Introduction to blockchain

Introduction to blockchain

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  BLOCKCHAIN TECHNOLOGY PRESENTED BY: DIVYA KAPOOR 181416 PGDM 18-20
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   The storyof blockchain is tightly coupled with the story of accounting.  The single entry accounting system for the first time in human history allowed us to prove ownership of the asset.  In order to have trade, right, at the international level, we needed to have at least two authorities.  And so, we needed a new form of accounting, and that's where double entry accounting came in.  Blockchain is the very first implementation of triple entry accounting, where we have an asset being recorded on the ledger in the context of a transaction.
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   The thirdentry and triple entry accounting is cryptography, where we have a cryptographic account of the transaction stored permanently on the ledger.  The ledger is distributed. It's decentralized. So, there's a copy of the ledger that exists on every point that exists on the network.  The code that's stored on the blockchain is a smart contract.  Again, a smart contract is a program that runs on the blockchain.
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  Blockchain Components  Ledger:A distributed, immutable historical record  Peer Network: Stores, updates, and maintains the ledger  Smart Contract: Program that runs on the blockchain  Wallet: Stores users' credentials  Events: Notifications of updates and actions on the blockchain
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  HOW IT WORKS? When you attach a file, a Word document, an Excel sheet, a PDF to an email, you aren't sending an original. You are actually sending the recipient a copy, and that's a great way to move information around.  But it's not so great when it comes to things like money, stocks and bonds, loyalty points, intellectual property, tickets to a game or concert.  Then, sending a copy is suddenly a very bad idea. Let's look at an example:  If I send you tickets to a concert, it's important that I don't send you a copy.  You now own the original asset and I can no longer use or sell those tickets
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  How did weget here?  It began when Satoshi Nakamoto, whose true identity is still unknown, released a white paper in 2008, introducing a purely peer-to-peer version of electronic cash known as Bitcoin.  Even today people believe Bitcoin and blockchain are one and the same.  Bitcoin, another alternative currency, utilize blockchain technology. Bitcoin is only one use case for blockchain.  Blockchain allows people to exchange assets and perform transactions without a third party.  While traditionally we have needed central authorities to trust one another and fulfil contracts
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   Assets areno longer stored in a central place, but distributed across a global ledger, using the highest level of cryptography.  These transactions are recorded as blocks.  The act of embedding a previous block of information into the current block of information is called chaining, hence, the name blockchain.  In order to hack a blockchain network, someone would have to gain control of the majority of computers in that network. This is extremely difficult to do.  There is no longer a single point of failure, and this is what makes blockchain infinitely more secure than what we have today.
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  TYPES OF BLOCKCHAINS A. PUBLIC BLOCKCHAIN:A public blockchain is equivalent to the Internet, complete with the its own set of protocols, etc.  A public blockchain network is completely open and anyone can join and participate in the network.  B. PRIVATE BLOCKCHAIN : Private blockchains are more synonymous with an intranet. On the private blockchain, we have to control who can access your network.  A private blockchain network requires an invitation, and must be validated by a set of rules. Private blockchains are usually set up as permissioned networks
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  SUMMARY  Blockchain isalready being used in many industries. Some of them are :  LifeID is using blockchain for a universal account associated with your identity.  Cook County, (USA), is using blockchain to keep land records more secure than ever before.  MedChain is using blockchain to change the way that medical records are kept, making it more secure and universal.  WALMART and IBM using blockchain for Supply chain, value chain relationships .  Smart Dubai 2021. There are so many possibilities with blockchain; yet to be discovered.
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  THANK YOU