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Blockchain Training | Blockchain Tutorial for Beginners | Blockchain Technology | Edureka

This Edureka Blockchain training will give you a fundamental understanding regrading Blockchain and Bitcoin. <br>This session will help you learn following topics: <br>1. Current Existing Monetary System <br>2. How can Blockchain and Bitcoin help? <br>3. What is Blockchain? <br>4. Blockchain concepts <br>5. Bitcoin Transaction <br>6. Blockchain features <br>7. Blockchain Use Case <br>8. Demo: Bitcoin Transaction

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Blockchain Training | Blockchain Tutorial for Beginners | Blockchain Technology | Edureka

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  1. Agenda Current Existing Monetary System How can Blockchain and Bitcoin help? Bitcoin Transaction Blockchain Features What is Blockchain? Blockchain Use Cases Blockchain Concepts Demo – Bitcoin Transaction

  2. Current Existing Monetary System Copyright © 2017, edureka and/or its affiliates. All rights reserved.

  3. Change of Monetary system Over time Blockchain Training Copyright © 2017, edureka and/or its affiliates. All rights reserved.

  4. How Trading Happens Using Current System Blockchain Training Copyright © 2017, edureka and/or its affiliates. All rights reserved.

  5. How Trading Happens Using Current System Blockchain Training Copyright © 2017, edureka and/or its affiliates. All rights reserved.

  6. How Trading Happens Using Current System Blockchain Training Copyright © 2017, edureka and/or its affiliates. All rights reserved.

  7. How Trading Happens Using Current System Blockchain Training Copyright © 2017, edureka and/or its affiliates. All rights reserved.

  8. Issues with the Current System Copyright © 2017, edureka and/or its affiliates. All rights reserved.

  9. Issues with current Banking Systems Double Spending Bank transactions are prone to Double spending due to Fake Currencies and Digital Frauds Blockchain Training Copyright © 2017, edureka and/or its affiliates. All rights reserved.

  10. Issues with current Banking Systems Standard Transaction Fees $98 $100 Chandler Joey Trusted Third Party JPMorgan Chase, Bank of America and Wells Fargo alone earned more than $6 billion fromATM and overdraft fees in 2015 (SNL Financial and CNNMoney Report) Blockchain Training Copyright © 2017, edureka and/or its affiliates. All rights reserved.

  11. Issues with current Banking Systems Transaction Delays Transactions require a lot of time to be Verified and completed causing huge delays. Blockchain Training Copyright © 2017, edureka and/or its affiliates. All rights reserved.

  12. Issues with current Banking Systems Banks have become synonymous with crises and crashes due to depression and fractional reserve banking Reserve Bank of India US Federal Reserve Blockchain Training Copyright © 2017, edureka and/or its affiliates. All rights reserved.

  13. How can Blockchain and Bitcoin help? Copyright © 2017, edureka and/or its affiliates. All rights reserved.

  14. How can Blockchain and Bitcoin help? Following are the ways by which Blockchain and Bitcoins solves these Issues: Decentralized Power Public Ledger No Double Spending Immutable to Hacks Issues with centralized banks Blockchain Training Copyright © 2017, edureka and/or its affiliates. All rights reserved.

  15. How can Blockchain and Bitcoin help? And the best part of using such a cryptocurrency is that the transaction fee is zero or very minimal in comparison with third parties such as banks and digital transfer systems. Blockchain Training Copyright © 2017, edureka and/or its affiliates. All rights reserved.

  16. What is Blockchain? Copyright © 2017, edureka and/or its affiliates. All rights reserved.

  17. What is Blockchain? Blockchain is the technology behind Bitcoin Blockchain Training Copyright © 2017, edureka and/or its affiliates. All rights reserved.

  18. Blockchain Overview Blockchain is the technology used in Bitcoin. It is a public distributed database holding encrypted ledgers. Sample Blockchain New Blocks [ First Block Growing Blockchain A block is the ‘current’ part of a blockchain which records some or all of the recent transactions, and once completed goes into the blockchain as permanent database. Each time a block gets completed, a new block is generated. Blockchain Training Copyright © 2017, edureka and/or its affiliates. All rights reserved.

