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Blockchain

Blockchain is a digital public ledger that records transactions in blocks linked through cryptography. Each block contains a cryptographic hash of the previous block, timestamps, and transaction data, forming a chain. This structure makes blockchains resistant to modification, maintaining integrity. Blockchain uses cryptography, decentralized networks, and consensus algorithms to allow transactions without intermediaries while maintaining security.

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396 views

Blockchain

Blockchain is a digital public ledger that records transactions in blocks linked through cryptography. Each block contains a cryptographic hash of the previous block, timestamps, and transaction data, forming a chain. This structure makes blockchains resistant to modification, maintaining integrity. Blockchain uses cryptography, decentralized networks, and consensus algorithms to allow transactions without intermediaries while maintaining security.

Uploaded by

Pranav Bansal
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PPTX, PDF, TXT or read online on Scribd
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Blockchain Technology

What is Blockchain
 Blockchain is a digital public ledger that records online transactions.

 Blockchain ensures the confidentiality, integrity, privacy by encrypting and


validating the transactions.

 When a new block is added to a blockchain, it is linked to the previous block using
a cryptographic hash generated from the contents of the previous block.

 This ensures the chain is never broken and that each block is permanently
recorded.

 It is also intentionally difficult to alter past transactions in blockchain since all the
subsequent blocks must be altered first.
Blockchain Components

Blockchain is a system comprised of:


 Transactions
 Decentralized peers
 Encryption processes
 Consensus mechanisms
 Optional Smart Contracts
Cryptocurrency
Cryptocurrency is an internet-based medium of exchange which uses
cryptographical functions to conduct financial transactions.

 Digital: Cryptocurrency only exists on computers. There are no coins and no


notes.
 Decentralized: Cryptocurrencies don’t have a central computer or server.
They are distributed across a network of (typically) thousands of computers.
Networks without a central server are called decentralized networks.
 Peer-to-Peer: Cryptocurrencies are passed from person to person online.
Users don’t deal with each other through banks, PayPal or Facebook. They
deal with each other directly.
 Pseudonymous: This means that you don’t have to give any personal
information to own and use cryptocurrency. There are no rules about who can
own or use cryptocurrencies.
 Trustless: No trusted third parties means that users don’t have to trust the
system for it to work. Users are in complete control of their money and
information at all times.
 Encrypted: Each user has special codes that stop their information from being
accessed by other users.
 Global:Cryptocurrencies can be sent all over the world easily.
Cryptocurrencies are currencies without borders!
Bitcoin

Bitcoin is a cryptocurrency. It is a decentralized digital currency without a central


bank that can be sent from user to user on the peer-to-peer bitcoin network
without the need for intermediaries.

 Transactions are verified by network nodes through cryptography and


recorded in a public distributed ledger called a blockchain.
 Launched in 2009, Bitcoin is the world's largest cryptocurrency by market cap.
Cryptocurrencies Other Than Bitcoin

 Ethereum (ETH)

 Ripple (XRP)

 Litecoin (LTC)

 Tether (USDT)

 Bitcoin Cash (BCH)

 Libra (LIBRA)

 Binance Coin (BNB)


Cryptographic primitives

Cryptographic primitives are the basic building blocks of a security protocol or


system.
The cryptographic primitives are used to provide:

 Authentication

 Confidentiality

 Data Integrity

 Access Control

 Non-repudiation
Digital Signature
Cryptographic Hash
Function
 A cryptographic hash function is
a mathematical function used in
cryptography.
 Typical hash functions take
inputs of variable length to return
outputs of fixed length.
 Cryptographic nonce: In cryptography, a nonce is an arbitrary
number that can be used just once in a cryptographic
communication.

 Timestamp: a sequence of characters or encoded information


identifying when a certain event occurred, usually giving date
and time of day, sometimes accurate to a small fraction of a
second.
What is inside a
block?
 A block is a bunch of transactions
that have been added to the
blockchain.
Security in Blockchain

 Each transaction on a blockchain is secured with a digital signature that proves


its authenticity.

 A blockchain network makes use of public and private keys in order to form a
digital signature ensuring security and consent.

 Due to the use of encryption and digital signatures, the data stored on the
blockchain is tamper-proof and cannot be changed.

 Blockchain technology allows all the network participants to reach an


agreement, commonly known as consensus.

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