The document explains blockchain as a decentralized database invented by Satoshi Nakamoto, primarily used for Bitcoin, which addresses issues like double spending and transaction delays in the current monetary system. It describes how transactions are recorded in blocks, secured through public key cryptography, and validated by nodes in the network. Bitcoin, the first decentralized cryptocurrency, employs complex cryptographic methods with a maximum supply of 21 million coins, expected to be fully mined by 2040.

1. CRYPTOCURRENCY
&

2. What is Blockchain?
A DISTRIBUTED DATABASE

3.  Ingenious invention of a person known as Satoshi
Nakamoto.
 A spreadsheet that is duplicated thousands of times across a
network of computers which is regularly updated.
 Originally devised for the digital currency, Bitcoin.
 Information held on a blockchain exists as a shared — and
continually reconciled — database

4. Current Monetary System
EVOLUTION OF MONETARY SYSTEM

7.  Issues with the current System
• Double Spending
• Fake digital certificates are used to initiate fake transactions without enough
balance
• Standard Transaction Fees
• Transaction Delays

8. How Blockchain and Bitcoin help
NEW MODE OF TRANSACTION

10. How Blockchain works

12. A block records some or all if the recent transactions and completed ones are added in to the blockchain as
permanent database and a new block is generated.

14.  Public Key Cryptography is used for encryption
 Sender + Receiver + amount of Bitcoins to be send > hashed to particular
hash value
 Apart from this there is a Digital Signature ( Hashed value of private Key
and amount of bitcoins )
 Decrypt these values and compared to ensure the data is secure

15. Peer to Peer Network
 Node is anyone associated with the block
Chain system
 Full Node – Complete block chain and
ledger
 Minor Node – People who validate
transaction and builds new node

18. What is BITCOIN
NEW MODE OF TRANSACTION

19.  First Decentralized Cryptocurrency
 Uses cryptography to control its creation and management
 Various cryptography technologies and mathematical
algorithms for creating Bitcoins are very complicated
 Total Bitcoins are limited to 21 Million
 Last bitcoin will be mined only by 2040