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Introduction to blockchain
This document provides an introduction to blockchain technology. It begins with defining blockchain as a distributed ledger that stores transactions immutably and cryptographically. It then discusses the history of blockchain by using the analogy of decentralized currency with rai stones in Yapis island. It explains how a centralized ledger with a bookkeeper evolved into a decentralized system where each family maintains their own ledger. The document goes on to describe how blockchain works, including the anatomy of blocks, typical transactions, validation through consensus, and the use of smart contracts. Finally, it outlines some common use cases and types of blockchain networks before opening for questions.
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Introduction to blockchain
- 1. Introduction to Blockchain PriyabrataDash (AKA Priyab Satoshi) Twitter: twitmyreview Medium: medium/Crypt-Bytes-Tech
- 2. Agenda • What IsBlockchain • Back to Basics • Blockchain as Technology • How Blockchain Works • Blockchain Use cases • Application of Blockchain • Q&A
- 3. What Is Blockchain •A unique, public and transparent distributed ledger • That stores all transactions immutably and • Permits predefined actions on those transactions • In a cryptographically secured environment.
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- 5. Back to Basics- Decentralized money (analogy) • Yapis a nation in the South Pacific, living on a set of Islands • Rai stones–Used for exchange • circular stone disks that can be up to 3.5 m in diameter and weigh up to 4000 Kg! • Trading stones of this size is difficult
- 6. Back to Basics- Centralized Ledger • Write down every transaction in a book called a ledger • Bookkeeper appointed • Alice pays Bob 10 lbs of Rai, • Alice goes to bookkeeper’s house and announces the transaction. • Everything worked well for a while, but gradually, problems appeared: • Fee’s, Availability of Bookkeeper, • Corruption • Centralization of Power
- 7. Decentralization and MoreTrust “trustless” • Decided to find a new way • Every family would maintain its own ledger! • Alice pays Bob 10 lbs of Rai, • Alice announces the new transaction to all other families. • Each family would then check their own ledger • No a single family had more power than any other!
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- 9. How Blockchain Works– Block Anatomy
- 10. How Blockchain Works– Typical Transaction
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- 12. How Blockchain Works- Consensus
- 13. How Blockchain Works– Smart Contracts
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- 16. Types of Blockchain •Public blockchain: Anyone can use it, send transactions, participate, explore the blockchain, validate it. Example: Bitcoin, Ethereum • Consortium blockchain: Controlled by a pre-selected set of nodes; for example consortium of 15 financial institutions, each operates a node. The right to read the blockchainmay be public, or restricted to the participants. Example:R3 • Private blockchain: Permission management is kept centralized to one organization. Read permissions may be public or restricted to an arbitrary extent. Examples:Eris Industries,Multichain
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