Fundamentals of

Blockchain Technology
Welcome to the Blockchain
Masterclass
Table of Content
1. Overview of Blockchain Technology
2. Blockchain Architecture
3. Cryptography Fundamentals
4. Consensus Mechanisms
5. Types of Blockchains
6. Smart Contracts
 Table of Content (Contd)
7. Decentralized Applications (DApps)
8. Stablecoins and Digital Assets
9. Non-Fungible Tokens (NFTs)
10. Non-Fungible Tokens (NFTs)
11. Real-World Asset (RWA) Tokenization
12. Decentralized Finance (DeFi) Fundamentals
13. Zero-Knowledge Proofs
14. AI Agents and Blockchain
1.0 Overview of Blockchain
Technology
 Overview of Blockchain Technology
Blockchain
• Blockchain is a chain of blocks that store
information within a distributed and
decentralised network, ensuring security
through digital signatures [1].

• Blockchain consists of interconnected

blocks of data disseminated through a
peer-to-peer network, thereby forming a
distributed ledger technology (DLT) [1]. Source: flaticon
Overview of Blockchain Technology
Distributed Ledger Technology (DLT)
• Distributed Ledger Technology (DLT) refers to
a digital ledger or storage system shared
across a peer-to-peer network, where each
participant holds a copy identical to that of all
other network members. There is no central
authority, and each node updates its ledger
content through a joint consensus process
with other network participants.

Source: flaticon
• There is no “CRUD” operation in DLT; you can
only create, read & “ref update” [2].
Examples of Blockchain Network

Source: [Link]/articles/list-of-blockchain-platforms/
 Do You Know?
• “A study conducted in 2020 revealed that there are 112 blockchain
networks in existence, with C/C++ and solidity being the most
widely used programming languages for smart contracts across
these networks [25]. With an increase to more than 1,000 in 2024”

Reference:
[Link]/2977/how-many-blockchains-are-there-unveiling-the-ecosystem-s-diversity
Characteristics of Blockchain Network
• Decentralisation • Secure
• Immutability • Transparency
• Anonymity • Fault Tolerance
• Auditability • Credibility/Trustworthines
• Immutability s
• Consensus Mechanism • Time-stamped Data
• Programmable

Source: [3]
2.0 Blockchain Architecture
 Blockchain Concepts
Blocks
• A block consists of two main components: the
block header and the block body. It serves as a
unit of data storage, containing transaction
details, the hash (a unique fingerprint specific
to a given block) of both the previous and
current blocks and a nonce. The structure of
transactions follows the Merkle tree format [8].

Source: flaticon
Chains
• A sequential string of blocks linked together in
chronological order.
 Blockchain Concepts
Nodes
• Computers that participate in and maintain the
blockchain network by verifying and storing
transactions.

Miners (Mine/Mining)
• Network participants responsible for adding new
blocks to the blockchain. They achieve this by
identifying the nonce predefined in the preceding
block through computational power. Once they Source: flaticon
successfully solve the mathematical puzzle, they
generate the hash for the current block of
transactions [9].
 Types of Blockchains
Public Blockchain
• A public blockchain is an open-source
blockchain network accessible to any
participant, allowing them to engage
anonymously with full permission to read from
and write to the ledger. As a permissionless
network, it is commonly used in sectors that
require public trust and transparency, such as
crowdfunding and cryptocurrencies (e.g.,
Source: flaticon
Bitcoin, Ethereum, and others) [4].
 Types of Blockchains
Private Blockchain
• A private blockchain is a permissioned
blockchain network where access is restricted
to a specific group of participants who have
control over transactions within the system.
Although it tends to be more centralised, it
offers higher privacy and faster transaction
processing. This type of blockchain is widely
used in enterprise solutions and supply chain
management. An example of a private
blockchain is Hyperledger Fabric [9]. Source: flaticon
 Types of Blockchains
Hybrid Blockchain
• Also known as a consortium blockchain, a
hybrid blockchain that integrates features of
both public and private blockchains, combining
their advantages. It is managed by a specific
group of users and is designed to facilitate
collaboration across multiple organisations. It is
commonly used in interbank transactions, joint
ventures, and similar applications. R3 Corda is
Source: flaticon
an example of a hybrid blockchain [10], [11].
3.0 Cryptography
Fundamentals
 Public-key Cryptography (PKC)
Definition and Process
• PKC is an asymmetric encryption mechanism used to
ensure the authenticity and security of data within a
blockchain network.
• Each node possesses a pair of cryptographic keys: a
private key, which is exclusively accessible to its
owner, and a public key, which is openly available
across the network. When data is transmitted, it is
encrypted using the recipient’s public key, ensuring
Source: flaticon
that only the recipient can decrypt it with their private
key. Furthermore, a transaction is only considered valid
once it has been digitally signed by the sender using
their private key. It is important to note that a genuinely
mined transaction is irreversible.
Public-key Cryptography (PKC)

