SOFTWARE

DEVELOPMENT
PROPOSAL

Created by: BLOCK CHAIN-HYPER LEDGER

INTRODUCTION TO BLOCK CHAIN

Definition: “An open, distributed ledger that can record transactions between two parties
efficiently and in a verifiable and permanent way".

Or

Consensus based secure decentralized public/private database which stores information

immutably over the peer to peer network with cryptography

 Distributed database existing on various computers at same time

 Tracking digital assets on p2p network with no central authority
 Each and every peer is connected to the database.
 A growing list of records, called blocks, which are linked using cryptography
 Each block contains a cryptographic hash of the previous block,[6] a timestamp, and
transaction data
 It consist of NONCE, a random data used for mining the required information from the
data available
 It produces 2^68 per hour random numbers which are immutable in nature
 If a range of numbers are known it can be possible to guess the Nonce value and hack the
data using certain consensus algorithms
 When a miner mines a block he is rewarded win 12.5 bit coins,2Ethereum
 Nonce has been developed so much that it cannot be mined easily and private blocks can
be created.
 In case of bit coin-Proof of work and algorithms vary with block chains