Report Vineet 7sem

Jaipur Engineering College and Research
Academic Year- 2022-2023

Centre, Shri Ram ki Nangal, via Sitapura
RIICO Jaipur- 302 022.
A
Seminar Report
On
“Blockchain Technology”
Submitted
In partial fulfillment of the requirement for the award of degree of
Bachelor of Technology
In
Computer Science & Engineering
(Session 2020-2021)
Submitted to: Submitted by:

Ms. Punita Panwar Vineet Aalwani
Assistant Professor (19EJCCS806)
Dept. of CSE, JECRC VII Semester
Department of Computer Science & Engineering

Jaipur Engineering College & Research Centre, Jaipur
Rajasthan Technical, University
1
Table of Content
S.no Content Page Number

Candidate’s Declaration 3
Bonafide Certificate 4
Preface 5
Vision and Mission 6
Program Outcomes (Pos) 7
Program Education Objectives (PEOs) 8
Program Specific Outcomes (PSOs) 9
Course Outcomes (COs) 9
Mapping: COs and POs 10
Acknowledgement 11
Abstract 12
1. Introduction 13
2. History 13
3. Working 16
4. Types of Blockchain 19
5. Advantages of Blockchain 25
6. Disadvantages of Blockchain 26
7. Application of Blockchain 27
8. Conclusion 29
9. References 30
2
CANDIDATE’S DECLARATION
I hereby declare that the report entitled “Blockchain Technology” has been carried out and
submitted by the undersigned to the Jaipur Engineering College & Research Centre, Jaipur
(Rajasthan) in an original work, , conducted under the guidance and supervision of Ms. Punita
Panwar.
The empirical findings in this report are based on the data, which has been collected by me. I
have not reproduced from any report of the University neither of this year nor of any previous
year.
I understand that any such reproducing from an original work by another is liable to be punished
in a way the University authorities’ deed fit.
Date: Vineet Aalwani

Place: Jaipur 19EJCCS806
3
BONAFIDE CERTIFICATE
This is to certify that the report of the seminar submitted is the outcome of the seminar work
entitled “Blockchain Technology” carried out by Vineet Aalwani bearing Roll No.: 201 and
Enrollment No.: 19EJCCS806 carried under my guidance and supervision for the award of
Degree in Bachelor of Technology of Jaipur Engineering College & Research Centre, Jaipur
(Raj.), India during the academic year 2022-2023.
To the best of the my knowledge the report

i) Embodies the work of the candidate.
ii) Has duly been completed.
iii) Fulfills the requirement of the ordinance relating to the bachelor of technology degree
of the Rajasthan technical University and
iv) Is up to the desired standard for the purpose of which is submitted.
____________ _______________
Dr. Sanjay Gaur Ms. Punita Panwar
Head of Department Assistant Professor
Computer Science & Computer Science & Engineering
Engineering
JECRC, Jaipur JECRC, Jaipur
Place: Jaipur
Date:
4
PREFACE
Bachelor of Technology in Computer Science & Engineering is the Rajasthan Technical

University course (Approved by AICTE) having duration of 4 years. As a prerequisite of the
syllabus every student on this course has to make a report on industrial training lab in order to
complete his studies successfully. And it is required to submit the report on the completion of it.
The main objective of this report is to create awareness regarding the application of theories in
the practical world of Computer Science & Engineering and to give a practical exposure of the
real world to the student.
I, therefore, submit this industrial training report on “Blockchain Technology”, which was
undertaken at JECRC,Jaipur. I feel great pleasure to present this industrial training report.
5
VISION OF CSE DEPARTMENT
To become renowned Centre of excellence in computer science and engineering and make
competent engineers & professionals with high ethical values prepared for lifelong learning.
MISSION OF CSE DEPARTMENT
1. To impart outcome based education for emerging technologies in the field of computer
science and engineering.
2. To provide opportunities for interaction between academia and industry.
3. To provide platform for lifelong learning by accepting the change in technologies
4. To develop aptitude of fulfilling social responsibilities.
6
PROGRAM OUTCOMES (POs)
1. Engineering knowledge: Apply the knowledge of mathematics, science, engineering

