INNOVATION AND CREATIVITY
• PRESENTED TO - NIMI MAM
BLOCK
CHAIN
PRESENTED BY – SHASHANK CHATURVEDI
WHAT IS BLOCK CHAIN ?
• Blockchain is a decentralized and distributed
digital ledger technology that allows multiple
parties to maintain a shared record of
transactions or information in a secure and
transparent manner. It was originally developed
as the underlying technology for
cryptocurrencies like Bitcoin bu
• At its core, a blockchain consists of a chain of
blocks, where each block contains a list of
transactions or data. These blocks are linked
together using cryptographic hashes, creating
an immutable and chronological sequence of
informationt has since found applications in
various industries beyond finance.
WHO INVENTED BLOCK CHAIN
?
• Blockchain technology was
introduced by an individual or group
of individuals operating under the
pseudonym Satoshi Nakamoto. In
2008, Nakamoto published a
whitepaper titled "Bitcoin: A Peer-to-
Peer Electronic Cash System," which
outlined the principles and concepts
behind blockchain and its application
in the context of the cryptocurrency
Bitcoin.
HOW BLOCK CHAIN WORK ?
• Blockchain works through a combination of cryptographic techniques, consensus mechanisms, and
network protocols. Here's a simplified explanation of how blockchain typically works:
1. Distributed Network: A blockchain operates on a network of computers (nodes) that are
interconnected. Each node in the network maintains a copy of the entire blockchain.
2. Transactions: Users initiate transactions by creating a digital record of their actions. These
transactions can represent various types of information, such as financial transactions, asset
ownership, or any other data that needs to be recorded.
3. Block Creation: Transactions are grouped together into blocks. Each block contains a list of
transactions and a unique identifier called a cryptographic hash, which is generated based on the
data in the block. Additionally, each block contains the hash of the previous block, effectively
creating a chain of blocks.
4. Consensus Mechanism: Nodes in the network work together to validate and agree on the contents
of each block. This is achieved through a consensus mechanism, which is a set of rules or
algorithms that determine how agreement is reached. The most commonly used consensus
mechanism in blockchain is called Proof of Work (PoW) or Proof of Stake (PoS).
5.Block Validation and Addition: Once a block is created, it
is propagated through the network. Other nodes validate
the transactions and the solution to the puzzle (in PoW) or
the legitimacy of the creator (in PoS). If the block is deemed
valid, it is added to each node's copy of the blockchain.
6.Security and Immutability: As new blocks are added to the
blockchain, the network ensures the integrity and security
of the data. The cryptographic hashes and the interlinking
of blocks create a tamper-evident structure. Altering the
data in one block would require changing the contents of all
subsequent blocks, making it computationally infeasible.
7.Consensus Maintenance: Nodes continue to participate in
the consensus process, validating new blocks, and adding
them to the blockchain. This ongoing process ensures the
accuracy and consistency of the blockchain across the
network.
By using these mechanisms, blockchain provides a
decentralized and trustless system where participants can
securely and transparently record and verify transactions or
data without relying on a central authority.
THANK YOU
