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An Introduction to Blockchain

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An introduction to Blockchain technology about its components and terms used like Node, Block, Mining etc

An Introduction to Blockchain

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Blockchain Introduction
By: Vishal Sahu
Agenda
#. What is Blockchain
#. Definition & Properties
#. How it works
#. Node/Block/Hash
#. Mining and Proof-of-Work
#. Inside a Transaction.
#. What is a block
For Every Complex Problem, There Is an Answer That Is Clear, Simple, and
Wrong.
H.L. Mencken
Bitcoin is not Blockchain
Blockchain powers Bitcoin.
Why we need blockchain?
#. Bring Trust : To establish trust between ourselves, we depend on individual
third parties such as banks, land registries, government etc.
#. Decentralization: Chances of error, mistakes and corruption can happen
in centralized control systems.
#. Remove Middle Man : They always comes with somewhat risk and cost.
History
Satoshi Nakamoto published a whitepaper on 31st October 2008 Bitcoin: A
Peer to Peer Electronic cash system.
The invention of the blockchain for bitcoin made it the first digital currency to
solve the double spending problem without the need of a trusted authority or
central server.
The satoshi is currently the smallest unit of the bitcoin currency recorded on
the blockchain. It is a one hundred millionth of a single bitcoin (0.00000001
BTC)

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An Introduction to Blockchain

  • 2. Agenda #. What is Blockchain #. Definition & Properties #. How it works #. Node/Block/Hash #. Mining and Proof-of-Work #. Inside a Transaction. #. What is a block
  • 3. For Every Complex Problem, There Is an Answer That Is Clear, Simple, and Wrong. H.L. Mencken
  • 4. Bitcoin is not Blockchain Blockchain powers Bitcoin.
  • 5. Why we need blockchain? #. Bring Trust : To establish trust between ourselves, we depend on individual third parties such as banks, land registries, government etc. #. Decentralization: Chances of error, mistakes and corruption can happen in centralized control systems. #. Remove Middle Man : They always comes with somewhat risk and cost.
  • 6. History Satoshi Nakamoto published a whitepaper on 31st October 2008 Bitcoin: A Peer to Peer Electronic cash system. The invention of the blockchain for bitcoin made it the first digital currency to solve the double spending problem without the need of a trusted authority or central server. The satoshi is currently the smallest unit of the bitcoin currency recorded on the blockchain. It is a one hundred millionth of a single bitcoin (0.00000001 BTC)
  • 7. Properties of Blockchain #. An open, immutable and distributed database/ledger. #. Disintermediation - P2P #. Consensus based - Hack proof #. Trustless transfer of value - Transactions #. No central authority. #. Chained by Cryptography.
  • 8. Definition : What it is? A Distributed Ledger of Transactions, stored as Immutable Blocks that are connected to one another hence forming a Chain, the Validity of which has been agreed upon by Peers on a Decentralised network secured by Cryptography.
  • 9. Few Definitions Node: It refers to client who owns the block. Transaction: Transfer of something from A to B Block: Bundle of transactions. Miners: Burns energy to create blocks, get rewarded by Block Reward + transaction fees. Block Reward: New coins created with each block, goes to miner. Transaction Fees: Small percentage of transaction value, which goes to the miner.
  • 10. How does it work?
  • 11. What is Node? #. A node is a client, which owns the block. #. A copy of the ledger operated by a participant of the blockchain network. #. It contains one or more than one account. #. Miner(Account) mines on the specific node to whom they belongs.
  • 12. What is a block? #. Bundle of Transactions. #. Contains previous block hash. #. All blocks are linked using their hash. #. Data can’t be changed in one block without breaking the chain.
  • 13. What is a Hash? 1. Hash is a hexadecimal code which used SHA-256 (Secure Hashing Algorithm 256) 2. Blockchain uses a Cryptographic Hash Function. a. It’s a hash function i. It takes any string as input ii. Give fixed-size of output (256 bits) iii. Efficiently Computable b. Security Properties i. Collision free ii. Hiding iii. Puzzle friendly
  • 16. Mining is the process by which transactions are verified and added to a blockchain. Difficulty in Proof-of-Work mining, is how hard it is to verify blocks in a blockchain network Proof of Work is a system that ties mining capability to computational power. When a block is successfully hashed, the hashing must have taken some time and computational effort and hashed block is considered proof of work.
  • 18. Type of Blockchain Networks #. Public + Permissionless Blockchains. Ex: Bitcoin, Ethereum, Litecoin #. Private + Permissioned Blockchains. Ex: Multichain, Monax #. Consortium Blockchains . Ex: R3, EWF, Corda
  • 19. Blockchain Networks #. Bitcoin Core #. Ethereum #. Ripple #. Lisk #. Corda #. Hyperledger
  • 20. Use Cases #. Voting & Governance #. Supply Chain management. #. Subsidy distribution/ Crowdfunding. #. Real time money transfer. #. Audit Logs #. Sharing Economy.