Talk on Blockchain in Burdwan Engineering College India
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Tarun Chawdhury, with over 15 years of experience in integration technologies and a passion for blockchain, aims to create a universal open-source blockchain platform named Spiral Blockchain. He explains the significance of blockchain in eliminating the need for intermediaries in transactions, addressing issues like speed, cost, and security. The document also outlines various potential use cases for blockchain beyond cryptocurrencies, such as loyalty points and electronic health records.
Talk on Blockchain in Burdwan Engineering College India
- 1. Tarun Chawdhury Over 15+ years of industry experience in integration technologies, API, SOA and Cryptography. Early adopter of Block chain and Digital Asset technologies. Currently working one of the largest Health Care Company in USA Blue Shield of California Connect Me at: https://www.linkedin.com/in/tarunchawdhury/ tarunchawdhury@gmail.com Lets talk Blockchain Technology The next big thing after internet UIT , Burdwan University, WB, INDIA Feb 9 , 2018
- 2. Why am I here? I am passionate about technology and believe blockchain technology has huge potential to transform our society and I have a vision to build an universal blockchain platform aka Spiral Blockchain which will be free, open source, non profit and free of Crypto Currency. I would like to share my thought with you and if you believe what I believe may be we can help each other.
- 3. How Internet Works Internet or Internetwork comprise a number of ISPs who are coordinating with each other to route the message to desired destination server. Internet is wire actually buried in the ground. It might be fiber optics, copper or sometime Satellite. So in simple term Internet is a wire. 172.217.0.7 gmail.com 172.217.0.5 yahoo.com ISP Comcast ISP AT&T Router 192.168.56.3 Router 192.168.56.3 172.217.0.6 facebook.com Internet 172.217.1.4 172.217.1.1 172.217.1.2 172.217.1.3
- 4. Why Blockchain ? To understand the need of Blockchain, lets take the best case study of Bitcoin which is first successful implementation of Blockchain technology. Today when we (aka customer) go for a shopping in a retail store like Walmart (aka provider) we typically use financial tools like credit card issued by a bank to complete the transaction. Customer Retail Store Financial Institution (e.g. Bank) Provider Here between customer and provider we have bank who mediates the transaction i.e takes the money from customer and route the same money to the provider. And this process takes time as it goes through other clearing and compliance. Now the question why do we need a mediator here? Why can’t customer directly send their money or asset to provider directly. The answer is TRUST. Customer and provider do not trust each other. Provider wants to make sure customer’s asset is legitimate and real. So it takes help of financial institution like Bank to mediate the process and record the transaction.
- 5. Why Blockchain ? Continue… This process really worked well over the last few centuries. However this process has some huge drawbacks • It is slow because financial institution needs to make sure customer has money in their account. Then it needs to move the same securely to provider’s account. This can not be done in real-time because customer and provider account is maintain in two separate book or ledger maintained by two separate entity. • It does not support micro payment as Intermediaries like Bank impose a minimum fee on every transaction. • It is hackable or not secured. There is always a risk of fraud in this process and we need apply active monitoring. • Its is costly as it involves intermediaries, manual process requires active monitoring. • It makes integration really difficult at global scale
- 6. Why Blockchain ? Continue… Blockchain is a protocol that solves all these problem. It’s a technology which helps to maintain an immutable distributed Digital Ledger in an Automated Fashion where no manual process involves. Through Automation it established the trust and using Cryptography it makes sure security is full proof. As it is automated it is fast. As there is no intermediaries, there is no minimum transaction fee which make micro payment a reality Customer Retail Store Bitcoin Blockchain Network Provider
- 7. Spiral Blockchain - Target Use Cases In Bitcoin world Blockchain enabled transfer asset over IP. However blockchain as a technology has implication beyond Digital Currency like Bitcoin. The same principal can be applied any use cases which needs to maintain history of records through immutable data set for integrity and consistency of the overall system. Few other potential use cases Loyalty Points and Gift Card University Result or Certificate Issuance EHR – Patient’s Electronic Health Records System
- 8. What is Blockchain? • Blockchain is a distributed database managed by a decentralized network of nodes where every participant in the network potentially can have entire copy of the database • The data structure of Blockchain is Hashed Linked List where every block can hold a certain number of transaction in a Markel Tree and every block also has a hash pointer to the previous block • Blockchain is immutable • UTXO and Blockchain Block 0 Block Hash = Markel Root Hash (H1) Block 1 Block Hash = Markel Root Hash (H2) Block 2 Block Hash = Markel Root Hash (H3) UTXO1 UTXO2 UTXO3 UTXO4 UTXO5 UTXO5 UTXO6 UTXO7 UTXO – Unspent Transaction Set
- 9. Spiral Network & Block chain Platform
- 10. Spiral Network & Block chain Platform
- 11. Thank You