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Understanding Blockchain Technology Basics

Blockchain is a distributed ledger that securely records transactions across a peer-to-peer network. It was originally created for Bitcoin trading but has potential applications for any asset of value such as land titles, loans, and identities. Blockchain uses distributed ledger technology where each participant owns an identical copy of the transaction record that is automatically updated when new information is added. Data is entered into the ledger as blocks that are stored chronologically in a chain that cannot be altered, providing transparency and security. There are public, private, consortium and semi-private types of blockchain networks that offer benefits like fewer intermediaries, faster processes, transparency, security and automation.

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3 views7 pages

Understanding Blockchain Technology Basics

Blockchain is a distributed ledger that securely records transactions across a peer-to-peer network. It was originally created for Bitcoin trading but has potential applications for any asset of value such as land titles, loans, and identities. Blockchain uses distributed ledger technology where each participant owns an identical copy of the transaction record that is automatically updated when new information is added. Data is entered into the ledger as blocks that are stored chronologically in a chain that cannot be altered, providing transparency and security. There are public, private, consortium and semi-private types of blockchain networks that offer benefits like fewer intermediaries, faster processes, transparency, security and automation.

Uploaded by

rahul
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© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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BlockChain

By
Rahul Gurrala
Sabarinathan Chinnaraj
What is BlockChain?
The simplest blockchain definition? A reliable, difficult-to-hack
record of transactions – and of who owns what. Blockchain is
based on distributed ledger technology, which securely records
information across a peer-to-peer network. Although it was
originally created for trading Bitcoin, blockchain potential
reaches far beyond cryptocurrency. Blockchain ledgers can
include land titles, loans, identities, logistics manifests –
almost anything of value. The technology is still new, but the
potential impact it can have on business is exciting, and
immense.
What is distributed ledger technology?

A distributed ledger is a database of transactions that


is shared and synchronised across multiple computers
and locations – without centralised control. Each
party owns an identical copy of the record, which is
automatically updated as soon as any additions are
made.
How does blockchain work?
A blockchain records data across a peer-to-peer
network. Every participant can see the data and
verify or reject it using consensus algorithms.
Approved data is entered into the ledger as a
collection of “blocks” and stored in a
chronological “chain” that cannot be altered.
Types Of BlockChain Networks
[Link] blockchains
[Link]-private blockchains
[Link] blockchains
[Link] blockchains
Benefits of blockchain
[Link] Intermediaries
[Link] Processes
[Link]
[Link]
[Link]
Thank You

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