Introduction to blockchain_technology_2
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Introduction to Blockchain Technology 2
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Introduction to blockchain_technology_2
- 2. Overview • Double spending problem • How miners get rewarded with Bitcoins? • Blockchain Types • Consensus and Smart contracts 7/11/2019 2r141443@rguktrkv.ac.in
- 3. Double Spending • What we discussed earlier? • Bitcoin is the solution to double spending problem • Decentralized concept comes into picture • Miners validate the transactions • No problem of double spending arises 7/11/2019 3r141443@rguktrkv.ac.in
- 4. In – depth concept of Bitcoin Mining • Crypto graphic hash functions • Hash functions • Hash properties for Bitcoin protocol • Digital Signatures • Public key and Private Key • A two step process in Bitcoin cryptography • Proof of work • Challenge and a response 7/11/2019 4r141443@rguktrkv.ac.in
- 5. Cryptographic Hash functions • What is Hash function? • How could a deterministic Hash function would be? • Computational efficient • Collision resistant • Hide information (output to input guess) • Look random • SHA256 is the bitcoin protocol hash function • Secure Hash Algorithm 7/11/2019 5r141443@rguktrkv.ac.in
- 6. Digital signatures • Basic understanding of physical signatures • An unique identification to a document • Back log here is forgery • This can be achieved with digital signatures • It’s like a password to a document 7/11/2019 6r141443@rguktrkv.ac.in
- 7. Two way security protocol Message Cryptographic Hash Function Digest Digital Signature 7/11/2019 7r141443@rguktrkv.ac.in
- 9. Proof – of – work Challenge Response Hash function 0000000…0XXX…X 7/11/2019 9r141443@rguktrkv.ac.in
- 10. Blockchain types Public Private Consortium Every one can validate and everyone can monitor Very few can validate and everyone can monitor Very few can validate and very few can monitor 7/11/2019 10r141443@rguktrkv.ac.in