fundamentals, and Computer Science & Engineering specialization to the solution of complex
Computer Science & Engineering problems.
2. Problem analysis: Identify, formulate, research literature, and analyse complex Computer
Science and Engineering problems reaching substantiated conclusions using first principles of
mathematics, natural sciences, and engineering sciences.
3. Design/development of solutions: Design solutions for complex Computer Science and
Engineering problems and design system components or processes that meet the specified needs
with appropriate consideration for the public health and safety, and the cultural, societal, and
environmental considerations.
4. Conduct investigations of complex problems: Use research-based knowledge and research
methods including design of Computer Science and Engineering experiments, analysis and
interpretation of data, and synthesis of the information to provide valid conclusions.
5. Modern tool usage: Create, select, and apply appropriate techniques, resources, and modern
engineering and IT tools including prediction and modeling to complex Computer Science
Engineering activities with an understanding of the limitations.
6. The engineer and society: Apply reasoning informed by the contextual knowledge to assess
societal, health, safety, legal and cultural issues and the consequent responsibilities relevant to
the professional Computer Science and Engineering practice.
7. Environment and sustainability: Understand the impact of the professional Computer
Science and Engineering solutions in societal and environmental contexts, and demonstrate the
knowledge of, and need for sustainable development.
8. Ethics: Apply ethical principles and commit to professional ethics and responsibilities and
norms of the Computer Science and Engineering practice.
9. Individual and team work: Function effectively as an individual, and as a member or leader
in diverse teams, and in multidisciplinary settings in Computer Science and Engineering.
7
10. Communication: Communicate effectively on complex Computer Science and Engineering

activities with the engineering community and with society at large, such as, being able to
comprehend and write effective reports and design documentation, make effective presentations,
and give and receive clear instructions.
11. Project management and finance: Demonstrate knowledge and understanding of the
Computer Science and Engineering and management principles and apply these to one’s own
work, as a member and leader in a team, to manage projects and in multidisciplinary
environments.
12. Life-long learning: Recognize the need for, and have the preparation and ability to engage
in independent and life-long learning in the broadest context of technological change in
Computer Science and Engineering.
PROGRAM EDUCATIONAL OBJECTIVES (PEOs)
The PEOs of the B.Tech (CSE) program are:
1. To produce graduates who are able to apply computer engineering knowledge to provide
turn-key IT solutions to national and international organizations.
2. To produce graduates with the necessary background and technical skills to work
professionally in one or more of the areas like – IT solution design development and
implementation consisting of system design, network design, software design and
development, system implementation and management etc. Graduates would be able to
provide solutions through logical and analytical thinking.
3. To able graduates to design embedded systems for industrial applications.
4. To inculcate in graduates’ effective communication skills and team work skills to enable
them to work in multidisciplinary environment.
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5. To prepare graduates for personal and professional success with commitment to their
ethical and social responsibilities.
PROGRAM SPECIFIC OUTCOMES (PSOs)
 PSO1: Ability to interpret and analyze network specific and cyber security issues, automation
in real word environment.
 PSO2: Ability to Design and Develop Mobile and Web-based applications under realistic
constraints.
COURSE OUTCOMES (COs)

On completion of the course:
CO-1: To generate the report based on the Projects carried out for demonstrating the ability to
apply the knowledge of engineering field during training
CO-2: To Demonstrate Competency in relevant engineering fields through problem

identification, formulation and solution
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MAPPING: CO’s & PO’s
L/ P P P P P P P P P P P P
Sem. Subject Code T/ CO O O O O O O O O O O O O
P 1 2 3 4 5 6 7 8 9 10 11 12
CO-1 To generate the
report based on the
Projects carried out for
demonstrating the
P ability to apply the 2 2 2 2 2 2 2 2 2 2 2 3
knowledge of
engineering field
Industrial 3CS7-
III
Training 30 during training
CO-2: To
Demonstrate
Competency in
relevant engineering
P 3 3 2 1 2 2 2 1 2 2 2 3
fields through problem
identification,
formulation and
solution
10
ACKNOWLEDGEMENT
“Any serious and lasting achievement or success, one can never achieve without the help,
guidance and co-operation of so many people involved in the work.”
It is my pleasant duty to express my profound gratitude and extreme regards and thanks to Mr.
Arpit Agarwal, Dr. V.K. Chandna, Dr. Sanjay Gaur gave me an opportunity to take this
seminar report.
I am indebted towards my supervisors who have allotted this seminar and his precious time and
advice during the period, which is imminent to the report.
I would like to express deep gratitude to Dr. Sanjay Gaur, Head of Department (Computer
Science & Engineering), Jaipur Engineering College & Research Centre, Jaipur (Rajasthan) with
whose support the seminar report has been made possible.
Last but not the least, I am heartily thankful to my friends and all those people who are involved
directly or indirectly in this industrial training report for encouraging me whenever I needed their
help in spite of their busy schedule.
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Vineet Aalwani
19EJCCS806
ABSTRACT
Blockchain technology has

