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Block Chain Learning

The document discusses blockchain technology, highlighting its immutability, security, and the process of transaction and block validation. It covers key concepts such as consensus mechanisms, cryptographic hashing, and the role of miners in adding blocks to the blockchain. Additionally, it outlines the benefits of blockchain, including transparency and trustless transactions.

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2 views32 pages

Block Chain Learning

The document discusses blockchain technology, highlighting its immutability, security, and the process of transaction and block validation. It covers key concepts such as consensus mechanisms, cryptographic hashing, and the role of miners in adding blocks to the blockchain. Additionally, it outlines the benefits of blockchain, including transparency and trustless transactions.

Uploaded by

CoolSnigdha
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd

Block chain learning

CBDC

Contemplating Blockchain Technology & Growing Number of Cyber Risks


IMMUTABLE – DATA CANNOT BE TEMPERED, TAMER PROOF AS IF ANYONE
TEMPERS , VERY QUICK FOR EVERYON E TO FIND OUT THAT TEMPERING
HAPPENED, AS LEDGE IS REPLICATED IN EACH NODE IN A DECENTRALIZED
MODEL
BITCOIN, ETHEREUM , SMARTCASH – VIRTUAL CURRENCY IS IMPLEMENTATION OF
BLOCK CHAIN
Miner basically add a block to the block chain and announce it to everyone on
network using high computational pwer
Hash of the block chains the block together

Hashing is created when block has all the transaction is inside

Nonce is a number which miner has to be find


Private key – password of crypto wallet
Mining is all txn is correct or not
Perform poc- find nuance
Who does first put block in cain and get reward

alidation of transactions in blocks is a critical process in blockchain technology.


Here's a breakdown:

Transaction Validation:

1. Verification: Ensure transaction details are correct (e.g., sender, receiver,


amount).
2. Authentication: Confirm sender's identity and authority.
3. Integrity: Check transaction data integrity.

Block Validation:

1. Selection: Choose valid transactions from the memory pool (mempool).


2. Ordering: Arrange transactions in a specific order within the block.
3. Hashing: Create a unique digital fingerprint (hash) for each transaction.
4. Block creation: Combine transactions, hash, and other metadata.

Block Validation Steps:

1. Verify transactions: Confirm each transaction's validity.


2. Check block format: Ensure block structure and syntax are correct.
3. Validate block hash: Verify the block's unique hash.
4. Confirm block timestamp: Ensure timestamp is recent and valid.
5. Check block size: Verify block size limits.

Node Validation:

1. Node verification: Nodes on the network verify the block.


2. Consensus algorithm: Nodes agree on block validity (e.g., PoW, PoS).
3. Block addition: Valid block is added to the blockchain.

Transaction Confirmation:

1. Transaction inclusion: Transaction is included in a valid block.


2. Block confirmation: Block is added to the blockchain.
3. Transaction finality: Transaction is considered irreversible.

Key Concepts:

1. Consensus mechanism
2. Distributed ledger
3. Cryptographic hashing
4. Digital signatures
5. Node network

Benefits:

1. Security
2. Transparency
3. Immutable record
4. Trustless transactions
5. Efficient settlement

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