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An introduction to blockchain technologyop

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Transcript of An introduction to blockchain technologyop

An introduction to blockchain technology
Blockchain is a decentralised digital database that stores data of transactions and other applications.
It has no database manager and allows any computer in the world to access it, unless it is a private blockchain.
It is different from centralised databases because it allows many parties to be in agreement about the record of events. This presentation provides an initial overview of how this is made possible.
This example shows four people each running the entire blockchain on their own computers and therefore acting as full nodes. Every computer in the network is called a node.
A blockchain enables the peer-to-peer exchange of digital information, which means that transactions are recorded and validated without the involvement of a third party such as a bank.
If Jose wants to send his coin to Eva, the data from this transaction will be recorded in a block. A block is similar to a page in a ledger.
The data in the block is then broadcast to every party in the network, which consists of people using devices such as computers, tablets, and smartphones.
Each party’s device in the network approves that the transactions are valid. This is achieved through a mining process, in which the nodes solve cryptographic puzzles and collectively agree upon a transaction’s validity. (The role of cryptography in validating transactions will be explored further in Module 2.)

Once the transaction is approved, the block is added to the chain. This is what builds the blockchain block by block, linking all the data in a string together and all the parties to that data.

The data added to the blockchain cannot be deleted, which means that the blockchain becomes a transparent audit trail of transactions.

Following the approval of the transaction, Eva receives the coin from Jose. Proof of the transaction remains, since all the data pertaining to it has been saved in the block.
The same validation process occurs for every transaction that takes place. Each transaction is added
as another record that contributes to a transparent, tamper-proof, and decentralised database.

Burniske, C. & Tatar, J. 2018. Cryptoassets: the innovative investor’s guide to bitcoin and beyond. New York: McGraw Hill Education.

Hileman, G. & Rauchs, M. 2017. 2017 Global blockchain benchmarking study. Available: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3040224 [2018, March 29].

Kinasih, R. 2017. How SKYBIT is using bitcoin to open Myanmar to the international market. Available: https://ecommerceiq.asia/skybit-bitcoin-myanmar-market/ [2018, March 29].

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