been described as the biggest
technical revolution since the
Internet. The technology –
which is the basis for the
cryptocurrency Bitcoin, but
which can be used
for much more – enables digital
transactions without the use of
intermediaries, which are much
12
faster and also more secure

than has previously been
possible. Blockchain
technology is expected
to change a wide range of
business sectors fundamentally,
such as banks and finance,
consumer
goods, supply chain,
automotive, energy, legal
services, etc.
13

which can be used
14

consumer
services, etc.
which can be used
15

consumer
services, etc.
16

which can be used
17

consumer
services, etc.
which can be used
18

consumer
services, etc.
19

which can be used
20

consumer
services, etc.
which can be used
21

consumer
services, etc.
22

which can be used
23

consumer
services, etc.
which can be used
24

consumer
services, etc.
25

which can be used
26

consumer
services, etc.
which can be used
27

consumer
services, etc.
28

which can be used
29

consumer
services, etc.
which can be used
30

consumer
services, etc.
31

which can be used
32

consumer
services, etc.
which can be used
33

consumer
services, etc.
34

which can be used
35

consumer
services, etc.
which can be used
36

consumer
services, etc.
37

which can be used
38

consumer
services, etc.
which can be used
39

consumer
services, etc.
40

which can be used
41

consumer
services, etc.
which can be used
42

consumer
services, etc.
43

which can be used
44

consumer
services, etc.
which can be used
45

consumer
services, etc.
46

which can be used
47

consumer
services, etc.
which can be used
48

consumer
services, etc.
49

which can be used
50

consumer
services, etc.
which can be used
51

consumer
services, etc.
52

which can be used
53

consumer
services, etc.
which can be used
54

consumer
services, etc.
55

which can be used
56

consumer
services, etc.
which can be used
57

consumer
services, etc.
58

which can be used
59

consumer
services, etc.
which can be used
60

consumer
services, etc.
61

which can be used
62

consumer
services, etc.
With Blockchain technology in
financial sector, the participants
can interact directly and
can make transactions across
the internet without the
interference of a third party.
Such
63
transactions through Blockchain

will not share any personal
information regarding the
participants
and it creates a transaction
record by encrypting the
identifying information.
which can be used
64