Transaction Verification Process (Source [4] – N. Nwulu & U. Damisa, 2023).

 Merkle Trees
Definition
• A Merkle tree is a data structure used to store
the hashed contents of a block in a hierarchical
manner, simplifying data verification. This
tree-like structure enhances efficiency by
limiting the debugging process to the affected
branch rather than requiring verification of the
entire dataset.
Source: flaticon
 Merkle Trees

• If there is a modification in Transaction 3, only the right-hand side of the tree

needs to be debugged instead of the entire dataset [1].
Blockchain Data Structure

Data Structure of Blockchain Network (Source: [5] – L. Shi et al., 2023)

4.0 Consensus Mechanism
 Consensus Mechanism
Definition
• A consensus mechanism is a method by which
network participants collectively agree on the
current state of the blockchain network. This
process involves four primary actions [2]:

a) Master/Validator Selection.
b) Block Generation
c) Data Verification
Source: flaticon d) Uploading
 Types of Consensus Mechanism
Proof of Work (PoW)
• Miners compete to solve a complex
mathematical puzzle by finding a hash that
meets specific conditions (finding a nonce – a
number with certain leading zeros in its binary
form[5]) set by the network. The miner who
successfully solves the puzzle is granted the
right to append the new block to the
blockchain.
Source: flaticon
 Types of Consensus Mechanism
Proof of Stake (PoS)
• Network validators are selected based on the
amount of cryptocurrency they can stake as
collateral. The more a node stakes, the higher
the likelihood of being chosen to validate and
add new blocks to the blockchain.

Source: flaticon
 Types of Consensus Mechanism
Delegated Proof of Stake (DPoS)
• Operates through a voting system in which
participants elect a delegate responsible for
adding new blocks to the blockchain on their
behalf. This mechanism enhances efficiency by
reducing the number of participants directly
involved in block validation.

Source: flaticon
 Types of Consensus Mechanism
Practical Byzantine Fault Tolerance (PBFT)
• It is highly regarded for its fault tolerance
capability, as it remains operational even in the
presence of up to 33.3% malicious nodes.
Within this algorithm, each node in the network
submits a proposal to other nodes, which then
cast their votes based on predefined rules. A
final decision is reached once a specified
number of votes has been cast [7].

Source: flaticon
5.0 Smart Contracts
 Smart Contracts
Definition
• Smart contracts are computer programs that
comprise algorithms, business transaction
agreements, and other predefined conditions.
These contracts are automatically validated
and executed once the specified contractual
terms are met [12].

Source: flaticon
 Do You Know?
The term "Smart contracts" was initially coined to refer to the
automation of legal contracts. However, it gained widespread
recognition following its adoption by blockchain technology [26].
 Smart Contracts Execution
Environment
Virtual Machine
• Such as the Ethereum Virtual Machine (EVM),
is a software-based execution platform
embedded with hardware functionality, allowing
it to simulate the operations of a real-world
machine.

