INTRODUCTION TO

BLOCK CHAIN
TECHNOLOGY
Presented by Group 1
INTRODUCTION
◦ Block Chain is a collection of records
◦ Linked to each other
◦ Strongly resistant to alteration
◦ Protected by Cryptography
◦ Impossible to hack
◦ It contains three core components: DataHash of the current blockHash of the
previous block
HISTORY OF BLOCK CHAIN
◦ Technique of block chain was created in 1991 to timestamp digital document.
◦ Used to make sure digital documents can’t be backdated or tempered.
◦ Works like a digital notary.
◦ Satoshi Nakamoto adopted this idea of connected blocks to make worlds first crypto currency :
Bitcoin, in 2009
CORE PROPERTIES
◦ Hash no. is the identification number which is unique for every block.
◦ Data depends on type of blockchain like cryptocurrency, tax collection, Medical records, E
notary.
◦ Once the data is recorded for a block its very difficult to change it.
◦ Storing the Hash number of previous block creates a unique chain of block. Thus, the name
block-chain.
DATA PROTECTION OF BLOCKS
◦ Any change in the data of block will change its hash number.
◦ Thus, making it a completely different block.
◦ This with storing previous blocks hash no is what makes blockchain so secure
DISTRIBUTED LEDGER TECHNOLOGY
◦ Essentially a digital ledger
◦ Duplicated and distributed to the entire network of computer systems.
◦ Each block In the network contains
◦ The records of every transaction and the number of bitcoins the user hold
◦ Every time a transaction occurs, the record is added to each participant’s ledger
◦ This decentralised database managed by multiple participants is known as DLT.
◦ For all transactions involving money, goods, property, votes, etc.
◦ Creates authenticity and can be verified by the entire community.
USES OF BLOCK CHAIN TECHNOLOGY
 It is expected that within the next 10 years blockchain technology will be used to collect
taxes.
 It will be used by immigrants primarily to send money back to their homelands where access
to financial institutions is limited.
 Financial frauds will be reduced as every transaction will be recorded on a public and
distributed ledger, which will be accessible by anyone who has an internet.
CHALLENGES
 A huge proportion of trust services, from banking to notaries will face challenges on price
and volume.
 Public authorities could find it more and more difficult to enforce financial regulations, due
to the new possibilities offered by the bitcoin network to bypass traditional financial
intermediaries.
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REFERECES
◦ https://youtu.be/6WG7D47tGb0
◦ https://www.euromoney.com/learning/blockchain-explained/what-is-blockchain
◦ https://youtu.be/6WG7D47tGb0
◦ https://www.youtube.com/watch?v=SSo_EIwHSd4
THANK YOU