blockchain presentation for the public blockchain.pdf
- 2. Agenda • Introduction to Blockchain • Blockchain vs cryptocurrency • Bitcoin vs Ethereum • Real life and industrial examples • Business example • Benefits & challenges • Q & A
- 3. Basic Blockchain terminology • Block • Blockchain • Consensus • Mining • Distributed Ledger • Peer to peer • Proof of Work
- 4. Block • Block is a set of validated transactions and pointing to next block in the Blockchain or we can term it as container data structure. It is stored at each if the node on network (in case of bitcoin). Each block contains three items: (i) Header (ii) Set of transactions (iii) Hash pointer to previous block • Header- The header contains metadata about the block. As described by (Cosset, 2017) , there are three different sets of metadata as per Bitcoin Blockchain. • The hash of previous block – Every block N contains the Hash value of Block N-1. • Mining competition – This contains the timestamp, nonce and the difficulty. Mining concepts are discussed in more detail consensus algorithms. • Merkel tree root – This data structure summarizes the transactions in the given block.
- 5. Visual Representation of a Block Timestamp: 27th June, 2018 18:31:00 IST Transactions: ….. Previous Block reference: 525252 Next block reference: 525254 Validation nonce: Hash(T1T2T3T4) Block 525253 Block 525252 Block 525254
- 6. Blockchain ● Blockchain is a distributed, decentralized and immutable database existing on multiple computers at the same time.
- 7. Centralized, Decentralized and distributed ledgers The New Networks Distributed ledgers can be public or private and vary in their structure and size. Public blockchains Require computer processing power to confirm transactions (‘ mining’ ) - Users (0) are anonymous - Each user has a copy of the ledger and participates in confirming transaction independently - Users (0) are not anonymous - Permission is required for users to have a copy of the ledger and participate in confirming transaction
- 8. Blockchain vs Cryptocurrency ● Goes hand in hand ● Blockchain technology supports Cryptocurrency ● Bitcoin is best known Cryptocurrency
- 9. How Blockchain works A want to send money to B Transaction requested as block to connected network Block is broadcast to every node on the network A transaction is approved by the node in the network The money added to B’s Account A B
- 10. Real life and industrial examples • Real time examples: (i) Voting system • Industrial examples: (i) Everledger (ii) Walmart (iii) Microsoft
- 11. Business examples Blockchain use case in Healthcare Patient consent and Health data management ● Patient control his/her own data ● Secure medical data exchange ● Blockchain ensure consent, compliance, auditability, provenance and governance
- 12. Benefits, challenges and pitfalls Benefits Challenges Pitfalls ● Greater Transparency ● JavaScript based ● Decentralized ● Open source & community support ● Adoption of technology ● Limited production experience ● Not 100% decentralized ● Availability of developers ● Opinions & Experience ● New technology - so many of un-supported tools and libraries ● Designing a good blockchain solution ● Customer education
- 13. Effects and Future of Blockchain • Internet of things: Decentralized devices developed by Samsung and IBM • Ride sharing application: Why to have middle men like Uber and Ola. • Retail store: Blockchain poses great impact in the online retail industry. • Indiachain: Tamper proof degree certificate.
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