This document provides an overview of blockchain technology, covering its history, architecture, functionality, advantages, and applications. It discusses how blockchain originated from early concepts in cryptography and digital currencies. The methodology appears to be an extensive literature review. Key aspects covered include the tiered evolution of blockchain, how it works through distributed ledgers, and examples of public vs private implementations. Advantages include decentralization and transparency, while disadvantages include complexity, scalability issues. The conclusion is that blockchain is transformative and has promising applications across industries.

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2. Understanding Blockchain
Technology
Author: Simanta Shekhar Sarmah
Affiliation: Alpha Clinical Systems, USA
Date of Publication: 2018-08-02

3. Introduction
• The research paper provides a comprehensive overview of
blockchain technology, covering its basics why it came into
existence, what problems it solves, and why or why not you should
use this technology instead of the traditional methods.
• The primary objective is to provide readers with a comprehensive
understanding of blockchain, including its history, architecture,
functionality, advantages, disadvantages, and applications in
different industries.
• The study on "Understanding Blockchain Technology" plays a crucial
role in promoting awareness, fostering innovation, and facilitating
informed decision-making in the context of blockchain adoption and
implementation.

4. Background
The history of blockchain can be traced back to several key developments and concepts
that laid the foundation for its emergence as a revolutionary technology. Here are some
pivotal points in the history of blockchain:
• Early Cryptographic Concepts: The roots of blockchain can be linked to early
cryptographic concepts. In 1976, a paper titled "New Directions in Cryptography"
discussed the concept of a distributed ledger, which set the stage for decentralized
record-keeping systems.
• Timestamping Data: In the early stages of blockchain's development, the concept of
timestamping data gained prominence. A paper titled "How to Time-Stamp a Digital
Document" by Stuart Haber and Scott Stornetta proposed the idea of timestamping data
instead of the medium, laying the groundwork for immutable record-keeping.

5. Background (Cont.)
• Digital Currency and Double Spending: The concept of digital currency and the
prevention of double spending played a crucial role in shaping blockchain
technology. Protocols such as e-cash schemes and the introduction of double
spending detection contributed to the evolution of blockchain
• Hashcash and B-money: In 1997, Adam Back introduced the concept of
"hashcash" as a solution to control spam emails, which influenced the
development of blockchain. Additionally, Wei Dai proposed "b-money," a model
based on peer-to-peer networks, further contributing to the conceptualization of
blockchain.
• Bitcoin and Satoshi Nakamoto: The pivotal moment in blockchain's history
came with the introduction of Bitcoin in 2008 through a whitepaper authored by
the pseudonymous Satoshi Nakamoto. Bitcoin's underlying technology, the
blockchain, revolutionized the way transactions were recorded and verified,
marking a significant milestone in the history of blockchain

6. Methodology
• The research paper does not explicitly mention the specific
research methodology used in conducting the study. However,
based on the content provided in the paper, we can infer that
the methodology likely involved an extensive review of
academic papers, articles, books, and other sources related to
blockchain technology. By synthesizing information from various
scholarly works, the paper presents a holistic view of
blockchain's background, architecture, functionality, and
industry applications.

7. Architecture

9. • How Blockchain actually works:

10. • Tiers of Blockchain:
• Blockchain 1.0
• Blockchain 2.0
• Blockchain 3.0
• Generation X
• Types of Blockchain:
• Public Blockchains
• Private Blockchains
• Semi-Private Blockchains
• Permissioned Ledger
• Distributed Ledger
• Shared Ledger
• Fully Private or Proprietary Software

11. Results
• Blockchain’s transparent and decentralized platform has attracted
various industries and organizations are inclining more and more
towards using blockchain for various business purpose.

12. Discussion
Advantages:
• Decentralization
• Immutability
• Transparency
• Efficiency and Speed
• Cost-Effectiveness
• Enhanced Data Integrity
• Traceability and Auditability
Disadvantages:
• Complexity and Understanding
• Public Availability of Information
• Resource Intensiveness
• Irreversibility of Transactions
• Scalability Issues
• Cost and Resource Requirements
• Regulatory and Compliance Challenges

13. Conclusion
Blockchain is a revolutionary concept as it has been
successfully able to bring the transparency among the users
and has become a game changer for many industries.
Blockchain encourages entrepreneurship by destroying
corruption and breaking down the walls of bureaucracy and establish
the ownership of common mass. This peer-to-peer technology has
opened the door to new possibilities and has provided a personal
ground for economic empowerment. It is too early to say what lies
ahead, but the future of blockchain looks promising and it can be
concluded that blockchain technology is here to stay

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