Blockchain

By: Charming Moua, Quoc Viet Phan, Hunter Jackson

 Brief Introduction

• With the development of the world's technology

nowadays, people are looking for a way for doing
business more secure and efficient without the
assistance or waiting for middle party to process the
procedure. That is the reason, blockchain technology is
developing to help people run business without the need
of middle party like bank or trusted organizations.

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 Blockchain's Definition

• Blockchain is a
shared, immutable
ledger that facilitates
the process of
recording
transactions in a
business network

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 Question

• How blockchain is known • That is why we are doing

as immutable ledger and research deeper about the
help people run business structure of blockchain
without needing of middle technology to answer this
party? question.

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 Structure of Blockchain
• Combination of block and chain.
• Each block contains data, usually transaction
records, including the sender and receiver of a
transaction, a timestamp and the amount and type
of currency sent.
• These blocks connect together in chronological
sequence. It means that each block in a chain will
hold an important information of the previous
block, and that important information creates a
link between one block to another in a blockchain.
• So, that is the general view about the structure of
blockchain. Now, we will figure out how blockchain
works

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 How Blockchain Works
• Step1: The user initiate a transaction
• Step2: A new block is created which
contain transaction details, a unique
identifier called a new hash (using
cryptographic hash function such as SHA-
256) for current block, and a previous hash
of a previous block.
• Step3: A new block with the information
will be sent to network of blockchain's
participants or computers to validate.
• Step4: Once the new block is validated
successfully by nodes (miners)., these
nodes will receive a reward for proof of
work.
• Step5: After validating, the new block
contains the hash of previous block,
linking it to the existing blockchain and the
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transaction is complete
 How Business and Organization Gain
Trust from Using Blockchain Technology
• Public Verification: every • Speed: blockchain technology use
transaction is checked by peer cryptography to secure the
users in a blockchain system. transaction and does not need a third
party to verify it. So, each transaction
• Transparency: all updates to can execute quickly without waiting
data or transaction must be for third party.
verified by other blockchain • Integrity: Blockchain is very strong at
participants in the network. maintaining data integrity. It is
• Traceability: with blockchain impossible to alter data of one block
technology, users can track the without affecting the previous node.
products or transaction from its So, without verification from
all blockchain's participants, outsiders
origin and every step of its
can not alter data without noticing
journey
from users.
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These are
top 10
Common
Uses of
Blockchain

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d Know
 Blockchain
Types
+ PUBLIC BLOCKCHAIN

+ PRIVATE BLOCKCHAIN

+ HYBRID BLOCKCHAIN

+ CONSORTIUM
BLOCKCHAIN

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 - All the network users to do transactions
within blockchain system.
- There are no restriction for all users.
- Verification process using complicated
algorithm such as Proof-of-Work (PoW)
or Proof-of-Stake (PoS)
- Transactions information or ledger is
shared with all blockchain participants
- Real life used-cases: voting , fundraising,
BITCOIN (BTC) cryptocurrency

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 • Unlike public Blockchain
• Private Blockchain is used by private
groups or organizations.
• Only a limited of participants can
access the system.
• Still have some some similirities as
public blockchain such as: maintaining
transparency and data integrity
• Real life used-cases: internal voting,
supply chain management, asset
ownership
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 - Hybrid Blockchain is known as a
combination of public and private
blockchain systems.

- It is often used by groups or

organizations who want to hide some
information and also want to access the
the whole information for personal
updates or uses.

- Real life use-case: Real- Estate, Highly

regulated markets.
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 - Consortium blockchain is different from
the previous three blockchain.
- This blockchain system is managed by a
group of organizations instead of a single
organization or single user as public or
private blockchain.
- Accessing to this type of blockchain is
restricted based on the roles. So, some
organizations has limited access to the
data, but some have full access.
- Real life used-cases: transaction between
a group of different banks.
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 Why Blockchain Can not Be
Hacked ?

• Data or transactions are • Any changes from one

group into a blocks and block will be notified and
sealed using hashing validated by the
(strong cryptographic blockchain participants.
algorithm) • So, it is impossible to alter
• Each block contain a hash data of a block without
of previous block as a link noticing of blockchain
from one block to another participants.

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 51% Attacks in Theory
• Once a transaction has been sealed into a block and add it
to a blockchain. It is impossible to change the data of the
block at that time unless 51% attacks theory.
• In the theory, if attacker can hack and possess 51% of the
nodes (blockchain's users), they can reverse engineer the
hashed block and make change to the transaction data and
they must do it simutaneouly over at least 51% of the
nodes in order to successfully alter the blockchain.
• So, in order to make unauthorized change to a past
transaction, attackers need to reverse engineer all
subsequent hashes on 51% of the nodes. This is impossible
because it requires a huge computer power such as
quantum computing power (exist in theory)
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 Blockchain Technology's Growth and
Popularity
- In 2022 and 2023, the
market size reached
$11.54 billion and $17.46
billion, respectively.
Within one year, the
blockchain market
valuation increased
51.4%.

- The experts predict that

the market size will have
compound annual growth
rate of 87.7% from 2023
to 2030. It is believed
that the blockchain's
market valuation by 2026
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Top
Blockchain
Spenders By
Industry

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 The Future Prediction for Blockchain Technology
In 2024

• Increased Adoption in • Using blockchain

various industry technology to enhance
• Advancement in Smart Cybersecurity.
Contracts: this will lead to
more efficient and secure
business process
• Integration with IoT and AI:
this can create possibility
for automation, data
management, and decision-
making
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 Conclusion
• With the development of blockchain technology
nowadays, we hope that it would bring more
bright future for businesses and organizations
in future development without worrying much
about security issues related cyberattacks. We
are looking forward to see more advanced
technologies related to blockchain technology
in combination with AI and IoT (internet of
things), and it would be very excited to see
that future coming.

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Reference

• An In-depth Guide to Blockchain Application Development

• Top 10 Blockchain Technology Use Cases You Should Know
• 4 Main Types of Blockchain - Blockchain Council
• Blockchain Types and its application
• Why Blockchain Cannot Be Hacked..Or Can It?
• Blockchain Security Issues - A Complete Guide
• Blockchain Users Statistics in 2024
• The Future of Blockchain Technology in 2024: 5 Predictions
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