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BLOCKCHAIN
“SPINE OF CRYPTO-CURRENCY”
SUBMITTED BY- SUBMITTED TO:
ABHISHEK SHARMA MR. GUNJAN MISHRA SIR
CSE 4TH YEAR CSE DEPARTMENT
ROADMAP:-
 INTRODUCTION
 OVERVIEW OF BLOCKCHAIN
 PRIVATE KEY CRYPTOGRAPHY
 PEER TO PEER NETWORK
 BLOCKCHAIN PROGRAM
 BLOCKCHAIN TRANSACTION
 TYPES OF BLOCKCHAIN
 BLOCKCHAIN USE CASES
 WHAT IS BITCOIN
 ISSUES WITH CURRENT BANKING SYSTEM
 HOW BITCOIN SOLVES IT
INTRODUCTION:-
 Block chain can be called the spine of the entire crypto-currency system.
 Block chain technology not only helps with the users perform transactions
using crypto-currencies but also ensures the security and anonymity of the users
involved.
 It is a continuously growing list of records called blocks, which are linked and
secured using cryptographic techniques.
 A Block chain can serve as “an open and distributed ledger, that can record
transactions between two parties in a verifiable and permanent way.” This ledger
that is shared among everyone in the network is public for all to view. This brings
in transparency and trust into the system.
 A block is the ‘current’ part of a Block chain which records some or all of
the recent transactions, and once completed goes into the Block chain as
permanent database. Each time a block gets completed, a new block is
generated.
 The Block chain is typically managed by a peer-to-peer network,
collectively adhering to a protocol for validating new blocks. Once
recorded, the data in any given block cannot be altered retroactively
without the alteration of all subsequent blocks and a collusion of the
network majority. Transactions once stored in the Block chain are
permanent. They cannot be hacked or manipulated. We will learn more
about this once we get into the concepts of Block chain.
OVERVIEW OF BLOCKCHAIN
 Blockchain is the technology used in bitcoin. It is a public distributed holding
encrypted ledgers.
 A block is the ‘current part of a blockchain which records some or all of the
recent transection, and once completed goes into the blockchain as
permanent database. Each time a block gets completed, a new block is
generated.
 Blockchain uses Private key
cryptography to secure identities and
hash functions to make the blockchain
immutable.
 P2P machines on the network help in
maintaining the consistency of the
distributed ledger
 The program gives the blockchain its
protocol based on the requirement.
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blockchain.pdf

  • 1. BLOCKCHAIN “SPINE OF CRYPTO-CURRENCY” SUBMITTED BY- SUBMITTED TO: ABHISHEK SHARMA MR. GUNJAN MISHRA SIR CSE 4TH YEAR CSE DEPARTMENT
  • 2. ROADMAP:-  INTRODUCTION  OVERVIEW OF BLOCKCHAIN  PRIVATE KEY CRYPTOGRAPHY  PEER TO PEER NETWORK  BLOCKCHAIN PROGRAM  BLOCKCHAIN TRANSACTION  TYPES OF BLOCKCHAIN  BLOCKCHAIN USE CASES  WHAT IS BITCOIN  ISSUES WITH CURRENT BANKING SYSTEM  HOW BITCOIN SOLVES IT
  • 3. INTRODUCTION:-  Block chain can be called the spine of the entire crypto-currency system.  Block chain technology not only helps with the users perform transactions using crypto-currencies but also ensures the security and anonymity of the users involved.  It is a continuously growing list of records called blocks, which are linked and secured using cryptographic techniques.  A Block chain can serve as “an open and distributed ledger, that can record transactions between two parties in a verifiable and permanent way.” This ledger that is shared among everyone in the network is public for all to view. This brings in transparency and trust into the system.
  • 4.  A block is the ‘current’ part of a Block chain which records some or all of the recent transactions, and once completed goes into the Block chain as permanent database. Each time a block gets completed, a new block is generated.  The Block chain is typically managed by a peer-to-peer network, collectively adhering to a protocol for validating new blocks. Once recorded, the data in any given block cannot be altered retroactively without the alteration of all subsequent blocks and a collusion of the network majority. Transactions once stored in the Block chain are permanent. They cannot be hacked or manipulated. We will learn more about this once we get into the concepts of Block chain.