Containers (Dockers)
• Containers are virtualisation tools that provide a
Source: flaticon
lightweight environment for isolating processes
and resources, ensuring efficient and secure
execution of smart contracts [12].
Writing and Deploying Smart Contracts
Integrated Development Environment
• Remix IDE

Programming Language
• Solidity

Digital Wallet
• MetaMask Source: flaticon
6.0 Decentralised
Applications (dApps)
 Decentralised Applications
Definition
• Decentralised applications, commonly called
dApps, are software applications that operate
on blockchain or peer-to-peer networks. This
decentralised structure mitigates the risks
associated with a single point of failure and
enhances security.

• The key components include:

a. Frontend
Source: flaticon
b. Smart Contracts
c. Backend (optional)
 dApps Development
(1) Write the Smart Contract
• The contract is written using Solidity or any
other smart contract programming language.

(2) Compile the Smart Contract

• The contract is compiled using a Solidity
compiler (solc).

(3) Bytecode Generation and Testing

Source: flaticon
• If the contract passes the test, the compiler
returns the bytecode to the Frontend.
 dApps Development
(4) Deployment to Blockchain
• The bytecode of the smart contract is deployed onto
the blockchain.

(5) Contract Address and ABI Retrieval

• Upon successful deployment, the blockchain returns
the contract address and Application Binary Interface
(ABI) (this defines how the Frontend will interact with
the smart contract) to the Frontend.

(6) Smart Contract Invocation

Source: flaticon
• The Frontend interacts with the deployed contract by
invoking it using the contract address and ABI
provided by the blockchain after deployment.
dApps Development

Source: [13] – G. Zheng et al, 2021

7.0 Stablecoins and Digital
Assets
 Stablecoins
Definition
• A stablecoin is a type of cryptocurrency token
designed to maintain a stable price by pegging
its value to an asset such as gold or a fiat
currency (government-backed currency like the
Euro, USD). This pegging mechanism allows
stablecoins to represent real money, ensuring
price stability and making them suitable for
various financial transactions [14].

Source: flaticon
 Types of Stablecoin
Fiat-Collateralised Stablecoins
• These stablecoins are backed at a 1:1 ratio with a
fiat currency, such as the Euro (EUR) or US
Dollar (USD).

Cryptocurrency-Backed Stablecoins
• These stablecoins are collateralised by
cryptocurrency holdings, using a security pledge
to compensate for price fluctuations.

Source: flaticon
 Types of Stablecoin
Non-Collateralised Stablecoins (Algorithmic
Stablecoins)
Unlike other types, these stablecoins do not rely on
collateral. Instead, they employ smart contract
algorithms to regulate the supply of tokens and
stabilise the price.

Commodity-Backed Stablecoins
These stablecoins are backed by interchangeable
assets such as precious metals (e.g., gold) or
Source: flaticon real-world assets like real estate and oil.

Source: [15]
 Benefits of Stablecoin
Reduced Volatility
• Unlike conventional cryptocurrencies, stablecoins
maintain a fixed price. For instance, the volatility of
Bitcoin was evident in 2021 when its price moved
from $64,000 at the beginning of the year to $68,000
in November, only to drop to $35,000 by January
2022. Stablecoins, however, mitigate such drastic
fluctuations [15].

Increased Adoption of Cryptocurrency for

Payments
• Stablecoins provide a reliable medium of exchange,
Source: flaticon
encouraging wider use of cryptocurrencies for
financial transactions.
 Examples of Stablecoins
Examples
• Tether (USDT)
• TrustToken (TUSD)
• USD Coin (USDC)

Practical Demonstration
Source: flaticon
• [Link]/currencies/trueusd/
8.0 Non-Fungible Tokens
(NFTs)
 Tokenisation of Assets
Definition
• Assets Tokenisation refers to the process of
converting tangible or intangible assets into
tokens or digital asset ownership, enabling their
transfer or shared ownership on a blockchain
network.

