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Blockchain Development

Sakthidevi.I

Assistant Professor

Dept of IT

ACE, Hosur

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� UNIT 1: Introduction and Overview of Blockchain �Introduction | What is a Blockchain? | Why Blockchain? | Types of Blockchain | Scope and Importance of the Technology | Future Opportunities | Blockchain Platforms | Miners - the Nonce and the Cryptographic Puzzle | Proof of Work & Proof of Stake | Consensus Algorithms | Fault Tolerance Mechanism | Creation of a Block | Transaction Record

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Overview

1. Background

2. What is Blockchain Technology.

3. Why Blockchain Technology?

4.Need of Block chain Technology.

5. How it works?

6. Applications

7. Job opportunities/Future Scope

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1. BLOCKCHAIN TECHNOLOGY - BACKGROUND

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History

  • Introduced in 1991 by Stuart Haber and W. Scott Stornetta.
  • Later developed by Nakamoto in 2008

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What is a Block?

  • Blocks
  • Blocks hold batches of valid transactions that are hashed and encoded into a Merkle tree. 
  • Each block includes the cryptographic hash of the prior block in the blockchain, linking the two.
  • The linked blocks form a chain.  
  • This iterative process confirms the integrity of the previous block, all the way back to the original genesis block.

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What is Blockchain?

  • A blockchain is, an immutable time-stamped series record of data that is distributed and managed by cluster of computers.
  • A Blockchain is a chain of blocks which contain information.
  • The data which is stored inside a block depends on the type of blockchain.
  • For Example, A Bitcoin Block contains information about the Sender, Receiver, number of bitcoins to be transferred.
  • The first block in the chain is called the Genesis block.

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What is Blockchain?

  • Block chain is a shared immutable ledger that facilitated the process of recording transactions and tracking assets in a business network.
  • Block chain technology is an advanced database mechanism that allows transparent information sharing within a business network.
  • A block chain database stores data in blocks that are linked together in a chain.

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2. WHAT IS BLOCKCHAIN TECHNOLOGY?

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What is Blockchain Technology?

  • Based on a peer-to-peer (P2P) topology, blockchain is a distributed ledger technology (DLT).
  • It allows data to be stored globally on thousands of servers – while letting anyone on the network see everyone else's entries in near real-time.
  • That makes it difficult for one user to gain control of, or game, the network.

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What is Blockchain ?

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  • What is Blockchain?
  • A blockchain is a constantly growing ledger which keeps a permanent record of all the transactions that have taken place in a secure, chronological, and immutable way.
  • Ledger: 
  • It is a file that is constantly growing.

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  • Permanent: 
  • It means once the transaction goes inside a blockchain, you can put up it permanently in the ledger.

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What is Blockchain ?

  • Secure: 

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  • Blockchain placed information in a secure way. It uses very advanced cryptography to make sure that the information is locked inside the blockchain.

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  • Chronological: 
  • Chronological means every transaction happens after the previous one.

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  • Immutable: 
  • It means as you build all the transaction onto the blockchain, this ledger can never be changed.

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3. WHY BLOCKCHAIN TECHNOLOGY?

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Why Blockchain technology?

  • To implement a system where document timestamps could not be tampered with.

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  • For carrying out safe digital transactions.

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  • To serve as public transaction ledger that no one can change but everyone can see

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Uses of Blockchain Technology

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  • Initially, used for Bitcoin and other cryptocurrencies.
  • Blockchain has now found use cases in several industries including finance, real estate, and health.
  • Note: A blockchain can be used for the secure transfer of money, property, contracts, etc. without requiring a third-party intermediary like bank or government. Blockchain is a software protocol, but it could not be run without the Internet (like SMTP used in email).

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Need of Blockchain

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Need of Blockchain

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Time reduction: 

In the financial industry, blockchain can allow the quicker settlement of trades. It does not take a lengthy process for verification, settlement, and clearance. It is because of a single version of agreed-upon data available between all stakeholders.

