a summary
of all the transactions in a block.

 It is a data structure tree in which every leaf


node labelled with the hash of a data block,
and the non-leaf node labelled with the
cryptographic hash of the labels of its child
nodes.
Application’s of Block-chain
Challenges
 Energy consumption

 Scalability

 Money laundering

 Personal responsibility
References

 Alabi, K. (2017). Digital block-chain networks appear to be following


Metcalfe's Law. Electro. Commerce Res. Appli. 24, 23–29. doi:
10.1016/j.elerap.2017.06.003
 https://scholar.google.com
 http://www.blockchain-ieee.org
Thank you ..!

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