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Blockchain Introduction Public

Blockchain is a distributed ledger of encrypted transactions that are grouped into blocks and recorded across multiple peer nodes to enable transparency and proof of history without centralized control. Key aspects of blockchain include transactions, immutable ledgers secured through encryption and consensus algorithms, a decentralized network of peers holding identical copies of records, and optional smart contracts to encode business logic. Blockchain provides transparency, provenance and auditability of transactions across many industries.

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76 views11 pages

Blockchain Introduction Public

Blockchain is a distributed ledger of encrypted transactions that are grouped into blocks and recorded across multiple peer nodes to enable transparency and proof of history without centralized control. Key aspects of blockchain include transactions, immutable ledgers secured through encryption and consensus algorithms, a decentralized network of peers holding identical copies of records, and optional smart contracts to encode business logic. Blockchain provides transparency, provenance and auditability of transactions across many industries.

Uploaded by

rits
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PPTX, PDF, TXT or read online on Scribd
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Introduction to Blockchain

A Brief history of Blockchain


 On October 31, 2008, Satoshi Nakamoto released the
Bitcoin White Paper outlining a purely peer to peer
electronic cash/digital asset transfer system. This is the
first popular implementation of Blockchain. Since then,
additional Blockchains have been popularized, Ethereum,
various Hyperledger project solutions, as well as numerous
others including “Blockchain like” solutions such as
GuardTime’s KSI products

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What is Blockchain?
 Blockchain comprises of..
 Transactions
 Immutable ledgers
 Decentralized peers
 Encryption processes
 Consensus mechanisms
 Optional Smart Contracts

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Transactions
 Blockchain is a historical archive of decisions and
actions taken
 Proof of history, provides provenance
Notable transaction use cases
Land registration – Replacing requirements for research of Deeds (Sweden Land Registration)
Personal Identification – Replacement of Birth/Death certificates, Driver’s Licenses, Social Security Cards (Estonia)
Transportation – Bills of Lading, tracking, Certificates of Origin, International Forms (Maersk/IBM)
Banking – Document storage, increased back office efficiencies (UBS, Russia’s Sberbank)
Manufacturing – Cradle to grave documentation for any assembly or sub assembly
Food distribution – Providing location, lot, harvest date Supermarkets can pin point problematic food (Walmart)
Audits – Due to the decentralized and immutable nature of Blockchain, audits will fundamentally change.

4
Immutable
 As with existing databases, Blockchain retains data via
transactions
 The difference is that once written to the chain, the
blocks can be changed, but it is extremely difficult to
do so. Requiring rework on all subsequent blocks and
consensus of each.
 The transaction is, immutable, or indelible
 Like a ledger written in ink, an error would be resolved
with another entry

5
Decentralized Peers
 Rather than the centralized “Hub and Spoke” type of
network, Blockchain is a decentralized peer to peer
network. Where each NODE has a copy of the ledger.

Legacy Network Blockchain Network


Centralized DB Distributed Ledgers

6
Encryption
 Standard encryption practices
 Some Blockchains allow for “BYOE” (Bring Your Own
Encryption)
 All blocks are encrypted
 Some Blockchains are public, some are private
 Public Blockchains are still encrypted, but are viewable to the
public, e.g. https://www.blocktrail.com/BTC
 Private Blockchains employ user rights for visibility, e.g.
 Customer – Writes and views all data
 Auditors – View all transactions
 Supplier A – Writes and views Partner A data
 Supplier B – Writes and views Partner B data

7
Consensus
 Ensures that the next block in a blockchain is the one
and only version of the truth
 Keeps powerful adversaries from derailing the system
and successfully forking the chain
 Many Consensus mechanisms, each with pros and cons
Consensus Mechanism
Proof of Work
Proof of State
Proof of Elapsed Time
Proof of Activity
Proof of Burn
Proof of Capacity
Proof of Importance
And others….

8
Smart Contracts
 Computer code
 Provides business logic layer prior to block
submission

Blockchain Smart Contracts? Language


Bitcoin No
Ethereum Yes Solidity
Hyperledger Yes Various GoLang, C++,
etc, depends
Others Depends Depends

9
Blockchain Capabilities
•A shared ledger technology allowing any participant in the
business network to see the system of record (ledger)
•Ensuring appropriate visibility; transactions are secure,
authenticated & verifiable
•All parties agree to network verified transaction
•Business terms embedded in transaction database & executed
with transactions

10
Additional Resources
 Bitcoin White Paper – Satoshi Nakamoto
 Blockchain Demo – Anders Brownworth
 Videos
 Blockchain for Business - An Introduction to Hyperledger
Technologies - edX.org
 Ethereum White Paper
 Guardtime – Blockchain like official site
 Hyperledger official site - Linux Foundation
 IBM Blockchain for Business – IBM Dev Center
 IBM Blockchain Essentials Course – IBM Dev Center
 IBM Blockchain Foundation Developer – IBM Dev Center
Many more and pages are always changing
11

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