Source: flaticon
 Non-Fungible Tokens
Definition
• A Non-Fungible Token (NFT) is a unique token
and an application of blockchain technology
used to tokenise digital and physical assets,
such as artworks, collectables, and digital
media (e.g., videos, images, and more). This
technology ensures that ownership is distinct,
easily verifiable, and securely transferable [16],
[17].
Source: flaticon
 Non-Fungible Tokens
Non-fungible
This signifies its uniqueness, meaning that no
two tokens of this kind can be interchangeably
used in place of one another

Standards
NFTs are powered by standards such as the
ERC-721 (Ethereum Request for Comment)
Ethereum blockchain standard. This assigns a
Source: flaticon
unique ID to each token unlike the ERC-20
standard that is fungible.
 How to Create and Trade NFTs
Select an NFT Marketplace
Choose a suitable NFT marketplace, such as
OpenSea, Rarible, SuperRare, among others.

Create a Personal Crypto Wallet

Set up a cryptocurrency wallet to store and
manage NFTs. Popular options include
MetaMask and Phantom.

Source: flaticon
Connect Your Wallet to the Chosen
Marketplace
Link your crypto wallet to the selected NFT
marketplace to facilitate transactions.
 How to Create and Trade NFTs
Design your NFT
Create the digital artwork or asset either
independently (DIY) or by outsourcing to
professionals on platforms such as Fiverr or
Upwork.

Upload the NFT to the Marketplace

Mint your NFT by uploading it to the chosen
marketplace.

Source: flaticon
List, Sell, and Buy
Once uploaded, list the NFT for sale, engage in
transactions, and participate in the buying and
selling of digital assets.
9.0 Real-World Asset (RWA)
Tokenisation
 Real-World Asset (RWA) Tokens
Definition
• Real-World Asset (RWA) Tokens are
blockchain-based digital tokens that represent
physical or traditional financial assets. These
assets may be tangible, such as cash,
commodities, artwork, intellectual property, real
estate, stocks, and collectibles, or intangible,
such as equities, carbon credits, patents, and
bonds.

Source: flaticon
 Do You Know?
The tokenised real-world assets (RWA) market value is projected to
reach more than $4 trillion by 2030.

Source: [Link]/global/insights/money-tokens-and-games
 Steps in the Creation of RWA Tokens
Select the Asset for Tokenisation
• Identify the real-world asset to be converted
into a digital token.

Determine the Token Type

• Decide whether the asset will be represented
as a fungible token or a non-fungible token
(NFT).
Source: flaticon
 Steps in the Creation of RWA Tokens
Choose a Blockchain Network
• Select a suitable blockchain platform for
tokenisation.

Establish Off-Chain Asset Verification

• Implement an off-chain connection to verify and
validate the real-world assets backing the RWA
tokens.
Source: flaticon
Steps in the Creation of RWA Tokens
Increased Liquidity
• Enables fractional ownership, allowing
investors to trade portions of an asset rather
than purchasing it in full.
Enhanced Transparency
• Blockchain ensures secure and verifiable
ownership records.
Greater Accessibility
Source: flaticon
• Eliminates geographical restrictions, allowing
investors to participate from any location.
 Examples of RWA Tokens
Lofty
• Facilitates the tokenisation of real estate
properties, enabling investors to purchase
fractional shares.
Homebase
• Specialises in real estate tokenisation
Centrifuge
• A platform that tokenises real-world assets,
Source: flaticon
including treasuries, carbon credits, and
consumer finance.
 Examples of RWA Tokens
Maple
• An on-chain marketplace providing lending
opportunities, treasury products, and other
financial services.
PAXG (Paxos Gold)
• A tokenised representation of physical gold.
Ondo
• A DeFi platform that deals with tokenised
Source: flaticon
securities, treasuries, and other financial
assets.
10.0 Decentralised Finance
(DeFi)
 Decentralised Finance (DeFi)
Definition
• Decentralised Finance (DeFi) refers to a
financial infrastructure built on blockchain
technology, leveraging smart contracts to
develop protocols that replicate traditional
financial services in a digitalised, transparent,
and decentralised manner.

