BLOCK CHAIN

TECHNOLOGY
Presentation
Definition of block chain technology
A block chain is, in the simplest of terms, a time-stamped
series of immutable records of data that is managed by a
cluster of computers not owned by any single entity. Each of
these blocks of data (i.e. block) is secured and bound to each
other using cryptographic principles (i.e. chain).
 Properties of block chain
1. Decentralization
2. Transparency
3. Immutability
 How does it works?
Using the bit coin as an example here's how block chain works:
1. The purchase and safe bit coin is entered and transmitted to a
network of powerful computers known as nodes
2 . This networks of thousands of nodes around the world via to
confirm the transaction using computers algorithms. This is
known as bit coin mining. The miner who first complete a new
block is rewarded with bit coin for their work. These rewards are
paid with a combination of newly minted bit coin and net work
fees, which are passed onto the buyer and seller. The fees can
rise or fall depending on the volume transactions.
Cont..
3. After the purchase is crypto graphically confirmed, the
sale is added to a block on the distributed ledger. The
majority of the network must then confirm the sale.
4 . The block is permanently chained to all previous
blocks of bitcoin transactions, using a cryptographic
fingerprint known as a hash and sale is processed
 Three different concepts about block
chain
1. Blocks: every chain consists of multiple blocks and each blocks
has three basic elements:
 The data in the block
 The 32 bit whole number called a nonce
 The hash
2. Miners: create new blocks on the chain through process called
mining.
3. Nodes: Instead, its distributed ledger via the nodes connected to
the chain nodes can be any kind of electronic devices that
maintains copies of the block chain and keeps the network
functioning.
Why do block chain gain so much
administration?
It's not owned by single entity, hence it is decentralized.
 The data is cryptographically stored inside
 The block chain is immutable, so no one can tamper with
the data that is inside the block chain
 The block chain is transparent so one can track the data is
inside the block chain
 The block chain is transparent so one can track the data if
they want to.
 History of block chain
The first work on a cryptographically secured chain of
blocks was described in 1992 by Stuart Haber and scoot
stornetta. They wanted to implement a system where
document time stamps could not be tampered with .
In1992, Bayer, Haber and stornetta in corporate merkle
trees to the design , which improved its efficiency by
allowing several document certificates to be collected into
one block.
The first block chain was conceptualized by person core
group of peoples known as satoshinakoto in 2008.
 Benefit of block chain
1. Enhance security
2 . Greater transparency
3. Instant traceability
4. Increased efficiency and speed
5. Automation
 Application of block chain
1. The sharing economy
2. Crowd funding
3. Governance
4. Supply chain auditing
5.File storage