consumer
services, etc.
65
With Blockchain technology in

financial sector, the participants
can interact directly and
can make transactions across
the internet without the
interference of a third party.
Such
transactions through Blockchain
will not share any personal
information regarding the
participants
and it creates a transaction
record by encrypting the
identifying information.
66
Blockchain technology has been described as the biggest technical revolution since the Internet.
The technology – which is the basis for the cryptocurrency Bitcoin, but which can be used for
much more – enables digital transactions without the use of intermediaries, which are much
faster and also more secure than has previously been possible. Blockchain technology is
expected to change a wide range of business sectors fundamentally, such as banks and finance,
consumer goods, supply chain, automotive, energy, legal services, etc.
With Blockchain technology in financial sector, the participants can interact directly and can
make transactions across the internet without the interference of a third party. Such transactions
through Blockchain will not share any personal information regarding the participants and it
creates a transaction record by encrypting the identifying information.
The most exciting feature of Blockchain is that it greatly reduces the possibilities of a data
breach. In contrast with the traditional processes, in Blockchain there are multiple shared copies
of the same data base which makes it challenging to wage a data breach attack or cyber-attack .
With all the fraud resistant features, the block chain technology holds the potential to
revolutionize various business sectors and make processes smarter, secure, transparent, and more
efficient compared to the traditional business processes.
1.INTRODUCTION
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The Blockchain is an encrypted, distributed database that records data, or in other words it is a
digital ledger of any transactions, contracts - that needs to be independently recorded. One of the
key features of Blockchain is that this digital ledger is accessible across several hundreds and
thousands of computer and is not bound to be kept in a single place. Blockchain chain has
already started disrupting the financial services sector, and it is this technology which underpins
the digital currency- bitcoin transaction. Blockchain is an open and distributed ledger that can be
used to record transactions between two parties. This way of recording a transaction is both
permanent as well as verifiable, which makes it one of the best ways to keep transactions.
Blockchains are built on the open-source platform. So different versions of these blockchains are
possible, which are developed as per the needs of different industries. As blockchain is a
distributed ledger, hence every transaction is stored on more than one computer, which makes us
sure that every transaction is going to be permanent without any fear of loss. As blockchain is
distributed, it can neither be owned nor be fully controlled by a single entity. Transactions are
between two parties, and no other parties are involved, this results in lower cost, and once a
transaction is performed, it cannot be changed under any circumstances.
2.HISTORY
Although blockchain is a new technology, it already boasts a rich and interesting history. The
following is a brief timeline of some of the most important and notable events in the
development of blockchain.
2008
• Satoshi Nakamoto, a pseudonym for a person or group, publishes “Bitcoin: A Peer to Peer
Electronic Cash System."
2009
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• The first successful Bitcoin (BTC) transaction occurs between computer scientist Hal Finney
and the mysterious Satoshi Nakamoto.
2010
• Florida-based programmer Laszlo Hanycez completes the first ever purchase using Bitcoin —
two Papa John’s pizzas. Hanycez transferred 10,000 BTC’s, worth about $60 at the time. Today
it's worth $80 million.
• The market cap of Bitcoin officially exceeds $1 million.
2011
• 1 BTC = $1USD, giving the cryptocurrency parity with the US dollar.
• Electronic Frontier Foundation, Wikileaks and other organizations start accepting Bitcoin as
donations.
2012
• Blockchain and cryptocurrency are mentioned in popular television shows like The Good Wife,
injecting blockchain into pop culture.
• Bitcoin Magazine launched by early Bitcoin developer Vitalik Buterin.
2013
• BTC market cap surpassed $1 billion.
• Bitcoin reached $100/BTC for first time. • Buterin publishes “Ethereum Project" paper
suggesting that blockchain has other possibilities besides Bitcoin (e.g., smart contracts).
2014
• Gaming company Zynga, The D Las Vegas Hotel and Overstock.com all start accepting
Bitcoin as payment.
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• Buterin’s Ethereum Project is crowdfunded via an Initial Coin Offering (ICO) raising over $18
million in BTC and opening up new avenues for blockchain. R3, a group of over 200 blockchain
firms, is formed to discover new ways blockchain can be implemented in technology.
• PayPal announces Bitcoin integration.
2015
• Number of merchants accepting BTC exceeds 100,000.
• NASDAQ and San-Francisco blockchain company Chain team up to test the technology for
trading shares in private companies.
2016
• Tech giant IBM announces a blockchain strategy for cloud-based business solutions.
• Government of Japan recognizes the legitimacy of blockchain and cryptocurrencies.
2017
• Bitcoin reaches $1,000/BTC for first time.
• Cryptocurrency market cap reaches $150 billion.
• JP Morgan CEO Jamie Dimon says he believes in blockchain as a future technology, giving the
ledger system a vote-of-confidence from Wall Street.
• Bitcoin reaches its all-time high at $19,783.21/BTC.
• Dubai announces its government will be blockchain-powered by 2020.
2018
• Facebook commits to starting a blockchain group and also hints at the possibility of creating its
own cryptocurrency.
• IBM develops a blockchain-based banking platform with large banks like Citi and Barclays
signing on.
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3.WORKING
3.1 COMPONENTS
A Blockchain comprises of two different components, as follows:
3.1.1. Transaction:
A transaction, in a Blockchain, represents the action triggered by the participant.
3.1.2. 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 entities 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.
3.2 WORKING
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The whole point of using a blockchain is to let people — in particular, people who don't trust one
another — share valuable data in a secure, tamperproof way.Blockchain consists of three
important concepts: blocks, nodes and miners.
3.2.1 Blocks:
Every chain consists of multiple blocks and each block has three basic elements:
• The data in the block.
• A 32-bit whole number called a nonce. The nonce is randomly generated when a block is
created, which then generates a block header hash.
The hash is a 256-bit number wedded to the nonce. It must start with a huge number of zeroes
(i.e., be extremely small).
When the first block of a chain is created, a nonce generates the cryptographic hash. The data in
the block is considered signed and forever tied to the nonce and hash unless it is mined.
3.2.2 Miners:
Miners create new blocks on the chain through a process called mining.In a blockchain every
block has its own unique nonce and hash, but also references the hash of the previous block in
the chain, so mining a block isn't easy, especially on large chains.Miners use special software to
solve the incredibly complex math problem of finding a nonce that generates an accepted hash.
Because the nonce is only 32 bits and the hash is 256, there are roughly four billion possible
noncehash combinations that must be mined before the right one is found. When that happens
miners are said to have found the "golden nonce" and their block is added to the chain.
Making a change to any block earlier in the chain requires re-mining not just the block with the
change, but all of the blocks that come after. This is why it's extremely difficult to manipulate
blockchain technology. Think of it is as "safety in math" since finding golden nonces requires an
enormous amount of time and computing power.
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When a block is successfully mined, the change is accepted by all of the nodes on the network
and the miner is rewarded financially.
3.2.3 Nodes:
One of the most important concepts in blockchain technology is decentralization. No one