Source: flaticon
 Do You Know?
“As of December 2024, the total value locked (TVL) in DeFi platforms
has skyrocketed to an impressive $55.95 billion, according to
DefiLlama”

Source: [Link]/pulse/role-smart-contract-development-revolutionizing-defi-platforms-zosnc/
 DeFi Protocols Layers
Settlement Layer
• This layer comprises the blockchain and its native
protocol assets, serving as the foundation of trust for
the system.

Asset Layer
• Represents the assets or tokens issued on the
settlement layer, which may include the native token
and additional assets.

Source: flaticon
Protocol Layer
• Defines the standards and rules for specific financial
applications, such as decentralised exchanges, debt
markets, and derivatives, primarily implemented
through smart contracts.
 DeFi Protocols Layers
Application Layer
• Serves as the user interface (UI), facilitating
interaction between the underlying protocols
and "non-technical users" to enhance
accessibility.

Aggregation Layer
Source: flaticon
• Connects multiple applications and protocols,
enabling users to interact with various DeFi
services simultaneously within a single
platform.
DeFi Protocols Layers

Source [18] – F. Schär, 2020

 DeFi Protocols
Decentralised Exchange (DEX) Protocol
• Similar to the foreign exchange markets, which allow
users to swap different cryptocurrencies in a
decentralised and transparent manner. Examples
include EtherDelta, Balancer, and UniSwap.

Decentralised Lending Platforms

• These platforms use smart contracts to automate
lending and borrowing processes, ensuring
default-resistant repayment mechanisms and
Source: flaticon
securely locking collateral until the repayment terms
are met. This eliminates the need for intermediaries.
An example of such a platform is MakerDAO.
 DeFi Protocols
Decentralised Derivatives
• These are tokens whose value is derived from an
underlying asset's performance, event outcomes, or
other observable variables. An example of such a
platform is Synthetix.

On-Chain Asset Management

• Enables portfolio diversification through
blockchain-based investment strategies. Examples
include Enzyme Finance (formerly Melon), and
Source: flaticon
Yearn Vaults.

Source: [18]
11.0 Zero-Knowledge Proofs
 Zero-Knowledge Proofs (ZKPs)
Definition
• Zero-Knowledge Proof (ZKP) is a cryptographic
technique that enables data validation without
disclosing any confidential information beyond
what is necessary for the verification process.
This approach enhances privacy and security,
mitigating potential data exposure risks [19].

Source:
[Link]
ined-in-3-examples
 Types of ZKP Algorithms/Models
Zk-SNARKs
• Zero-Knowledge Succinct Non-Interactive
Arguments of Knowledge This model employs
a simplified proof process using concise
character strings, enhancing its practicality
while maintaining blockchain performance. It is
lightweight, comprising only the prover, verifier,
and setup (which generates the proving and
verification keys) [20].
Source:
[Link]
ined-in-3-examples
 Types of ZKP Algorithms/Models
Zk-STARKs
• Zero-Knowledge Scalable Transparent
Arguments of Knowledge. Unlike zk-SNARKs,
zk-STARKs do not require a trusted setup,
making them more secure. They use advanced
mathematical techniques, such as fast
Reed-Solomon IOP of proximity and Merkle
trees, to achieve this security [21].
Source:
[Link]
ined-in-3-examples
 Architecture of ZKP
This consists of 3 phases, which include [19]:
Witness Phase
• The prover generates a proof and submits the
associated statement to the verifier.

Challenge Phase
• The verifier poses specific questions to assess
the validity of the proof.
Source:
[Link]
ined-in-3-examples
Response Phase
• The prover provides answers, which the verifier
uses to either accept or reject the proof.
 ZKP Architecture

Source: [19] – X. Sun et al., 2021

 Approaches to programming ZKP
There are 3 primary approaches, which include
[22]:
Using Hardware Description Languages
(HDL)
Example: Circom

Using Libraries within High-Level

Programming Languages
Source:
Examples – Gadgetlib (C++), Arkworks, Bellman
(Rust)
[Link]
ined-in-3-examples

Using ZKP-Specific Programming Languages

Examples – ZoKrates, Noir, Leo, Zinc, etc.
 Benefits of ZKP
1. Enhances data security for network
participants.
2. Improves transparency within supply chain
management.
3. Supports blockchain scalability by optimising
transaction processing.

