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BLOCKCHAIN: Transforming Digital Transactions
What is blockchain technology?
WHATIS IT??
- Distributed transfer ledger
- every block contains multiple transactions
- shared with point to point file transfer protocol
- updated by peculiar nodes, known as miners appending new blocks of transactions.
Distributed Backoffice
- All network nodes perform transaction validation and clearing.
- Miners are compensated for their Proof-of-Work.
Brownie Points
BlockChain provides user the most
- secure
- immutable
- timestamped
- public ledger of his digital transactions
More Points
- A blockchain basically is the progressively growing list of verified transactions.
- No one can challenge the legitimacy of the transactions sealed in a block.
- Once the block is sealed, it is distributed consequently, preventing all kind of fraud activities.
- The blockchain is considered as Digital Backbone for Machine to Machine Economy.
PROPERTIES
Attributes
- Anonymity is absolutely maintained.
- No need to rely on third party.
- Distributed ledgers can be public or private and differ in their structure and size.
- Blockchain prevents double spending without central overlooking.
PROMINENT ATTRIBUTES
- Once any transaction is added as a block in the public ledger then there is no way to manipulate or disappear that transaction.
- That block is then distributed to the rest of the nodes of the network. That transaction is noticeable to every node of the system
- it is sealed in the block and hence it cannot be manipulated and no fraud can occur.
OTHER ATTRIBUTES
Blockchain provides the easiest way to cross order business.Consequently, it helps in speeding up the process of automation.
1.
Blockchain can be used as a foundation for many diverse,
customizable, off the shelf solutions from a huge amount of vendors globally.
2.
Service providers such as Microsoft and Amazon AWS have already started to deploy Blockchain as a service.
3.
STEPS TO RUN A NETWORK
- Promulgation of new transactions to all the nodes (powerful computers on which computer puzzles can be run)
- New transactions are being collected by every node into a block.
- Now each node tries to find the proof of work for its block.
- After finding proof-of- work by node, it broadcasts the block to all nodes.
- Acceptance of the block by other nodes is done by checking whether all transactions in it are valid and not already spent.
- If accepted, Nodes work on creating the next block in the chain, using the hash of the accepted block as the previous hash.
HOW IT WORKS?
FLOW
CHART
FLOW CHART
- INCENTIVES
- PRIVACY IS MAINTAINED
- INCENTIVES
- PRIVACY IS MAINTAINED
MINERS
- They are the ones who validate/verify the transaction and in return get paid for it. This validation is done by solving long standing cryptographic puzzles and algorithms.
- This is considered to be very difficult and next to impossible for a single miner to validate a whole block.
- Generally, group of miners work to validate a block, then the transaction fee is divided among them.
MINERS
APPROACHES
SELECTION OF MINERS
- PROOF-OF-WORK
- PROOF-OF-STAKE
- PROOF-OF-ACTIVITY
- PROOF-OF-BURN
- PROOF-OF-CAPACITY
- PROOF-OF-ELAPSED TIME
Blockchain can be used in following fields:
- Banking(to avoid double spending)
- Healthcare
- Law Enforcement
- Voting
- Online Music
- Real Estate and what not.
FUTURE SCOPE
THANK YOU
THANK YOU
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