  • 5. OVERVIEW OF BLOCKCHAIN  Blockchain is the technology used in bitcoin. It is a public distributed holding encrypted ledgers.  A block is the ‘current part of a blockchain which records some or all of the recent transection, and once completed goes into the blockchain as permanent database. Each time a block gets completed, a new block is generated.
  • 6.  Blockchain uses Private key cryptography to secure identities and hash functions to make the blockchain immutable.  P2P machines on the network help in maintaining the consistency of the distributed ledger  The program gives the blockchain its protocol based on the requirement.
  • 7. PRIVATE KEY CRYPTOGRAPHY  Private key cryptography involves two diffirent keys,private and public.  One key is purposely kept private, the other is provided to the other party.  If you use private key to encrypt then the public key can be decrypt and vice versa.  This is called asymmetric encryption
  • 8. PEER 2 PEER NETWORK  A peer-to-peer (P2P) network is created when two or more PCs are connected and share resources without going through a separate server computer.  A P2P network can be an ad hoc connection a couple of computers connected via a Universal Serial Bus to transfer files.  A P2P network also can be a permanent infrastructure that links a half- dozen computers in a small office over copper wires.  A P2P network can be a network on a much grander scale in which special protocols and applications set up direct relationships among users over the Internet.
  • 9. BLOCKCHAIN PROGRAM  The blockchain is a way of implementing any solution  Blockchain is a concept and can be implemented by any language  Solidity is the most preferred default for writing program in blockchain.
  • 10. BLOCKCHAIN TRANSACTION  In any blockchain:-  All transaction are logged including information on the time , data, participants and amount of every single transection  Each node in the network owns a full copy of the blockchain.
  • 11. Transaction are verified by the Miners after solving complex math puzzles and maintain the ledger. The mathematical principle ensure that the nodes automatically and continuously agreeto the current state of the ledger and every transection in it. If anyone attempts to corrupt a transection, the nodes will not arrive at a consensus and hence will refuse to incorporate the transection in the blockchain.
  • 12. BLOCKCHAIN TYPES  There are three types of blockchain  Public  Private  Consortium
  • 13.  PUBLIC:- Public blockchain have ledgers visible to everyone on the internet and anyone can verify and add a block of transection to the blockchain.  PRIVATE:-Private blockchain allow only specific people in the organization to verify and add transection blocks but everyone on the internet is generally allowed to view.  CONSORTIUM:-here, only a group of organization(such as bank) can verify and add transections but the ledger can open or restricted to select groups.
  • 14. BLOCKCHAIN IN A NUTSHELL The use of mathematics To create a secure Distributed ledgers Which enables transection Without the need for third Parties.
  • 16. IN BANKING  Blockchain could cut up to $20 billion in middle man costs per year.  Hacking into banking becomes close to impossible.  Solve the double spending problem.  Reduces bank crises by a large extent.
  • 17. IN PAYMENTS AND TRANSFERS  Blockchain transfers are the highest in terms of security.  Currently bitcoin runs on no fixed transection fess.  No bank account required.  Anonymity is maintained.
  • 18. IN VOTING  Elections require authentication of voters identity, secured record keeping and trusted tallies.  Blockchains are the medium for casting, tracking and counting votes without voter fraud, lost records or fowl play  Increase voter turn out
  • 19. BITCOIN The first decentralized crypto-currency. Uses cryptography to control its creation and management Created and held electronically in a peer to peer open ledger called the blockchain Ledger is produced by people using software that solves mathematically problems.
  • 20. ISSUES WITH CURRENT BANKING SYSTEM
  • 21. HOW BITCOIN SOLVE THIS ISSUES Bitcoin blockchain has a distributed ledger The ledger is public for all to access Transection are immutable , thus cannot be hacked Double spending is not allowed because of the basic structure of block transection
  • 22. AND THE BEST THINGS OF CRYPTOCURRENCY IS THAT THE TRANSECTION FEE IS ZERO OR VERY MINIMAL IN COMPARISON WITH THE THIRD PARTIES SUCH AS BANK AND DIGITAL TRANSFER SYSTEM.
  • 23. RESOURCES  EDUREKA  GOOGLE “THE GOD!”  YOUTUBE  WIKIPEDIA “ONLY ONE”