computer or organization can own the chain. Instead, it is a distributed ledger via the nodes
connected to the chain. Nodes can be any kind of electronic device that maintains copies of the
blockchain and keeps the network functioning. Every node has its own copy of the blockchain
and the network must algorithmically approve any newly mined block for the chain to be
updated, trusted and verified. Since blockchains are transparent, every action in the ledger can be
easily checked and viewed. Each participant is given a unique alphanumeric identification
number that shows their transactions.
Combining public information with a system of checks-and-balances helps the blockchain

maintain integrity and creates trust among users. Essentially, blockchains can be thought of as
the scalability of trust via technology.
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 have to 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.
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For a new transaction to be added to the existing chain, it has to be validated by all the
participants of the relevant Blockchain eco-system. For such a validation and verification
process,
the participants must apply a specific algorithm. The relevant Blockchain eco-system defines
what is perceived as “valid”, which may vary from one eco-system to another. A number of
transactions, thus approved by the validation and verification process, are bundled together in a
block. The newly prepared block is then communicated to all other participating nodes to be
appended to the existing chain of blocks. Each succeeding block comprises a hash, a unique
digital fingerprint, of the preceding one. Figure 2.2 demonstrates how Blockchain transactions
takes place, using a stepby-step example. Bob is going to transfer some money to Alice. Once
the monetary transaction is initiated and hence triggered by Bob, it is represented as a
“transaction” and broadcast to all the involved parties in the networks. The transaction now has
to get “approval” as being indeed “valid” by the Blockchain eco-system. Transaction(s) once
approved as valid along with the hash of the succeeding block are then fed into a new “block”
and communicated to all the participating nodes to be subsequently appended to the existing
chain of blocks in the Blockchain digital ledger.
4. TYPES OF BLOCKCHAINS
At a glance, there are four different major types of blockchain technologies. They include the
following.
• Public
• Private
• Hybrid
• Federated
4.1 PUBLIC BLOCKCHAIN
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A public blockchain is one of the different types of blockchain technology. A public blockchain
is the permission-less distributed ledger technology where anyone can join and do transactions. It
is a non-restrictive version where each peer has a copy of the ledger. This also means that anyone
can access the public blockchain if they have an internet connection. One of the first public
blockchains that were released to the public was the bitcoin public blockchain. It enabled anyone
connected to the internet to do transactions in a decentralized manner. The verification of the
transactions is done through consensus methods such as Proof-ofWork(PoW), Proof-of-
Stake(PoS), and so on. At the cores, the participating nodes require to do the heavy-lifting,
including validating transactions to make the public blockchain work. If a public blockchain
doesn’t have the required peers participating in solving transactions, then it will become non-
functional. There are also different types of blockchain platforms that use these various types of
blockchain as the base of their project. However, each platform introduces more features in its
platform aside from the usual ones. Examples of public blockchain: Bitcoin, Ethereum, Litecoin,
NEO .
Advantages:
Public blockchains are good at what they do. Its advantages include the following.
• Anyone can join the public blockchain.
• It brings trust among the whole community of users
• Everyone feels incentivized to work towards the betterment of the public network
• Public blockchain requires no intermediaries to work.
• Public blockchains are also secure depending on the number of participating nodes
• It brings transparency to the whole network as the available data is available for verification
purposes.
Disadvantages:
Public blockchain does suffer from disadvantages. They are as follows:
• They suffer from a lack of transaction speed. It can take a few minutes to hours before a
transaction is completed. For instance, bitcoin can only manage seven transactions per second
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compared to 24,000 transactions per second done by VISA. This is because it takes time to solve
the mathematical problems and then complete the transaction.
• Another problem with public blockchain is scalability. They simply cannot scale due to how
they work. The more nodes join, the clumsier, and slow the network becomes. There are steps
taken to solve the problem. For example, Bitcoin is working on lighting the network, which takes
transactions off-chain to make the main bitcoin network faster and more scalable.
• The last disadvantage of a public blockchain is the consensus method choice. Bitcoin, for
example, uses Proof-of-Work (PoW), which consumes a lot of energy. However, this has been
partially solved by using more efficient algorithms such as Proof-of-Stake (PoS).
Use Cases:
There are multiple use-cases of the public blockchain. To get a better idea, let’s list some of
them below.
• Voting: Governments can do voting through public blockchain employing transparency and
trust.
• Fundraising: Companies or initiatives can make use of the public blockchain for improving
transparency and trust.
4.2 PRIVATE BLOCKCHAIN
A private blockchain is one of the different types of blockchain technology. A private blockchain
can be best defined as the blockchain that works in a restrictive environment, i.e., a closed
network. It is also a permissioned blockchain that is under the control of an entity.
Private blockchains are amazing for using at a privately-held company or organization that wants
to use it for internal use-cases. By doing so, you can use the blockchain effectively and allow
only selected participants to access the blockchain network. The organization can also set
different parameters to the network, including accessibility, authorization, and so on! So, how is
it different from a public blockchain? It is different in the way it is accessed. Otherwise, it offers
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the same set of features as that of the public blockchain, providing transparency, trust, and
security to the selected participants.
Another major difference is that it’s kind of centralized as only one authority looks over the
network. So, it doesn’t have a decentralized theoretical nature. There are also various types of
blockchain platforms that use private blockchain as the base of their platform. More so, each one
of them tends to be unique and offer different features.In many cases, a private blockchain is
considered permissioned blockchain. But the concept of permissioned blockchain is much
broader as it can include public blockchain as well.
Examples of Private blockchain: Multichain, Hyperledger Fabric, Hyperledger Sawtooth,