Source:
[Link]
ined-in-3-examples
 Case Studies of ZKP in Blockchain
Cryptocurrency
• Platforms such as ZCash, Zero-Cash, and
Monero use ZKP to ensure transaction
anonymity by hiding transaction details while
maintaining validation through Unspent
Transaction Output (UTXO) and single data
asset models.

Identity Management
Source:
[Link] • ZKP allows users to disclose only the
oofs-explained-in-3-examples
information necessary for identity verification.
Examples include zPass, WorldID, and
Semaphore.
 Case Studies of ZKP in Blockchain
Supply Chain Management
• ZKP verifies product authenticity without
revealing entire supply chain details. Examples
include QEDIT and zk-BeSc.

Anonymous and verifiable Voting

• Ensures voter privacy while maintaining
election integrity. Source:
[Link]
oofs-explained-in-3-examples

Secure Exchange of Digital Assets

• Enables asset transfers without exposing
transaction details.
 Case Studies of ZKP in Blockchain
Secure Remote Biometric Authentication
• Allows biometric verification while protecting
user data.

Secure Auctions
• Maintains bid confidentiality while ensuring a
fair bidding process.

Source:
[Link]
oofs-explained-in-3-examples
 Zk-Rollups
Overview
• This approach combines ZKP and Rollups to
enhance blockchain efficiency. Rollups serve
as a Layer-2 scaling solution, processing
multiple transactions in a single proof, thereby
reducing costs and improving scalability. The
ZKP component ensures security and privacy,
allowing transactions to be "mass-verified"
without compromising data confidentiality. Source:
[Link]
ined-in-3-examples
12.0 AI Agents and Blockchain
 AI Agents
Definition
• Artificial Intelligence (AI) agents, also called
autonomous agents, are AI-driven programs
capable of independently determining task
objectives, setting priorities, and executing
tasks based on their assigned priorities. These
agents operate in an iterative loop,
continuously refining and executing tasks.
Once a goal is defined, the agents
autonomously take over the process.
Source: flaticon

• Examples include AutoGPT, BabyAGI, and

Microsoft Jarvis (HuggingGPT).
Source: [Link]/p/the-complete-beginners-guide-to-autonomous-agents
 Decentralised Autonomous Agents
(DAA)
Overview
• AI agents function as automated tools that perceive
their environment, make decisions, and take actions
to achieve specific objectives without human
intervention. They possess the capability to learn,
master real-world tasks, and deliver accurate
outcomes [24].

• The integration of blockchain technology with AI

agents has led to the emergence of Decentralised
Autonomous Agents (DAA). DAAs operate
independently on the blockchain, using smart
contracts and decentralised protocols to execute Source: flaticon
tasks without relying on a central authority.
 Characteristics of DAA

Self-Governing Entities
• DAAs function autonomously, making decisions
without external control.

Automated Task Execution

• Their operation is similar to vending machines,
which dispense products based on user input
Source: flaticon
without human intervention.
 Characteristics of DAA

Decentralisation
• They execute actions without dependence on a
centralised authority.

Interoperability
• DAAs can interact across multiple platforms,
including public and private blockchains and
off-chain solutions. Source: flaticon

Source: [Link]/pulse/decentralized-autonomous-agents-daas-intersection-ai-andrea-dal-mas-sus6f/
 Applications of DAA
Decentralised Finance (DeFi)
• Automated portfolio management, asset
management, and algorithmic trading.

Smart Contract Execution

• Automating contractual agreements without
requiring intermediaries.

Source: flaticon Data Management

• Secure and automated handling of data across
decentralised networks.
 References
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 References
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Ethereum Smart Contract Development in Solidity, Singapore: Springer Singapore, 2021,
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[15] Hedera, “What is a stablecoin?”
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Practical Demonstration
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