A

Seminar Report
On

Blockchain

For
 partial fulfillment
fulfillment of award of the

B. Tech Degree in Computer Science & Engineering

Submitted by:
Harishiv Singh (1519210103)

G. L. Bajaj Institute of Technology and Management,

Greater Noida
 TABLE OF CONTENTS

1. Introduction
2. Relevant Work\Existing System
3. Proposed work
4. Methodology
5. Conclusion and Future Scope
References/Bibliography
Introduction

Blockchain (BC), the technology behind the Bitcoin crypto-currency system, is both alluring and
critical for ensuring enhanced security and (in some implementations, non-traceable) privacy for
diverse applications in many other domains - including in the Internet of Things (IoT) eco-
system. A blockchain is a distributed public ledger of all transactions or digital events that have
 been completed and shared among participating parties. Each transaction in the public ledger is
verified by consensus of most of the participants in the system. And, once entered, information
can never be erased. The blockchain contains a certain and verifiable record of every single
transaction ever made. Bitcoin, the decentralized digital currency, is the most popular example
that uses blockchain technology. The digital currency bitcoin itself is highly controversial but
the underlying blockchain technology has worked flawlessly and found wide range of
applications in both financial and nonfinancial world.

Fig. Success Rates

The main hypothesis is that the blockchain establishes a system of creating a distributed 
consensus in the digital online world. This allows participating entities to know for certain that
a digital event happened by creating an irrefutable record in a public ledger. It opens the door
for developing a democratic open and scalable digital economy from a centralized one. There
are tremendous opportunities in this disruptive technology and revolution in this space has just
 begun.

Current digital economy is based on the reliance on a certain trusted authority. Our all online
transactions rely on trusting someone to tell us the truth — it can be an email service provider
telling us that our email has been delivered; it can be a certification authority telling us that a
certain digital certificate is trustworthy; or it can be a social network such as Facebook telling us
that our posts regarding our life events have been shared only with our friends or it can be a
 bank telling us that our money has been delivered reliably to our dear ones in a remote country.
The fact is that we live our life precariously in the digital world by relying on a third entity for
the security and privacy of our digital assets. The fact remains that these third-party sources can
 be hacked, manipulated or compromised.

This is where the blockchain technology comes handy. It has the potential to revolutionize the
digital world by enabling a distributed  consensus where each online transaction, past and
 present, involving digital assets can be verified at any time in the future. It does this without
compromising the privacy of the digital assets and parties involved. The distributed consensus
and anonymity are two important characteristics of blockchain technology.

The advantages of Blockchain technology outweigh the regulatory issues and technical
challenges. One key emerging use case of blockchain technology involves “ smart contracts”.
Smart contracts are basically computer programs that can automatically execute the terms of a
contract. When a pre-configured condition in a smart contract among participating entities is met
then the parties involved in a contractual agreement can be automatically made payments as per
the contract in a transparent manner.

Smart Property is another related concept which is regarding controlling the ownership of a
 property or asset via blockchain using Smart Contracts. The property can be physical such as
car, house, smartphone etc. or it can be non-physical such as shares of a company. It should be
noted here that even Bitcoin is not really a currency--Bitcoin is all about controlling the
ownership of money. Blockchain technology is finding applications in wide range of areas both
financial and non-financial.
Relevant Work\Existing System

A Blockchain comprises of two different components, as follows:

1. Transaction: A transaction, in a Blockchain, represents the a ction triggered by the participant.

2. Block: A block, in a Blockchain, is a collection of data recording the transaction and other
associated details such as the correct sequence, timestamp of creation, etc.

The Blockchain can either be public or private, depending on the scope of its use. A public
Blockchain enables all the users with read and write permissions such as in Bitcoin, access to it.
However, there are some public Blockchains that limit the access to only either to read or to
write. On the contrary, a private Blockchain limits the access to selected trusted participants
only, with the aim to keep the users’ details concealed. This is particularly pertinent amongst
governmental institutions and allied sister concerns or their subsidies thereof. One of the major
 benefits of the Blockchain is that it and its implementation technology is public. Each
 participating entity possesses an updated complete record of the transactions and the associated
 blocks. Thus, the data remains unaltered, as any changes will be publicly verifiable. However,
the data in the blocks are encrypted by a private key and hence cannot be interpreted by
everyone.

Another major advantage of the Blockchain technology is that it is decentralized. It is

decentralized in the sense that:

• There is no single device that stores the data (transactions and associated blocks), rather
they are distributed among the participants throughout the network supporting the
Blockchain.
• The transactions are not subject to approval of any single authority or must abide by a set
of specific rules, thus involving substantial trust as to reach a consensus.
• The overall security of a Blockchain eco-system is another advantage. The system only
allows new blocks to be appended. Since the previous blocks are public and distributed,
they cannot be altered or revised.
Soon, we expect to see some innovation in blockchains to improve performance and scalability,
which is a special challenge for public blockchains. Along the same lines, there will be new
consensus mechanisms going mainstream (such as proof-of-stake). For consensus and
validation, blockchain researchers are investigating efficient implementation of zero-knowledge
 proofs and specific variants such as zkSNARKs.
References/Bibliography
E. Y. P. Gavin Wood, \Ethereum: A secure decentralised generalised transa ction ledger."

 Nir Kshetri, "Can Blockchain Strengthen the Internet of Things?," IT Professional, vol. 19, no.
4, pp. 68 - 72, May 2017, Available: http://ieeexplore.ieee.org/document/8012302/

Don Tapscott and Alex Tapscott, Blockchain Revolution: How the Technology Behind Bitcoin
Is Changing Money, Business, and the World, 1st ed. New York, USA: Penguin Publishing
Group, 2016.

Maaruf Ali and Mahdi H Miraz, "Cloud Computing Applications," in Proceedings of the
International Conference on Cloud Computing and eGovernance - ICCCEG 2013, Internet City,
Dubai, United Arab Emirates, 2013, pp. 1-8, Available:
http://www.edlib.asdf.res.in/2013/iccceg/paper001.pdf 

Mahdi H. Miraz, "Blockchain: Technology Fundamentals of the Trust Machine," Machine

Lawyering, Chinese University of Hong Kong, 23rd December 2017, Available:
http://dx.doi.org//10.13140/RG.2.2.22541.64480/2

G. W. Peters, E. Panayi, and A. Chapelle, “Trends in crypto -currencies and blockchain

technologies: A monetary theory and regulation  perspective,” 2015. [Online]. Available:
http://dx.doi.org/10.2139/ssrn. 2646618