Corda.
Advantages:
• Private blockchains are fast. This is because there are few participants compared to the public
blockchain. In short, it takes less time for the network to reach consensus resulting in faster
transactions.
• Private blockchains are more scalable. The scalability is possible because, in a private
blockchain, only a few nodes are authorized to validate transactions. This means it doesn’t matter
if the network grows; the private blockchain will work at its previous speed and efficiency. The
key here is the centralization aspect of decision making.
Disadvantages:
• Private blockchains are not truly decentralized. This is one of the biggest disadvantages of
private blockchain and goes against the core philosophy of distributed ledger technology or
blockchain in general.
• Achieving trust within the private blockchain is tough because the centralized nodes make the
last call.
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Lastly, as there are only a few nodes here, the security isn’t all that good. It is important to
understand that it is possible to lose security if a certain number of nodes go rogue and
compromise the consensus method utilized by the private network.
Use Cases:
There are multiple private blockchain’s use-cases. Some of them are listed below.
• Supply chain management: Organizations can deploy a private blockchain to manage their
supply chain.
• Asset ownership: Assets can be tracked and verified using a private blockchain.
• Internal Voting: Private blockchain is also effective at internal voting.
4.3 CONSORTIUM BLOCKCHAIN A consortium blockchain is one of the different types of

blockchain technology. A consortium blockchain (also known as Federated blockchains) is a
creative approach to solving organizations’ needs where there is a need for both public and
private blockchain features. In a consortium blockchain, some aspects of the organizations are
made public, while others remain private.The consensus procedures in a consortium blockchain
are controlled by the preset nodes. More so, even though it’s not open to mass people, it still
holds a decentralized nature. How? Well, a consortium blockchain is managed by more than one
organization. So, there is no one single force of centralized outcome here. To ensure proper
functionality, the consortium has a validator node that can do two functions, validate
transactions, and also initiate or receive transactions. In comparison, the member node can
receive or initiate transactions. In short, it offers all the features of a private blockchain,
including transparency, privacy, and efficiency, without one party having consolidating power.
Examples of Consortium Blockchain: Marco Polo, Energy Web Foundation, IBM Food Trust.
Advantages:
• It offers better customizability and control over resources. • Consortium blockchains are more
secure and have better scalability.
• It is also more efficient compared to public blockchain networks.
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• Works with well-defined governance structures.
Disadvantages:
• Even though it is secure, the whole network can be compromised due to the member’s
integrity. • It is less transparent.
• Regulations and censorship can have a huge impact on network functionality.
• It is also less anonymous compared to other types of blockchain.
Use Cases: There are multiple use-cases of consortium blockchain. Some of them include the
following
• Banking and payments: A group of banks can work together and create a consortium. They
can decide the nodes that will validate transactions.
• Research: A consortium blockchain can be used to share research data and results. • Food
tracking: It is also great for food tracking.
4.4 HYBRID BLOCKCHAIN
Hybrid blockchain is one of the different types of blockchain technology. More so, Hybrid
blockchain is the last type of blockchain that we are going to discuss here. More so, hybrid
blockchain might sound like a consortium blockchain, but it is not. However, there can be some
similarities between them. Hybrid blockchain is best defined as a combination of a private and
public blockchain. It has use-cases in an organization that neither wants to deploy a private
blockchain nor public blockchain and simply wants to deploy both worlds’ best.
Example of Hybrid Blockchain: Dragonchain, XinFin’s Hybrid blockchain
Advantages:
• Works in a closed ecosystem without the need to make everything public. • Rules can be
changed according to the needs.
• Hybrid networks are also immune to 51% attacks.
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• It offers privacy while still connected with a public network.

