BLOCKCHAIN

TECHNOLOGY
PRESENTED BY :
RITIKA YADAV AND
JAGRUTI CHAVAN
FROM BHAUSAHEB
VARTAK
POLYTECHNIC
WHAT IS BLOCKCHAIN TECHNOLOGY ??
Blockchain is like a digital ledger that keeps a secure and unchangeable record of
transactions. Imagine it as a chain of blocks, where each block holds a list of transactions,
and they're all connected in a chain. What makes it special is that this chain is maintained
by a network of computers instead of a single authority. This decentralized system ensures
transparency and security. So, whether you're dealing with cryptocurrencies like Bitcoin or
exploring its applications in various industries, blockchain provides a tamper-proof and
trustworthy way of keeping track of information. It's like a digital notary, making sure
everyone involved can trust the recorded data.
HISTORY OF BLOCKCHAIN TECHNOLOGY
•Stuart Haber and W. Scott Stornetta proposed a cryptographically secure chain of blocks to timestamp digital documents and prevent backdating or tampering.
1991

•B-money: Computer scientist Wei Dai introduced the concept of "b-money," a digital currency system that employed cryptographic techniques to control the
1998 creation and management of money.

•Hashcash: Computer scientist Adam Back developed Hashcash, a proof-of-work system that aimed to limit email spam and denial-of-service attacks.
2004

•Bitcoin Whitepaper: On October 31, 2008, an individual or group using the pseudonym Satoshi Nakamoto published the Bitcoin whitepaper titled "Bitcoin: A
2008 Peer-to-Peer Electronic Cash System." This paper introduced the idea of a decentralized, peer-to-peer electronic cash system based on a blockchain.

•Bitcoin Genesis Block: On January 3, 2009, Nakamoto mined the first block of the Bitcoin blockchain, known as the "genesis block." This marked the official
2009 launch of the Bitcoin network.

•Bitcoin Pizza Day: On May 22, 2010, programmer Laszlo Hanyecz made the first documented real-world transaction using Bitcoin, purchasing two pizzas for
2010 10,000 BTC. This event is now known as "Bitcoin Pizza Day."

•Namecoin emerged in 2011 as the first altcoin, extending blockchain to a decentralized domain name system. Ethereum, proposed by Vitalik Buterin in 2013
2011-13
CORE COMPONENTS OF BLOCKCHAIN
TECHNOLOGY
BLOCKCHAIN AND TRUST: CONSENSUS MECHANISM

What is consensus mechanism?

A consensus mechanism/algorithm helps the blockchain network
members reach a common agreement on transactions and trust
among unknown peers in a distributed computing environment.

Importance
It ensures that every new block added to the blockchain should have
valid same data which is verified by all others nodes in the
blockchain.
HOW BLOCKCHAIN WORKS
SIMPLIFIED EXPLANATION
KEY FEATURES OF BLOCKCHAIN TECHNOLOGY
 LIMITATIONS OF BLOCKCHAIN TECHNOLOGY
1.Lack of Awareness:
•Security risks and compliance issues due to inadequate understanding
of blockchain technology.
2.Limited Availability of Technical Talent:
•Implementation quality is hindered by a scarcity of skilled blockchain
developers.
3.Immutability:
•Challenges in correcting errors and privacy concerns arise from the
permanence of blockchain data.
4.Key Management:
•Security vulnerabilities and potential unauthorized access stem from
poorly managed private keys.
5.Scalability:
•Transaction delays and increased costs result from scalability issues in
blockchain networks.
6.Consensus Mechanism:
•Environmental impact and concerns about compromising
decentralization are associated with certain consensus mechanisms.
BLOCKCHAIN TECHNOLOGY IN
DIFFERENT FIELDS
 CONCLUSION
In conclusion, blockchain technology stands at the forefront of a technological
revolution with the potential to redefine how we interact, transact, and trust in various
sectors. Its decentralized and transparent nature addresses longstanding issues related
to trust, security, and efficiency in traditional systems. As we have explored, blockchain
applications extend beyond cryptocurrencies, permeating industries like finance,
healthcare, supply chain, and more. The technology's ability to provide immutable and
tamper-resistant ledgers can significantly enhance data integrity and reduce the risk of
fraud. However, it's crucial to recognize the challenges of scalability, regulatory
concerns, and the need for widespread adoption. Despite these hurdles, the
transformative power of blockchain remains undeniable, offering a glimpse into a
future where decentralized systems shape a more secure, transparent, and efficient
global landscape. As we navigate the complexities of implementation, collaboration
between stakeholders and ongoing innovation will play a pivotal role in unlocking the
full potential of blockchain technology.
 REFERENCES
• https://www.blogacademy.tech/en/applications-blockchain-technology/
• https://penguin-arts.com/the-pros-and-cons-of-blockchain-you-should-know/
• https://www.slideteam.net/comprehensive-training-curriculum-on-blockchain-technology-and-
its-applications-edu-ppt.html
• https://appinventiv.com/blog/blockchain-consensus-algorithms-guide/
• https://chat.openai.com/
THANK YOU !!!