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Blockchain, working [blockchain vs bitcoin] pros and cons
This document provides an overview of blockchain technology. It describes how a blockchain is a growing list of records or blocks secured using cryptography. Each block contains a cryptographic hash of the previous block, timestamp, and transaction data linking it to the previous block. Blockchains use a peer-to-peer network to validate new blocks and maintain a distributed ledger without a central authority. The first conceptualization of blockchain was for bitcoin, which uses the technology to power a cryptocurrency with a finite and decentralized currency.
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Blockchain, working [blockchain vs bitcoin] pros and cons
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- 2. Blockchain Technology • Ablock chain is a continuously growing list of records. • The first work on a cryptographically secured chain of block was described in 1991 by Stuart Haber and Scott Stornetta.
- 3. • Stuart HaberScott Stornetta.
- 4. • In 1992Bayer , Harber and Stornetta incorporated merkle tree to design, to improve efficiency.
- 5. • The firstblockchain was conceptualized by Satoshi Nakamoto in 2008. • Then he implemented the core component of the cryptocurrency bitcoin.
- 6. • In blockchain each block typically contain a cryptographic hash of the previous block , a time stamp and transaction data
- 7. • It isan open ,distributed ledger that can record transactions between two parties efficiently in a permanent way. • A block chain is typically managed by a peer-to-peer network communication and validating a new blocks. • Blockchain technology offers a solution to many data security issues, where data can be uniquely authenticated in an irrefutable, immutable, and secure manner
- 8.
- 9. Working of blockchain •Blockchain is a chain of blocks that’s contains information • Blockchain is a decentralized ledger • A block contains Data Hash Hash of previous block
- 11. DATA • It storeinside block • It depends on the type of blockchain
- 12. HASH • Unique • Changewill cause hash to change
- 13. HASH OF THEPREVIOUS BLOCK • This effectively create a chain of block
- 15. Changing a single •Changing a single block will make all following blocks invalid. • So, must want to recalculate all hash values of all following blocks. • To make your block chain valid. • proof of work: verify and which satisfies certain requirements.
- 17. Peer to peernetwork • Using central entity to manage the chain blockchains uses a peer to peer network everyone allow to join in • Someone join this network he get full copy of blockchain it used to verify
- 18. Someone create anew block • It send to everyone in network. • The node verify the block and add to block chain • They agree about which block is valid.
- 20.
- 21. BITCOIN • Bit coinuses blockchain • It sits on top of block chain • We don’t want to think about currency • Limited amount of bitcoin
- 22. • Way toget out of bitcoin is to mine it . • Bitcoin starting to be mare popular at a cryptocurrency • Transactional value gets reduced
- 23. Blockchain • Bitcoin actuallyuses Blockchain • If you are sending a piece of information or money from a to b • A send to it’s bank and bank transfer to their bank and then give to them.
- 25. Pros • Disintermediation • Fastertransformation • Empowered Users • Lower Transaction costs • Process integrity
- 26. Cons • Performance • Signatureverification • Redundancy