• It offers good scalability compared to the public network.
Disadvantages:
• Not completely transparent.
• Upgrading to the hybrid blockchain can be a challenge.
• There is no incentive for participating and contributing to the network.
Use Cases:
Some of the best use-cases of the Hybrid blockchain are as follows:
• Real estate: You can use hybrid networks for real-estate purposes where real-estate companies
can use it to run their systems and use the public to show information to the public.
• Retail: Retail can also use the hybrid network to streamline their processes.
• Highly regulated markets: Hybrid blockchains are also ideal for highly regulated markets
such as financial markets.
5. ADVANTAGES OF BLOCKCHAIN
The crucial advantages of implementing Blockchain Technology for the industry are:
• Decentralization : This is one of the primary benefits of this technology because, in a

Blockchain-powered system, the need for third-party or intermediaries is eliminated by its
working mechanism that manages the process of validating, verifying, and clearing the
various transactions.
• Process Integrity : Due to the security reasons, this program was made in such a way that
any block or even a transaction that adds to the chain cannot be edited which ultimately
provides a very high range of security.
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• Traceability : The format of Blockchain designs in such a way that it can easily locate any
problem and correct if there is any. It also creates an irreversible audit trail.
• Trustworthy: A distributed ledger in blockchain technology records all crucial

transactions in such a manner that they are readily available to all the blockchain members.
As now the ledgers are being shared publicly, this brings more transparency and trust in the
entire system.
• Simplification: Present working model in various organizations, in whichever sector like

an automobile, healthcare, banking, etc. every department is maintaining their own databases.
Blockchain technology serves a single shared ledger that makes data sharing fast and simpler
involving all departments.
• Faster Trades: Any kind of trade or contract has to pass through various verification
processes before reaching its final destination. Blockchain technology can assist in saving
time here, by offering a single ledger to all the associated parties by providing faster
settlement of trades.
6. DISADVANTAGES OF BLOCKCHAIN
Of course, every system has both merits and drawbacks.With some crucial advantages,
Blockchain Technology has some drawbacks too for an industry:
• Nascent Technology: With having several benefits of Blockchain Technology, the

primary disadvantage of this cutting-edge technology is that there are some nasty challenges
like transaction speed, the verification process, and data limits that should be resolved before
making blockchain widely applicable.
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• Uncertain: As most of the modern currencies of today have been created and regulated by
national governments, financial institutions, etc. Blockchain or bitcoin faces a hurdle in
widespread adoption as their financial transactions would be restricted because not
authorized by the government institutions and as a result remain unsettled.
• Higher Costs: Developing a Blockchain into your organization is not an easy task, it
involves massive energy consumption, a decent amount, colossal capital cost, etc. that might
be not possible for medium-scale as well as low scale businesses. It is a fact that it offers
tremendous savings in transaction costs, but at the same time, its implementation cost is too
high.
• Power Use: The consumption of power in the implementation of Blockchain Technology is

comparatively high. Keeping a real-time ledger is one of the underlying reasons for this
higher consumption because every time it produces a new node, it communicates with every
node at the same time.
Despite all these drawbacks, blockchain is one of the most advanced and secured
technologies of the decade. If you are struggling while deciding whether to adopt blockchain
or not, shade-off your doubts and integrate the blockchain technology into your business
infrastructure. If you are finding it difficult to get a blockchain development company that
can help you create a highly functional and feature-rich blockchain-enabled solution, then
SARA could be a one-stop destination.
7. APPLICATIONS OF BLOCKCHAIN
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Blockchain has a nearly endless amount of applications across almost every industry. The
ledger technology can be applied to track fraud in finance, securely share patient medical
records between healthcare professionals and even acts as a better way to track intellectual
property in business and music rights for artists.
Blockchain technology can be utilized in multiple industries including Financial Services,

