Blockchain: Exploring the Fundamentals and Promising Potential
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Blockchain is an immutable distributed ledger that records transactions between parties in cryptographically hashed blocks chronologically. It uses cryptography, consensus algorithms, and a distributed network of nodes to allow transactions to be recorded in a secure, robust and transparent way without centralized control. The document outlines the key elements of blockchain including distributed ledger, cryptography, consensus and smart contracts. It also provides a brief history of blockchain from Bitcoin to Ethereum and Hyperledger and describes how blockchain provides benefits like trust, accountability, innovation and finality for applications.
Blockchain: Exploring the Fundamentals and Promising Potential
- 1. Blockchain Exploring the Fundamentals and Promising Potential Kurt Kelley 4/11/2018
- 3. Definition A blockchain is an immutable distributed ledger that contains cryptographically hashed blocks of data stored in chronological order and used to record transactions between parties
- 4. • Satoshi Nakamoto • 2008 White Paper • P2P digital currency transactions • Vitalik Buterin • 2015 Launch • Distributed Computing • Smart Contract OS • Linux Foundation • 2017 Launch • 5 Frameworks • Enterprise Focus History Bitcoin – v1.0 Ethereum – v2.0 Hyperledger – v3.0
- 5. • Replication at every node • Data stored is immutable • Chronological by hashes Elements Cryptography Smart Contracts Consensus Distributed Ledger • Nodes validate transactions • Custom methods to fit need • Trustless framework • SHA256 • Public and Private Keys • Elliptic Curve (ECC) • Embedded in ledger • Process with conditions • Reduce redundancy
- 6. Data Hash Previous Hash Proof of Work Block ID Timestamp Data Hash Previous Hash Proof of Work Block ID Timestamp Block Anatomy
- 7. 01 02 04 03 05 06 07 08 Verify Transactions Group Valid Transactions Into Candidate Block Insert Hash From Most Recent Block Solve The Proof-Of-Work Attach Candidate Block To Local Blockchain Propagate Solution To The Network Await Solution Verification By Other Nodes Get Reward Start Again Mining Demystified
- 8. Benefit - Elements Element Benefit Cryptography Secure Distributed Ledger Resilient Consensus Robust Smart Contracts Automation
- 9. Benefit - Features Feature Benefit Identity Trust Provenance Accountability Transparency Innovation Immutable Finality
- 10. Kurt Kelley kurt@exceleratedtc.com 214-425-1062 Twitter @kurtkelley LinkedIn www.linkedin.com/in/kurtkelleydfw Thank You