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    Block Chain

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    iqbal ishak
    Blockchain is a growing list of records called blocks that are linked together using cryptography. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data. There are three main types of blockchains: public, private, and consortium. Blockchain technology enables the creation of a decentralized environment without a single centralized authority by recording transactions in an immutable distributed ledger. Some benefits of blockchain include providing a full transaction history, security through cryptography, transparency across network participants, and resilience through distribution. However, there are also foundational issues to address like regulation, efficiency, scalability, and privacy before widespread adoption. Several notable blockchain companies working in this space include Blockstream, Ethereum, Augur, Coinbase

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    Block Chain

    Uploaded by

    iqbal ishak
    226 views14 pages
    Blockchain is a growing list of records called blocks that are linked together using cryptography. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data. There are three main types of blockchains: public, private, and consortium. Blockchain technology enables the creation of a decentralized environment without a single centralized authority by recording transactions in an immutable distributed ledger. Some benefits of blockchain include providing a full transaction history, security through cryptography, transparency across network participants, and resilience through distribution. However, there are also foundational issues to address like regulation, efficiency, scalability, and privacy before widespread adoption. Several notable blockchain companies working in this space include Blockstream, Ethereum, Augur, Coinbase

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    Blockchain is a growing list of records called blocks that are linked together using cryptography. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data. There are three main types of blockchains: public, private, and consortium. Blockchain technology enables the creation of a decentralized environment without a single centralized authority by recording transactions in an immutable distributed ledger. Some benefits of blockchain include providing a full transaction history, security through cryptography, transparency across network participants, and resilience through distribution. However, there are also foundational issues to address like regulation, efficiency, scalability, and privacy before widespread adoption. Several notable blockchain companies working in this space include Blockstream, Ethereum, Augur, Coinbase

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    226 views14 pages

    Block Chain

    Uploaded by

    iqbal ishak
    Blockchain is a growing list of records called blocks that are linked together using cryptography. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data. There are three main types of blockchains: public, private, and consortium. Blockchain technology enables the creation of a decentralized environment without a single centralized authority by recording transactions in an immutable distributed ledger. Some benefits of blockchain include providing a full transaction history, security through cryptography, transparency across network participants, and resilience through distribution. However, there are also foundational issues to address like regulation, efficiency, scalability, and privacy before widespread adoption. Several notable blockchain companies working in this space include Blockstream, Ethereum, Augur, Coinbase

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    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    of 14
    At a glance
    Powered by AI
    The key takeaways are that blockchain is a growing list of records called blocks that are linked using cryptography. It allows for the creation of a decentralized environment where transactions are cryptographically validated and recorded immutably in a transparent and permanent way.

    The three main types of blockchains are public blockchains, private blockchains, and consortium blockchains.

    Some of the main characteristics of blockchain technology are censorship resistance, immutability, global usability, political decentralization, architectural decentralization, and logical centralization.

    BlockChain

    Mohammad Alif Akmal Bin Zulkifli 188298


    Contents
    • What Is Blockchain
    • What Types Of Blockchains
    • Blockchain Technology
    • Characteristics Of Blockchain Technology
    • How Blockchain Technology Benefits Us
    • FOUNDATIONAL ISSUES OF IMPLEMENTING BLOCKCHAIN
    TECHNOLOGY
    • BLOCKCHAIN COMPANIES
    What Is Blockchain
    • A blockchain is originally Block Chain.
    • Growing List Of Records (Blocks)
    • Linked using Cryptography (Method)
    protecting information and communications through the use of CODES
    so that only those for whom the information is intended can read and
    process it.
    • Each block contains a Cryptographic Hash (Properties) of the previous
    block,a Timestamp, and Transaction Data.
    What Types Of Blockchains
    1. Public blockchains
    • has absolutely no access restrictions.
    • Anyone with an internet connection can send transactions to it as well as become a validator.
    • Example: Bitcoin.
    2. Private blockchains
    • permissioned.
    • One cannot join it unless invited by the network administrators.
    • Participant and validator access is restricted.
    3. Consortium blockchains
    • semi-decentralized.
    • permissioned (number of companies might each operate a node on such a network).
    • The administrators restrict users' reading rights as they see fit.
    • Only allow a limited set of trusted nodes to execute a consensus protocol.
    Blockchain Technology
    • Enables the creation of a Decentralized Environment.

    “ NO Single Centralized Authority that makes decisions on behalf of all the parties”
    “Multiple parties to make their Own Independent Decisions”

    • Cryptographically Validated Transactions and data are not under the control of
    any Third Party Organization.