Healthcare, Government, Travel and Hospitality, Retail and CPG.
• Financial Services: In the financial services sector, Blockchain technology has already
been implemented in many innovative ways. Blockchain technology simplifies and
streamlines the entire process associated with asset management and payments by providing
an automated
trade lifecycle where all participants would have access to the exact same data about a
transaction. This removes the need for brokers or intermediaries and ensures transparency
and effective management of transactional data.
• Healthcare: Blockchain can play a key role in the healthcare sector by increasing the
privacy, security and interoperability of the healthcare data. It holds the potential to address
many interoperability challenges in the sector and enable secure sharing of healthcare data
among the various entities and people involved in the process. It eliminates the interference
of a thirdparty and also avoids the overhead costs. With Blockchains, the healthcare records
can be stored in distributed data bases by encrypting it and implementing digital signatures to
ensure privacy and authenticity.
• Government: Blockchain technology holds the power to transform Government’s

operations and services. It can play a key role in improving the data transactional challenges
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in the Government sector, which works in siloes currently. The proper linking and sharing of
data with Blockchain enable better management of data between multiple departments. It
improves the transparency and provides a better way to monitor and audit the transactions.
• CPG and Retail: There is a huge opportunity for Blockchain technology to be applied in
the retail sector . This includes everything from ensuring the authenticity of high value
goods, preventing, fraudulent transactions, locating stolen items, enabling virtual warranties,
managing loyalty points and streamlining supply chain operations.
• Travel and Hospitality: It can be applied in money transactions, storing important

documents like passports/ other identification cards, reservations and managing travel
insurance, loyalty and rewards.
8. CONCLUSION
8.1 CONCLUSION
The application of the Blockchain concept and technology has grown beyond its use for
Bitcoin generation and transactions. The properties of its security, privacy, traceability,
inherent data provenance and time-stamping has seen its adoption beyond its initial
application areas. The Blockchain itself and its variants are now used to secure any type of
transactions, whether it be human-to-human communications or machine-to-machine. Its
adoption appears to be secure especially with the global emergence of the Internet-of-Things.
Its decentralized application across the already established global Internet is also very
appealing in terms of ensuring data redundancy and hence survivability. Thus the invention
of the Blockchain can be seen to be a vital and much needed additional component of the
Internet that was lacking in security and
trust before. BC technology still has not reached its maturity with a prediction of five years
as novel applications continue to be implemented globally.
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8.2 THE FUTURE OF BLOCKCHAIN

According to the Gartner Hype Cycle for Emerging Technologies 2017, shown in Figure 2,
below, Blockchain still remains in the region of “Peak of Inflated Expectation” with forecast
to reach plateau in “five to ten years”. However, this technology is shown going downhill
into the region of the “Trough of Disillusionment”. Because of the wide adoption of the
Blockchain in a wide range of applications beyond cryptocurrency, the authors of this paper
are forecasting a shift in classification from “five to ten years” to “two to five years” to reach
maturation. Blockchain possesses a great potential in empowering the citizens of the
developing countries if widely adopted by e-governance applications for identity
management, asset ownership transfer of precious commodities such as gold, silver and
diamond, healthcare and other
commercial uses as well as in financial inclusion. However, this will strongly depend on
national political decisions.
9. REFERENCES
•Blockchain Technology Explained: The Ultimate Beginner’s Guide About Blockchain

Wallet, Mining, Bitcoin, Ethereum, Litecoin, Zcash, Monero, Ripple, Dash, IOTA and Smart
Contracts, Alan T. Norman
• Blockchain: Blueprint for a New Economy, Melanie Swan
• https://builtin.com/blockchain
•https://www.computerworld.com/article/3191077/what-is-blockchain-the-complete-
guide.html
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• http://graphics.reuters.com/TECHNOLOGY-BLOCKCHAIN/010070P11GN/index.html
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Jaipur Engineering College and Research

Academic Year- 2022-2023

Submitted to: Submitted by:

Department of Computer Science & Engineering

S.no Content Page Number

Date: Vineet Aalwani

To the best of the my knowledge the report

Bachelor of Technology in Computer Science & Engineering is the Rajasthan Technical

VISION OF CSE DEPARTMENT

MISSION OF CSE DEPARTMENT

PROGRAM OUTCOMES (POs)

1. Engineering knowledge: Apply the knowledge of mathematics, science, engineering

10. Communication: Communicate effectively on complex Computer Science and Engineering

PROGRAM EDUCATIONAL OBJECTIVES (PEOs)

The PEOs of the B.Tech (CSE) program are:

PROGRAM SPECIFIC OUTCOMES (PSOs)

COURSE OUTCOMES (COs)

CO-2: To Demonstrate Competency in relevant engineering fields through problem

MAPPING: CO’s & PO’s

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