BLOCKCHAIN TECHNOLOGY

Anonymous person or company called Satoshi Nakamoto published a paper on internet in 2008 which refers to BITCOIN as,

BITCOIN - "A peer-to-peer electronic cash system"

And that was the beginning of the boom of blockchain system and cryptocurrency.

Basic idea of BLOCKCHAIN:

Decentralized digital currency to enable peer to peer transactions without the need for a trusted intermediator like bank,

Transaction method without any financial institution,

Digital assets,

As we all know in india , RBI or any bank controls on money transactions and etc...but here in blockchain system there is no involvement of third party in your financial transaction.

BLOCKCHAIN MODEL:

CHAIN OF RECORDS :

• BLOCKCHAIN is a chain of blocks means chain of records.

• The blocks contains key details about the movement of assets. In financial transaction block captures the details about the transaction like to whom , when , the transaction amount.

• Each block contains timestamp. Timestamp records the exact moment the transaction is added to the blockchain. It ensures chronological order of transaction.

CONNECT BLOCK TOGETHER:

• Each block is linked to the previous block line.

Every block has a unique fingerprint called HASH. Every block contains its hash and also pre hash of the block before. It creates chain of blocks.

• blockchain is irreversible chain. It ensures transaction validity through consensus algorithm. proof of work and proof of stake are most commonly used consensus algorithms.

• blockchain is a chain of records or information so , it is nearly impossible task to change any record of the block. If somebody even try to change the records of the block then there will be creating an error in hash and it will lead to an error in the pre hash of the block before and this chain is going to be continue. thus , this is comparatively much secure and trustable system to work with.

KEY FEATURES:

1. Distributed ledger technology:

   Access to distributed ledger

2. Immutable record of transactions.

3. Smart contracts:

   terms are written in code & automatically executed when predefined conditions are met.

   Speed up transaction , reduce the need for intermediator and ensure transfer and security.

4. Consensus algorithm.

BENEFITS:

• Greater trust and enhance security.

• better traceability.

• increased efficiency.

• Automated transactions.

• Eliminate middle man.

• Record of buying / selling.

• Availability and traceability of economic history.

• Useful in hospitals as well for saving patient data securely and safely.

TYPES OF BLOCKCHAIN NETWORK:

1. publish blockchain networks

2. private blockchain networks

3. permissioned blockchain networks

4. consortium blockchain networks

BLOCKCHAIN PLATFORM:

• hyperledger fabric

• ethereum

• corda

• quorum