This lecture is intended for konwledge sharing and educational purpose only in order to provide a comprehensive overview and helping people who wants to find out about the blockchain's core concept from a general technical standpoint with the intention to gain the right perception, the basic know-how and overall perspective on the emerging technology.
2. This lecture is intended for knowledge sharing and educational
purpose only in order to provide a comprehensive overview and
helping people who wants to find out about the blockchain’s
core concept from a general technical standpoint with the
intention to gain the right perception, the basic know-how and
overall perspective on this emerging technology.
Disclaimer
3. Attributes in Blockchain
● New class of IT – Network of computers (nodes) collaborate
toward maintaining a shared distributed database / ledger.
● Enables “Trust” between parties that may otherwise not trust
each other – The Immutable record
● Autonomous and self organise for efficient de-centralised
coordination and management system.
● Empowering future token economics via p2p collaboration
between any entities, organisations as well as individuals.
4. Blockchain 1.0 Revalation
For the first time in the human history, a technology that allows any people
(or any things) from everywhere to come together and “trust” each other,
to transact with large p2p networks without a centralised management.
A “trust” system based on the security measures via:
❑ Computer Code (open and secured)
❑ Protocol (sets of rules or agreements, i.e. Consensus Algorithm)
❑ Cryptography (Hashing & Digital Signature)
* De-centralisation + Immutability *
5. P2P
electronic cash
The world’s first digital currency that can be held by anybody
(or anything) and can be transferred to anybody (or anything)
without needing the permission!
9. From Centralised to Decentralised
Distributed Network
UTXO - TXN creation
Hashing and Digital Signature
10. The world change from C to D …
Centralised
● Single point of failure / attack
● Censorship applies
● Permissioned system
● Expensive to defend & coordinate
● Non-immutable and private
● Lacks Inter-organisational
collaboration
De-centralised
● Distributed - Duplicated everywhere
● Censorship resistance
● Consensus agreement
● p2p instant direct exchange
● Immutable and transparent
● Autonomous and self-organise
● Vast inter-spaces collaboration
Created by Dr. Vince Ming S
16. ● Origination – Digital Signature to authorise spending
● Broadcast on network to nearest nodes ( >1 node )
● Validated and Propagated by each & adjacent nodes
● Verified further by Mining, then re-broadcast in block
● Confirmed – by sufficient subsequent blocks (~6)
– Longest chain wins
● Become Permanent – Immutable Record
Transaction flow
Created by Dr. Vince Ming S