An introduction to block chain technology
- 1. B. Yamini Sindhura IV B.Tech CSE Narayana Engineering College-Nellore
- 2. ⇢ What is BLOCK CHAIN? ⇢ Brief History of Block Chain ⇢ Bitcoins ⇢ Distributed Ledger ⇢ Describing a Block ⇢ Example of Block Chain ⇢ Proof of Work ⇢ Peer-to-Peer Network ⇢ Recent Developments of Block Chain
- 3. “Block Chain” is the structure of data that represents a financial ledger entry, or a record of a transaction. Each transaction is digitally signed to ensure its authenticity. What is BLOCK CHAIN?
- 4. Intended to Timestamp digital documents so that its not possible to tamper with them. History of Block Chain
- 5. “Bitcoin” is a form of digital currency, a new form of money, that is tradable throughout the world. Bitcoin
- 6. “Distributed ledger” is a consensus of replicated, shared, and synchronized digital data geographically spread across multiple sites, countries... Distributed Ledger
- 7. Each Block contains: Data, Hash, Hash of previous Block Describing a Block
- 8. The Data that is stored inside a block depends on the type of Block Chain. Contd..
- 9. Hash is always Unique just as a fingerprint.. Contd..
- 10. Changing something inside the block will cause the Hash to change. Contd..
- 11. Hash of previous Block efficiently creates a chain of Blocks... Contd..
- 12. The Block which cannot point to the previous block is called as the “Genesis Block” Example of Block Chain
- 13. Changing a Single block will make all following blocks Invalid.. Contd..
- 14. “Proof of Work” is the mechanism that slows down the creation of new blocks. Proof of Work
- 15. In Bitcoins case, It takes about 10 minutes to calculate the Proof of Work and add a new block to the chain. Contd..
- 16. Instead of using central entity to manage the chain, Block Chains use a “Peer-to-Peer” network.
- 17. In a Network, If someone creates a New Block, It is send to everyone in the Network. Contd..
- 18. Each node verifies the block to make sure that it hasn’t been tampered with. If everything checksout, each node adds this block to their Block Chain Contd..
- 19. “Consensus” used to achieve agreement on a single data value among distributed processes or systems. Contd..
- 20. Recent Developments of Block Chain: 1. Smart Contracts 2. Storing of Medical Records, E-notary, Collecting Taxes etc., Recent Developments of Block Chain:
- 21. Thank You! For Your Attention Any Queries?