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Blockchain and Bitcoin
The document discusses blockchain technology as a decentralized digital ledger that records transactions securely without a central authority, emphasizing its durability, robustness, and potential applications in various fields like finance, voting, and digital identity. It also explains how cryptocurrencies function and highlights the benefits and challenges of implementing blockchain technology. Additionally, the document touches on notable cryptocurrencies like Bitcoin and their roles in the market, along with potential future developments in blockchain applications.
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Blockchain and Bitcoin
- 2. Group Members 1. MShamim Iqbal 2. Md. Zakaria Hossean 3. Md. Kaiser Ahmed 4. Md. Najmul Hasn Nahid 5. Mehedi Hasan
- 3. What is BlockchainTechnology The blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value.”
- 4. Blockchain Technology manythings • A blockchain is a data structure that makes it possible to create a digital ledger of transactions and share it among a distributed network of computers. • • It uses cryptography to allow each participant on the network to manipulate the ledger in a secure way without the need for a central authority. • • Once a block of data is recorded on the blockchain ledger, it’s extremely difficult to change or remove. • •When someone wants to add to it, participants in the network — all of which have copies of the existing blockchain — run algorithms to evaluate and verify the proposed transaction.
- 5. Agenda • Let’s Rememberthe Blockchain • What's Ahead for 2020 • The Use Cases
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- 7. Miner Proof of Work Block Blockchain (ledger) NodeNode Difficulty Level Let’s FirstRemember the Blockchain BlockchainComponents
- 8. Blockchain Durability androbustness • Blockchain technology is like the internet in that it has a built-in robustness. By storing blocks of information that are identical across its network, the blockchain cannot: • Be controlled by any single entity. • Has no single point of failure. • Bitcoin was invented in 2008. Since that time, the Bitcoin blockchain has operated without significant disruption.
- 9. Where might blockchainuse Cryptography
- 10. network of nodes •Blockchain and node together they create a powerful second-level network, a wholly different vision for how the internet can function. • Every node is an “administrator” of the blockchain, and joins the network voluntarily (in this sense, the network is decentralized). However, each one has an incentive for participating in the network: the chance of winning Bitcoins.
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- 13. Centralize, Decentralized andDistributed Network • Centralize network: A type of network where all users connect to a central server, which is the acting agent for all communications.This server would store both the communications and the user account information. • Decentralized Network By storing data across its peer-to-peer network,The decentralized blockchain may use ad-hoc message passing and distributed networking.Peer-to-peer blockchain networks lack centralized points of vulnerability that computer crackers . • Distributed Network ledgers can be public or private and very in their structure size. • Users are annonymous
- 14. What is Cryptocurrency •A cryptocurrency is a digital or virtual currency designed to work as a medium of exchange. • It uses cryptography to secure and verify transactions as well as to control the creation of new units of a particular cryptocurrency. • Essentially, cryptocurrencies are limited entries in a database that no one can change unless specific conditions are fulfilled.
- 15. There are manyCryptocurrency
- 16. Some of mostvaluable cryptocurrency Name Price •Bitcoin $6,715 •Ethereum $469 •XRP $0.4715 •EOS $7.93 •LightCoin $83.52 •Dash $245
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- 18. Bitcoin • The oneand only, the first and most famous cryptocurrency. Bitcoin serves as a digital gold standard in the whole cryptocurrency-industry, is used as a global means of payment and is the de-facto currency of cyber-crime like darknet markets or ransomware.After seven years in existence, Bitcoin‘s price has increased from zero to more than 650 Dollar, and its transaction volume reached more than 200.000 daily transactions. • Then, in early 2009, an anonymous programmer or a group of programmers under an alias Satoshi Nakamoto introduced Bitcoin. Satoshi described it as a ‘peer-to-peer electronic cash system.’ It is completely decentralized, meaning there are no servers involved and no central controlling authority.The concept closely resembles peer-to-peer networks for file sharing.
- 19. Satoshi Nakamoto ananonymous programmer
- 20. How can Iuse Bitcoin for Blockchain • First step
- 22. Blockchain Applications • DISTRIBUTEDCLOUD STORAGE Blockchain data storage will become a massive disruptor shortly. (3-5 years) • Current cloud storage services are centralized — thus you the users must place trust in a single storage provider. “They” control all of your online assets.
- 23. DIGITAL IDENTITY • Imaginenever having to worry about your digital security every again. It’s a massive problem in the world. • Which is now estimated to cost the industry about $18.5 billion annually, according to a report releasedThursday by Distil Networks. • That means for every $3 spent, $1 is going to ad fraud.
- 24. Blockchain Identity UseCases • Blockchain technology can be applied to identity applications in the following areas: • Digital Identities • Passports • E-Residency • Birth Certificates • Wedding Certificates • IDs
- 25. Smart contact: • Theseare legally binding programmable digitized contracts entered on the blockchain. What developers do is to implement legal contracts as variables and statements that can release of funds using the bitcoin network as a ‘3rd party executor’, rather than trusting a single central authority.
- 26. DIGITALVOTING • The greatestbarrier to getting electoral processes online, according to its detractors, is security. Using the blockchain, a voter could check that her or his vote was successfully transmitted while remaining anonymous to the rest of the world. In 2014, Liberal Alliance, a political party in Denmark, became the first organization to use blockchain to vote. With American voter turnout still shockingly low, distributed digital voting may represent a way to enfranchise non-participants.
- 27. The blockchain enhancedsecurity Security by the blocks • A blockchain, as the name implies, is a chain of digital “blocks” that contain records of transactions. Each block is connected to all the blocks before and after it. This makes it difficult to tamper with a single record because a hacker would need to change the block containing that record as well as those linked to it to avoid detection.
- 28. Advantages of Blockchain 1.Supply chain management. • For supply chain management, the blockchain technology offers the benefits of traceability and cost-effectiveness. 2. Quality assurance. • If an irregularity is detected somewhere along the supply chain, a blockchain system can lead you all the way to its point of origin. 3. Smart contracts. • Time-consuming contractual transactions can bottleneck the growth of a business, especially for enterprises that process a torrent of communications on a consistent basis. 4.Voting. • Just like in supply chain management, the promise of blockchains in the aspect of voting all boils down to trust. Currently, opportunities that pertain to government elections are being pursued.
- 29. Disadvantages of Blockchain •Signature verification. Every blockchain transaction must be digitally signed using a public-private cryptography scheme such as ECDSA. • Consensus mechanisms. In a distributed database such as a blockchain, effort must be expended in ensuring that nodes in the network reach consensus. • Redundancy. This isn’t about the performance of an individual node, but the total amount of computation that a blockchain requires. Whereas centralized databases process transactions once (or twice).
- 30. • Payment processingand money transfers Arguably the most logical use for blockchain is as a means to expedite the transfer of funds from one party to another. • Data sharing Cryptocurrency IOTA launched a beta version of its Data Marketplace in November, demonstrating that blockchain could be used as a marketplace to share. • Digital voting Worried about voter fraud? Well, worry no more with blockchain technology. Blockchain offers the ability to vote digitally, but it's transparent enough that any regulators would be able to see if something were changed on the network. • Blockchain Used For Besides Bitcoin? Uses of blockchainTechnology