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Lecture Notes: Introduction To Blockchain Technology

Blockchain is a decentralized ledger technology that records transactions securely and transparently across multiple computers. Key features include decentralization, immutability, consensus mechanisms, and smart contracts, which enable automated transactions. While it underpins cryptocurrencies, blockchain has broader applications and faces challenges such as scalability and regulatory uncertainty.

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11 views1 page

Lecture Notes: Introduction To Blockchain Technology

Blockchain is a decentralized ledger technology that records transactions securely and transparently across multiple computers. Key features include decentralization, immutability, consensus mechanisms, and smart contracts, which enable automated transactions. While it underpins cryptocurrencies, blockchain has broader applications and faces challenges such as scalability and regulatory uncertainty.

Uploaded by

dilhanmacys
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Lecture Notes: Introduction to Blockchain Technology

Blockchain is a decentralized, distributed ledger technology that records transactions across many
computers in a way that the registered transactions cannot be altered retroactively. It ensures
transparency, security, and trust without the need for a central authority.

A blockchain consists of a series of blocks, each containing a list of transactions. Every block is linked
to the previous one through a cryptographic hash, creating an immutable chain. This design makes
tampering with the data extremely difficult.

Key features of blockchain include:

1. Decentralization: Unlike traditional databases controlled by a central authority, blockchain


data is distributed across a network of nodes, reducing single points of failure.

2. Immutability: Once recorded, data in a block cannot be changed without altering all
subsequent blocks, which requires consensus from the network, making fraud or hacking
very hard.

3. Consensus Mechanisms: Methods like Proof of Work (PoW) or Proof of Stake (PoS) ensure
agreement among nodes on the validity of transactions.

4. Smart Contracts: These are self-executing contracts with the terms directly written into
code, enabling automated and trustless transactions.

Blockchain technology underpins cryptocurrencies like Bitcoin and Ethereum but has broader
applications in supply chain, finance, healthcare, and voting systems.

Challenges include scalability, energy consumption (especially with PoW), and regulatory uncertainty.

In summary, blockchain offers a secure, transparent way to record and verify transactions, with
potential to transform various industries.

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