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  1. Blockchain Technology IKRAM ULLAH KHAN 17MEB225
  2. Content Why blockchain important What’s the blockchain Structure of blockchain Fundamentals of blockchain Cryptocurrency Smart contract Emerging applications of blockchain Conclusion References
  3. Why blockchain important Issues with existing banking system: 1. High transaction fees. 2. Technical issue. 3. The sender accounts could have been hacked. 4. The transfer limits could have been exceeded. 5. Debited from one account, never credited on the other side. 6. Centralized banking authority. 7. Net banking fraud
  4. What’s the Blockchain Blockchain is an open distributed ledger record of transaction in a network connected through P2P nodes. Properties: 1. Immutable 2. Decentralized 3. Public distributed ledger
  5. Structure Each blocks have: 1) Data 2) Hash 3) Hash of the previous block
  6. Data Data stores in the block depend on the type of block. Hash It identify the block and it’s content and always unique. Change the data of the block will result in changing the hash.
  7. Hash of the previous block This effectively creates the chain of the block and makes this technology so secure. Example-
  8. Fundamentals of blockchain Proof of work Before a block to be added to the chain- A cryptographic puzzle needs to be solved then, a block gets created here! (A computer solves this by the way and understand this!)
  9. I solved this! Once the network verifies the proof of Work and says, YES, the Block will be added to the chain.
  10. Distributed leger A ledger is a list or a book containing financial transaction. Every time when a node(computer) do a transaction, they broadcast the details of every transaction on each nodes in the network and verify it using proof of work.
  11. Encrypted: Blockchain eliminates the unauthorized access by using the cryptographic algorithm. Block chain uses SHA-256 for encryption. Miners: In blockchain, when miners use their resources(time, money, electricity etc) to validate a new transaction and record them on the public ledger, they are given a reward.
  12. Cryptocurrency A cryptocurrency is a digital or virtual currency that is meant to be a medium of exchange. It is quite similar to fiat money, except it does not have any physical embodiment. There are several cryptocurrencies available in the market: •Bitcoin •Litecoin •Ethereum •Z cash •Ripple •Monero
  13. Smart Contracts Smart contract are the self-executing contracts containing the terms and conditions of an agreement among peers. Advantages of smart contract over traditional contracts: •Intermediaries, automation and time savings •Security •Accuracy and transparency
  14. Emerging Blockchain Applications 1) Blockchain in supply chain management: It facilitates traceability across the entire supply chain. Anyone can verify the authenticity or status of a product being delivered. 2) Blockchain in cyber security: Blockchain quickly identifies malicious attack Due to P2P connections.
  15. 3) Blockchain in voting: Voters are allowed to vote without the need of disclosing their identity in public. 4) Blockchain in banking: No central authority. No hidden charges. Transaction records on public legder.
  16. Conclusion •In the area of politics, blockchain is being looked by an organization called “follow my vote”, which is trying to combat election fraud at the ballot box. •Blockchain technology can create a decentralized peer-to-peer network for organizations or apps like Airbnb and Uber. •Blockchain technology can be used as a secure platform for the healthcare industry for the purposes of storing sensitive data. •“Niti Aayog” the government premier policy making body is exposing the use of blockchain technology legally approved areas such as education, health and agriculture.
  17. References •Haber, Stuart, W. Scott Journal of cryptology •Handbook of digital currency ISBN 978-0-12-802351-8 •“Blockchain Size” •Catalini, Christian, gans “some simple economics of the blockchain” •“Permissioned blockchains”
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