1.
Name: Diya Malhotra
2. Course: Bcom(Hons)
3. Roll no. : 2023276
4. Subject: Digital empowerment
5. Topic : Blockchain Technology
Blockchain
Technology
Blockchain is an immutable digital ledger
that enables secure transactions across a
peer-to-peer network. It records, stores
and verifies data using decentralized
techniques to eliminate the need for third
parties, like banks or governments. Every
transaction is recorded, then stored in a
block on the blockchain. Each block is
encrypted for protection
Features of Blockchain Technology
1. Decentralization: Blockchain is a decentralized and distributed digital ledger,
eliminating the need for a central authority.
2. Immutability: Transactions recorded on the blockchain are immutable,
meaning they cannot be altered or deleted once added.
3. Transparency: All transactions on the blockchain are visible to all
participants, promoting transparency and trust.
4. Security: Blockchain leverages cryptography, making the network highly
secure and resistant to hacking attempts.
5. Efficiency: Blockchain can streamline and automate various processes,
reducing transaction times and costs.
Types of Blockchain
Public Blockchain Private Blockchain
Controlled by a single organization,
Open and decentralized, where
granting access to only authorized
anyone can join and participate.
participants. Useful for enterprise
Examples include Bitcoin .
applications.
Consortium Blockchain
Governed by a group of organizations,
allowing for more control and
coordination. Often used in financial and
supply chain use cases.
Applications of Blockchain
1 Financial Transactions 2 Supply Chain Management
Blockchain enables secure, transparent, Blockchain can improve supply chain
and decentralized financial transactions, traceability, reduce fraud, and enhance
reducing the need for intermediaries. efficiency in the movement of goods.
3 Identity Management 4 Voting Systems
Blockchain-based identity management Blockchain can enable secure and
systems can provide secure and tamper- transparent voting systems, reducing the
proof digital identities. risk of fraud and tampering.
Benefits of Blockchain
Decentralization Immutability
Blockchain is a decentralized system, Transactions recorded on the blockchain are
eliminating the need for a central authority immutable, meaning they cannot be altered
or intermediary. This enhances transparency or tampered with. This ensures the integrity
and security, as the network is maintained and traceability of data, enhancing trust in
by a distributed network of nodes. the system.
Transparency Efficiency
Blockchain networks are transparent, as all Blockchain technology can streamline
transactions are publicly visible on the business processes, reduce administrative
distributed ledger. This promotes costs, and increase efficiency by automating
accountability and trust among participants. various tasks through smart contracts.
Challenges and Limitations of
Blockchain
1 Scalability 2 Energy Consumption
Blockchain networks can struggle to The energy-intensive nature of
handle large transaction volumes, blockchain mining raises environmental
limiting their scalability for mainstream concerns and sustainability challenges.
adoption.
3 Regulatory Uncertainty 4 Privacy Concerns
Lack of clear regulations creates The transparent and immutable nature
uncertainty around the legality and of blockchains can raise privacy issues,
compliance of blockchain-based especially for sensitive data.
applications.
Future Trends and
Developments in Blockchain
Innovative Improved Scalability Regulatory
Applications Frameworks
Advancements in
Blockchain will enable new blockchain architectures Increased regulatory clarity
innovative applications and layer-2 solutions will and the establishment of
beyond finance, such as enhance scalability, guidelines will foster
supply chain management, allowing for higher mainstream adoption of
digital identity, and transaction throughput and blockchain technology
decentralized governance. reduced latency. across industries.
Conclusion
In conclusion, blockchain technology has emerged as a transformative
innovation, offering a secure and decentralized way to record and
verify transactions. This revolutionary technology has the potential to
disrupt various industries, from finance to supply chain management,
and beyond. As we look to the future, it is clear that the continued
development and adoption of blockchain will play a crucial role in
shaping the digital landscape.
REFERENCES
• https://builtin.com/blockchain#:~:text=Understanding%20Blockchain%20Technology,like%20payments%2C%20cy
bersecurity%20and%20healthcare.
• https://emeritus.org/blog/types-of
-blockchain/#:~:text=This%20blog%20delves%20into%20the,importance%20in%20the%20finance%20sector.
• https://www.ibm.com/topics/benefits-of-blockchain
• https://builtin.com/blockchain/blockchain-applications
Thank You !