  19. Blockchain Overview Blockchains are built from 3 technologies: Blockchain uses Private Key Cryptography to secure identities and hash functions to make the blockchain immutable P2P machines on the network help in maintaining the consistency of the distributed ledger The program gives the blockchain its protocol based on the requirement Blockchain Training Copyright © 2017, edureka and/or its affiliates. All rights reserved.

  20. Public Key Cryptography This approach involves two different keys  One key is purposely kept private, the other is provided to the other party(or often the public)  If you use private key to encrypt then the public key can decrypt  If you use the public key to encrypt then you use the private key to decrypt. This is called asymmetric encryption Blockchain Training Copyright © 2017, edureka and/or its affiliates. All rights reserved.

  21. Peer to Peer Network Suppose A finds the transaction: Bobby (B) pays 5 coins to Cindy (C) Node A broadcasts to the peers B and C in the network Verified Verified If the transaction is verified, the peers (here, B & C) forward the transaction to their peers The transactions propagate rapidly across the network Blockchain Training Copyright © 2017, edureka and/or its affiliates. All rights reserved.

  22. P2P Network – Distributed Ledger Andy=10$ Andy=10$ 10$ Andy->Bobby 10$ Andy->Bobby 10$ Bobby-> Derby 3$ Bobby-> Derby 3$ Derby-> Cindy 1$ Derby-> Cindy 1$ Andy=10$ Andy Bobby Andy->Bobby 10$ 3$ Bobby-> Derby 3$ Derby-> Cindy 1$ Andy=10$ Andy=10$ Andy->Bobby 10$ Andy->Bobby 10$ Bobby-> Derby 3$ Bobby-> Derby 3$ 1$ Cindy Derby Derby-> Cindy 1$ Derby-> Cindy 1$ Copyright © 2017, edureka and/or its affiliates. All rights reserved.

  23. P2P Network – Digital Signature Blockchain Training Copyright © 2017, edureka and/or its affiliates. All rights reserved.

  24. Blockchain Program The Blockchain is the way of implementing any solution/ use case Sample Blockchain [ Blockchain is a concept and can be implemented by any language First Block Growing Blockchain Solidity is the most preferred default for writing programs in Blockchain Blockchain Training Copyright © 2017, edureka and/or its affiliates. All rights reserved.

  25. Bitcoin Transaction Copyright © 2017, edureka and/or its affiliates. All rights reserved.

  26. What is Bitcoin? The first decentralized digital currency Uses cryptography to control its creation and management Created and held electronically in a peer to peer open ledger called the blockchain Ledger is produced by people using software that solves mathematical problems 4 Blockchain Training Copyright © 2017, edureka and/or its affiliates. All rights reserved.

  27. Bitcoin Transaction  Let us take a Bitcoin transaction where James wants to transfer 500 BTC to Kevin.  The transaction is a part of the new block that will be validated by miners Lisa and Robert. Blockchain Training Copyright © 2017, edureka and/or its affiliates. All rights reserved.

  28. Bitcoin Transaction Account Number Balance 19K4ejhJW94U0212… 37 Sample Blockchain 1ZOL9470uier2UMb… 42.67 [ 178errbZ81FePNr30… 1342 842 - 500 Ledger 1Mr3UNPH8H4U24v… 12.005 512.005 +500 1Pos4r9Eesbv8754b… 563 First Block Growing Blockchain 1JoH83jfos03n2490i… 974.65 … …  Every transaction holds details of the transfer of currency from one account to the another.  The balance of any account is not stored explicitly. It is always calculated by adding up all the blockchain transactions ever recorded. Blockchain Training Copyright © 2017, edureka and/or its affiliates. All rights reserved.

  29. Bitcoin Transaction  Lisa and Robert are miners who use they resources to validate the block containing the transaction. Blockchain Training Copyright © 2017, edureka and/or its affiliates. All rights reserved.

  30. Bitcoin Transaction  Once the block is validated, money is deducted from James’ account and is transferred to Kevin’s Bitcoin account.  This solves the problem of Double Spending. Blockchain Training Copyright © 2017, edureka and/or its affiliates. All rights reserved.

  31. Bitcoin Transaction  Finally, Lisa gets 12.5 BTC as incentive which becomes the first transaction for the next block.  The permanent part of the blockchain. current block becomes a 12.5 BTC Blockchain Training Copyright © 2017, edureka and/or its affiliates. All rights reserved.

