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Synopsis Blockchain

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10 views4 pages

Synopsis Blockchain

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likithgn17
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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VISVESVARAYA TECHNOLOGICAL UNIVERSITY

“Jnana Sangama”, Belagavi - 590 018.


A Technical Seminar (21ADS81) Synopsis on

“BLOCKCHAIN TECHNOLOGY”
Submitted in partial fulfillment of the requirements for the degree of

BACHELOR OF ENGINEERING
IN

ARTIFICIAL INTELLEGENCE AND DATA SCIENCE

Submitted by
LIKHITH GN 4YG21AD025

Under the Guidance of


Mrs. Mitha D B.E., MTech.,
Assistant Professor

DEPARTMENT OF ARTIFICIAL INTELLIGENCE AND DATA SCIENCE


NAVKIS COLLEGE OF ENGINEERING
Affiliated to VTU, Recognized by Govt. of Karnataka, Approved by AICTE
KIADB Thimmanahalli Industrial Area, NH-75, KANDALI- 573217, Hassan.
2024 - 2025
Blockchain technology 2024-2025

Abstract

Blockchain technology is a decentralized, distributed ledger system that records


transactions across multiple computers, ensuring transparency, security, and
immutability. Originally designed for Bitcoin, blockchain technology has evolved and
found applications across various industries beyond cryptocurrency, such as finance,
supply chain management, healthcare, and government.

The blockchain consists of a series of blocks, each containing transaction data, a


timestamp, and a cryptographic hash of the previous block, creating a secure and
chronological chain. This structure eliminates the need for central authorities by
enabling peer-to-peer transactions that are verified by a network of nodes through
consensus mechanisms, such as Proof of Work (PoW) or Proof of Stake (PoS).

A significant feature of blockchain is its resilience to tampering; once a transaction is


recorded, altering it requires a majority consensus across the network, making it highly
resistant to fraud. Smart contracts, self-executing agreements encoded on the
blockchain, expand the technology’s utility by automating complex processes and
reducing reliance on intermediaries.

While blockchain offers benefits like enhanced transparency, data integrity, and
decentralization, it faces challenges, including scalability, energy consumption, and
regulatory concerns. Nonetheless, it holds transformative potential, promising more
secure, efficient, and transparent systems across diverse sectors.

Dept. of AI&DS, NCE, Hassan Page 1


Blockchain technology 2024-2025

Introduction
A blockchain is essentially a distributed database of records or public ledger of all
transactions or digital events that have been executed and shared among participating
parties. Each transaction in the public ledger is verified by consensus of a majority of
the participants in the system. And, once entered, information can never be erased. The
blockchain contains a certain and verifiable record of every single transaction ever
made. To use a basic analogy, it is easy to steal a cookie from a cookie jar, kept in a
secluded place than stealing the cookie from a cookie jar kept in a market place, being
observed by thousands of people. Bitcoin is the most popular example that is
intrinsically tied to blockchain technology. It is also the most controversial one since it
helps to enable a multibillion-dollar global market of anonymous transactions without
any governmental control. Hence it has to deal with a number of regulatory issues
involving national governments and financial institutions.

Objectives of Blockchain Technology


1. Decentralization: Remove the need for central authorities, allowing peer-to-peer
transactions and interactions.

2. Transparency: Enable visibility across the network by making records accessible


to all participants, fostering trust.

3. Security: Use cryptographic methods to secure data and transactions, making it


resistant to unauthorized access and tampering.

4. Immutability: Ensure that once data is recorded, it cannot be altered or deleted,


maintaining a reliable history of transactions.

5. Efficiency and Cost Reduction: Streamline and automate processes, reducing


time and expenses associated with intermediaries.

Dept. of AI&DS, NCE, Hassan Page 2


Blockchain technology 2024-2025

Evolution of Blockchain

Blockchain technology originated in 2008 with the creation of Bitcoin, the first
decentralized cryptocurrency, by an anonymous individual or group under the
pseudonym Satoshi Nakamoto. The underlying blockchain protocol was designed to
address issues of trust, security, and transparency in financial transactions without
relying on central institutions like banks. Bitcoin’s white paper, titled Bitcoin: A Peer-
to-Peer Electronic Cash System, outlined the concept of a distributed ledger that
records transactions in a decentralized manner.

Significance of Blockchain Technology

1. Enhanced Security: Blockchain’s cryptographic and consensus mechanisms


reduce risks of fraud, hacking, and unauthorized data modifications.

2. Improved Traceability: Blockchain enables tracking of assets from origin to


end-user, benefiting industries like supply chain, healthcare, and logistics.

3. Trust and Transparency: By providing a single source of truth visible to all


stakeholders, blockchain fosters trust, as each participant has access to the same
information.

4. Financial Inclusion: It facilitates access to financial services for underserved


populations by enabling transactions without traditional banking institutions.

5. Innovations and New Business Models: Blockchain supports new approaches


like smart contracts, decentralized finance (DeFi), and tokenization, which open
up fresh business opportunities.

Dept. of AI&DS, NCE, Hassan Page 3

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