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Blockchain Explained | Blockchain Simplified | Blockchain Technology | Blockchain Training | Edureka

***** Blockchain Training : https://www.edureka.co/blockchain-training ***** <br>This Edureka video on "Blockchain Explained" is to guide you through the fundamentals of the new revolutionary technology called Blockchain and its defining concepts. Below are the topics covered in this tutorial: <br><br>1. History of blockchain <br>2. What is Blockchain <br>3. Traditional Transaction vs Blockchain <br>4. How Blockchain Works <br>5. Benefits of Blockchain <br>6. Blockchain Transaction Demo <br><br>Here is the link to the Blockchain blog series: https://goo.gl/DPoAHR <br>You can also refer this playlist on Blockchain: https://goo.gl/V5iayd

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Blockchain Explained | Blockchain Simplified | Blockchain Technology | Blockchain Training | Edureka

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Presentation Transcript

  1. Hadoop vs Spark Copyright © 2017, edureka and/or its affiliates. All rights reserved.

  2. Agenda Traditional Transaction vs Blockchain Benefits of Blockchain History of Blockchain 1 3 4 5 2 6 How What is a Blockchain? blockchain actually works Transaction Demo Copyright © 2017, edureka and/or its affiliates. All rights reserved.

  3. Everybody Wants to Know Let’s check out that blockchain thing I heard about at work today.. www.edureka.co/blockchain-training Blockchain Certification Training

  4. A Little Bit of History The technology was originally described in 1991 and was intended to timestamp digital documents to avoid backdate or tempering of any records Blockchain History However great the technology was, its true potential was not realized until Satoshi Nakamoto used it to create a cryptocurrency "Bitcoin" www.edureka.co/blockchain-training Blockchain Certification Training

  5. Blockchain: What Is It? In a line, blockchain can be described as a tamper-proof, distributed ledger that is capable of securely recording all transactions that are committed on its network. www.edureka.co/blockchain-training Blockchain Certification Training

  6. Properties of Blockchain Properties of Blockchain Secure Efficient Immutable Complex Validation www.edureka.co/blockchain-training Blockchain Certification Training

  7. Cryptocurrency is Just the Beginning That’s only the tip of the iceberg man. You should research more on the technology Hey have you heard about cryptocurrencies?? They work on blockchain… www.edureka.co/blockchain-training Blockchain Certification Training

  8. Traditional Transaction Bob wants to buy a cake from Alice’s bakery. He needs to pay Alice in advance Alice will send the goods to Bob once she has received the money…or a proper proof that she will receive it Alice Bob www.edureka.co/blockchain-training Blockchain Certification Training

  9. Traditional Transaction 3. Visa queries Bob’s banking account 2. PayPal queries Bob’s VIsa 1. Bob pays on PayPal Intermediary Intermediary Bob Alice Bob’s Bank 4. Bob’s bank transfers amount 6. PayPal confirms payment 5. Alice’s bank receives amount Intermediary Alice’s bank Clearing www.edureka.co/blockchain-training Blockchain Certification Training

  10. Blockchain Transaction Bob wants to send money to Alice After validation the block is added to the chain Every block is broadcast to every party on the network Alice receives her money from Bob The transaction is represented online as a block Those in the network approve the validity of the transaction www.edureka.co/blockchain-training Blockchain Certification Training

  11. Centralised vs Distributed www.edureka.co/blockchain-training Blockchain Certification Training

  12. How Blockchain Actually Works? Alice Bob Bob want’s to send money to Alice over a blockchain network! www.edureka.co/blockchain-training Blockchain Certification Training

  13. Initiating A Transaction Sign(message,private-key) Bob decides to send Alice 4 BTC Bob’s Private Key Alice receives Bob’s transaction Alice’s Public Key Verify(message,signature,public-key) www.edureka.co/blockchain-training Blockchain Certification Training

  14. Transaction Propagation Transaction is propagated to the entire network www.edureka.co/blockchain-training Blockchain Certification Training

  15. Transaction Verification SHA256 Miner www.edureka.co/blockchain-training Blockchain Certification Training

  16. Finding the Puzzle – Why is it Hard? The SHA-256 is a one-way function hence, brute force is the only way to a particular output value On an average, it takes many random guesses to find a solution and thus the challenge is tough It takes around 10 minutes on an average for someone to find the special key to the solution www.edureka.co/blockchain-training Blockchain Certification Training

  17. Block-Chain www.edureka.co/blockchain-training Blockchain Certification Training

  18. To Sum up In a Blockchain Network: Transactions are encrypted using asymmetric cryptography Transactions are propagated from peer to peer Transactions are verified publicly by miners Transactions are stored in a public ledger www.edureka.co/blockchain-training Blockchain Certification Training

  19. Benefits of Blockchain Real time settlement A lot of money is saved as intermediaries are removed Security and Reliance Immutability Anonymity www.edureka.co/blockchain-training Blockchain Certification Training

  20. Learn Blockchain At Edureka! Copyright © 2017, edureka and/or its affiliates. All rights reserved. www.edureka.co/blockchain-training Blockchain Certification Training

  21. Edureka Curriculum Setting Up Private Blockchain Environment On Ethereum Cryptocurrency & Blockchain Delving Into Blockchain Hyperledger Setting Up Development Environment Using Hyperledger Composer Bitcoin & Blockchain Bitcoin Mining Prospects Of Blockchain Deploy Private Blockchain On Multichain Ethereum Blockchain Developer Training www.edureka.co/blockchain-training Blockchain Certification Training

  22. Don’t just learn it, MASTER it with Copyright © 2017, edureka and/or its affiliates. All rights reserved.

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