  32. Blockchain – Flow Diagram Validation The transaction is broadcast to the P2P network The network of nodes validate the transaction Someone requests a transaction Once verified, the transaction becomes a part of new block for the ledger The new block is then added to the existing blockchain The transaction is complete Blockchain Training Copyright © 2017, edureka and/or its affiliates. All rights reserved.

  33. Blockchain Features Copyright © 2017, edureka and/or its affiliates. All rights reserved.

  34. Blockchain Features In any blockchain: ▪ All transactions are logged including information on the time, date, participants and amount of every single transaction ▪ Each node in the network owns a full copy of the blockchain Blockchain Training Copyright © 2017, edureka and/or its affiliates. All rights reserved.

  35. Blockchain Features The ensures automatically and continuously agree to the current state of the ledger transaction in it. mathematical that principle nodes If anyone attempts to corrupt a transaction, the nodes will not arrive at a consensus and hence will refuse to incorporate the transaction in the blockchain. Transactions are verified by the Miners after solving complex math puzzles and maintain the ledger the and every Blockchain Training Copyright © 2017, edureka and/or its affiliates. All rights reserved.

  36. Blockchain Types  Public: The ledgers are visible to everyone on the internet and anyone can verify and add a block of transactions to the block chain. Examples – Bitcoin, Ethereum, Dash, Factom  Private: All permissions are kept centralized to an organization. Only specific people in the organization to verify and add transaction blocks but everyone on the internet is generally allowed to view. Examples- Multichain, Blockstack  Consortium: Controlled by a consortium of members. Only predefined set of nodes have access to write the data or block. Examples- Ripple and R3 Blockchain Types Blockchain Training Copyright © 2017, edureka and/or its affiliates. All rights reserved.

  37. Blockchain Use Cases Copyright © 2017, edureka and/or its affiliates. All rights reserved.

  38. Blockchain Use Cases ▪ Monetary Aspect is just a tip of the iceberg of blockchain Technology ▪ Blockchain is a ground-breaking technology for which money is merely one of the possible applications Blockchain Training Copyright © 2017, edureka and/or its affiliates. All rights reserved.

  39. Blockchain Use Cases • Autonomous network configuration • Self serve maintenance • Asset and inventory tracking • Cross asset/industry data sharing • Settlements • Change of suppliers • Meter data • Real-time Capacity matching • Eligibility for social tariffs • Safety authorization and permit to work • Fraud Detection • Loyalty Scheme • EV Charging • Peer to peer trading • Demand-side management • Network services Blockchain Training Copyright © 2017, edureka and/or its affiliates. All rights reserved.

  40. Blockchain Demo Copyright © 2017, edureka and/or its affiliates. All rights reserved.

  41. Blockchain Demo Problem Statement We will implement a digital Transaction between Different Bitcoin Wallets. The following needs to be achieved: 1. Setting a Desktop wallet using JAXX. 2. Setting an Online Bitcoin Wallet using Blockchain. 3. Initiate a Transaction between Blockchain and JAXX. 4. Verify the transaction Blockchain Training Copyright © 2017, edureka and/or its affiliates. All rights reserved.

  42. Blockchain Demo – Jaxx Wallet Download Jaxx wallet from Jaxx.io Blockchain Training Copyright © 2017, edureka and/or its affiliates. All rights reserved.

  43. Blockchain Demo – Blockchain Wallet Set up a Free Blockchain Wallet Blockchain Training Copyright © 2017, edureka and/or its affiliates. All rights reserved.

  44. Blockchain Demo – Bitcoin Transaction Specify the Private Key of the Receiver. 1 Specify the Bitcoins that need to be transferred. 2 Blockchain Training Copyright © 2017, edureka and/or its affiliates. All rights reserved.

  45. Session In A Minute Current Banking System Blockchain Concepts The Bitcoin Story Blockchain Features Demo – Bitcoin Transaction Blockchain Use Cases Blockchain Training Copyright © 2017, edureka and/or its affiliates. All rights reserved.

  46. Copyright © 2017, edureka and/or its affiliates. All rights reserved.

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