Applying blockchain technology to decentralized operation in future
- 1. APPLYING BLOCKCHAIN TECHNOLOGY TO DECENTRALIZED OPERATION IN FUTURE ENERGY INTERNET Presented by: Mohith H B 1KS14TE027 VIII TCE K S INSTITUTE OF TECHNOLOGY Department of Telecommunication engineering Technical seminar on:
- 2. QUESTIONS! Do you like to be controlled by someone? What is the society built on?
- 3. PRELUDE 2008 Financial crisis Bitcoin whitepaper in 2008 World’s first Cryptocurrency bitcoin launched in 2009
- 4. PRE-REQUISITES 1. Public Key Cryptography 2. Cryptographic Hashing 3. Digital Signature
- 5. PUBLIC KEY CRYPTOGRAPHY Public key cryptography, or asymmetrical cryptography, is any cryptographic system that uses pairs of keys: public keys which may be disseminated widely, and private keys which are known only to the owner. This accomplishes two functions: authentication, where the public key verifies that a holder of the paired private key sent the message, and encryption, where only the paired private key holder can decrypt the message encrypted with the public key.
- 6. CRYPTOGRAPHIC HASHING A cryptographic hash function is a special class of hash function that has certain properties which make it suitable for use in cryptography. It is a mathematical algorithm that maps data of arbitrary size to a bit string of a fixed size (a hash) and is designed to be a one-way function, that is, a function which is infeasible to invert.
- 7. DIGITAL SIGNATURES A digital signature is a mathematical scheme for demonstrating the authenticity of digital messages or documents. A valid digital signature gives a recipient reason to believe that the message was created by a known sender (authentication), that the sender cannot deny having sent the message (non-repudiation), and that the message was not altered in transit (integrity).
- 8. DIFFERENT PARTS OF BLOCKCHAIN Distributed ledger and decentralized database Tamper- Proof Consensus Algorithm Immutable
- 10. Blockchain? Blockchain is a type of distributed ledger for maintaining a permanent and tamper-proof record of transactional data. A blockchain functions as a decentralized database that is managed by computers belonging to a peer-to-peer (P2P) network. Each of the computers in the distributed network maintains a copy of the ledger to prevent a single point of failure (SPOF) and all copies are updated and validated simultaneously. Ledger 1 Ledger 2 Ledger 3 Ledger 4 Ledger 5
- 11. DIFFERENT GENERATIONS OF BLOCKCHAIN
- 12. HOW DOES IT WORK?
- 13. ADVANTAGES • Transparency • Overcomes the double spending Problem • More secure than centralized systems • Cannot be Hacked • Various Applications can be built on the platform
- 14. APPLICATIONS Cryptocurrency To Store Documents Smart Contracts
- 15. WHY IS IT SO IMPORTANT?
- 16. ENERGY INTERNET The Energy Internet is an Internet of things – cars, appliances, power plants – woven together into a choreographed dance of energy by a humming buzz of power lines and wireless communication
- 17. MERGING BLOCKCHAIN AND ENERGY INTERNET
- 18. OUTCOMES • An unauthorized user cannot tap into a transaction • The power is moved efficiently • Elimination of a single controlling entity • Can be accessed by anyone on the network • The time taken for a single transaction is very less
- 19. CONCLUSION • We often see that Revolutions in various fields takes part in a point where two great technologies converge. • The urge to move to renewable source of energy has sparked a lot of interest in incorporating disruptive technologies to the field of renewable energy. • As of now the technology is still in its infancy and we cannot predict for sure the success rate of this innovation.
- 21. THANK YOU!