Unchangeable transactions: 

Blockchain register transactions in a chronological order which certifies the unalter ability of all operations, means when a new block is added to the chain of ledgers, it cannot be removed or modified.

Reliability: 

Blockchain certifies and verifies the identities of each interested parties. This removes double records, reducing rates and accelerates transactions.

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Need of Blockchain

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Security: 

Blockchain uses very advanced cryptography to make sure that the information is locked inside the blockchain. It uses Distributed Ledger Technology where each party holds a copy of the original chain, so the system remains operative, even the large number of other nodes fall.

Collaboration: 

It allows each party to transact directly with each other without requiring a third-party intermediary.

Decentralized:

 It is decentralized because there is no central authority supervising anything. There are standards rules on how every node exchanges the blockchain information. This method ensures that all transactions are validated, and all valid transactions are added one by one.

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4. HOW BLOCKCHAIN TECHNOLOGY WORKS

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Blockchain technology – How?

  • A Blockchain is a type of diary or spreadsheet containing information about transactions.
  • Each transaction generates a hash.
  • A hash is a string of numbers and letters.
  • Transactions are entered in the order in which they occurred. Order is very important.
  • The hash depends not only on the transaction but the previous transaction's hash.
  • Even a small change in a transaction creates a completely new hash.

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Blockchain technology – How?

  • The nodes check to make sure a transaction has not been changed by inspecting the hash.
  • If a transaction is approved by a majority of the nodes then it is written into a block.
  • Each block refers to the previous block and together make the Blockchain.
  • A Blockchain is effective as it is spread over many computers, each of which have a copy of the Blockchain.
  • These computers are called nodes.
  • The Blockchain updates itself every 10 minutes.

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Working of Blockchain Technology

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5. APPLICATIONS

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Realtime Uses of Blockchain technology

  • Supply chain management
  • Digital ID
  • Healthcare
  • Wills and inheritance
  • Food safety
  • Digital Voting
  • Real Estate
  • Data sharing …….
  • AND MANY MORE

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6. FUTURE OPPORTUNITIES

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Future opportunities of blockchain

Here are the top 5 prominent industries that will be disrupted by blockchain technology in the near future:

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  • Banking
  • Cyber Security
  • Supply Chain Management
  • Healthcare
  • Government

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A Practical example

  • Food safety
  • Intriguing use of blockchain in food safety is the ability to trace your food from its origin to your plate.
  • Using the immutable nature of blockchain, the transport of food products from their origin to the supermarket can be traced.
  • In the case of food-borne illnesses, the source of the contaminant can be traced quickly and accurately.

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SUGUNA CHICKENS

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7. JOB OPPORTUNITIES

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Blockchain Jobs – Naukri.com Listing

  • Blockchain Developer
  • Blockchain Architect
  • Technology analyst
  • Blockchain software engineer
  • Solution architect
  • Project manager
  • UX designer
  • Quality engineer
  • Legal expert

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Other Connected Roles

  • Accountants
  • Public Relations
  • Marketers
  • Crypto journalists
  • Managers
  • Crypto brokers
  • Analysts

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Skill set required

1 . You need to learn and Build Some Coding skills

2. Learning Java, JavaScript, HTML,CSS will be added bonus.

3.Learn Any One Blockchain Platform like Ethuereum, Hyperledger

4.Understand the complete blockchain technologies and their uses

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Certificate courses

  • Cryptocurrency Certification Consortium
  • They offer three different types of certificates, Certified bitcoin professional, Certified Bitcoin expert and Certified Ethereum developer.

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References (Web)

1. https://gomedici.com/30-non-financial-use-cases-of-blockchain-technology-infographic

2. https://www.blockchain-council.org/blockchain/top-10-real-world-applications-of-blockchain-technology/

3. https://en.wikipedia.org/wiki/Blockchain

4. Job opportunities in Blockchain technology

https://www.cloudcredential.org/blog/career-opportunities-in-blockchain/

5. https://cointelegraph.com/bitcoin-for-beginners/how-blockchain-technology-works-guide-for-beginners

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THANK YOU �AND �QUESTIONS

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