    • Any transaction ever completed is recorded in an Immutable Ledger ( Record that


    Cannot Be Changed) in a Verifiable, Secure, Transparent and Permanent way,
    with a Timestamp and other Details.
    Characteristics Of Blockchain Technology
    • Censorship resistance.
    • Immutability
    • Global usability.
    “ Global Network of Validators called Miners, who maintain it through Block
    Rewards, named Cryptotokens ”
    • Politically decentralized - meaning that no one controls it.
    • Architecturally decentralized - no infrastructural central point of failure exists.
    • Logically centralized - there is one commonly agreed state and the system
    behaves like a single computer.
    How Blockchain Technology Benefits Us
    1) Ledger
    • The technology uses an append only ledger to provide Full Transactional History.
    • Unlike traditional databases, transactions and values in a blockchain are not overridden.
    2) Secure
    • Blockchains are Cryptographically secure, ensuring that the data contained within the
    ledger has not been tampered with, and that the data within the ledger is attestable.
    3) Shared
    • The ledger is shared amongst multiple participants. This provides Transparency across
    the node participants in the blockchain network.
    4) Distributed
    • The blockchain can be distributed. This allows for scaling the number of nodes of a
    blockchain network to make it more Resilient to attacks by bad actors. By increasing the
    number of nodes, the ability for a bad actor to impact the consensus protocol used by
    the blockchain is reduced.
    FOUNDATIONAL ISSUES OF
    IMPLEMENTING BLOCKCHAIN
    TECHNOLOGY
    1. Regulation of the cryptocurrency
    • Access to a blockchain requires both a public and a private key.
    Without the right keys, no hacker will be able to access your data
    ever. On the other hand, all a hacker needs is the right keys to access
    your data and do with it what they will.

    • The question is, what is the level of regulation required? The entire
    economy of the cryptic currency is created because people do not
    want to be controlled by governments or intermediaries. But is
    freedom entirely beneficial to all parties?

    Retrieved from https://coin.my/blockchain/4-isu-utama-teknologi-blockchain-orang-ramai-perlu-tahu/


    2.Efficiency
    • For ordinary users, Blockchain's technology is a revolution that brings
    freedom and transparency into transactions made. However, for large
    institutions and companies, Blockchain's technology does not
    contribute to their system efficiency.

    • This is because the understanding of Blockchain's technology is still in


    its early stages and many people cannot see Blockchain's advantages
    other than the ledger that keeps track of everything, or a fast
    transaction system.

    Retrieved from https://coin.my/blockchain/4-isu-utama-teknologi-blockchain-orang-ramai-perlu-tahu/


    3.Scalability
    • Blockchains are having trouble effectively supporting a large number
    of users on the network. Both Bitcoin and Ethereum, the leading
    blockchain networks, have experienced slowed transaction speeds
    and higher fees charged per transaction as a result of a substantial
    increase in users.

    • While this fact has led to in-depth research about how to help both
    these networks, and blockchains as a whole, to scale, the
    conversations around the proposals are highly varied and are likely to
    take a significant amount of time.

    Retrieved from https://blog.icoalert.com/7-challenges-that-need-to-be-addressed-before-blockchain-mass-adoption-is-possible


    4.Privacy
    • The Bitcoin blockchain is designed to be publicly visible. All the
    information pertaining to a transaction is available for anyone to view.
    With the exception of privacy-centric coins, this is the same with
    many of the blockchains currently in existence.

    • While this feature may be important in some contexts, it becomes a


    liability if distributed ledgers are to be used in sensitive environments.
    For instance, private patient data should not be available for all as is
    the case with proprietary business data. This is also applicable to
    government data or financial data.

    Retrieved from https://blog.icoalert.com/7-challenges-that-need-to-be-addressed-before-blockchain-mass-adoption-is-possible


    BLOCKCHAIN COMPANIES

    Blockstream is a self- Ethereum is a new Augur offers a


    described ‘stealth innovation in computing prediction market
    bitcoin company’ built from technologies platform and “future of
    and concepts originally
    working on accelerating forecasting” on real
    pioneered in Bitcoin.
    the development of Ethereum uses many of world events
    cryptocurrency, open the same systems (such as It won’t be controlled
    asset and smart contact blockchain technology and by any person or entity,
    technology. peer-to-peer networking) nor will it operate off of
    in order to generate a any one computer
    shared world computing network. All the money
    platform that can flexibly in the system will be in
    but securely run any
    Bitcoin
    application users want to
    code (shared ledgers like
    Bitcoin included).
    BLOCKCHAIN COMPANIES

    Coinbase is a secure online


    Everledger is a digital, platform for buying, Ripple Labs is a San
    global ledger that tracks selling, transferring, and Francisco-based company
    and protects items of storing bitcoin. Our that is building commercial
    value. With the mission is to create an applications and
    introduction of the open financial system for infrastructure around the
    ‘op_return’ functionality the world and to be the Ripple protocol. Founded
    into blockchain, the ability leading global brand for in September 2012, Ripple
    to bind or add data into helping people convert Labs has built a distributed
    the blockchain ledger was digital currency into and trustless exchange system
    enabled for the purpose of out of their local currency around a consensus ledger
    being able to add contract as opposed to a blockchain
    or asset data to a
    transaction

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