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Introduction to Blockchain

Introduction to Blockchain

Avatar for Huy Bui Duc

Huy Bui Duc

May 19, 2018

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  1. Blockchain: Start simple! May 21, 2018 10:00:00 am Joe --->

    Huy 1000$ --> To establish trust between ourselves, we depend on individual third-parties.
  2. Blockchain: Start simple! May 21, 2018 10:00:00 am Joe --->

    Huy 1000$ May 21, 2018 13:22:12 pm David ---> Tony 500$ May 21, 2018 14:22:12 pm Huy ---> Jue 200$ May 21, 2018 17:22:12 pm Nguyen ---> Huy 200$ ------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------
  3. Blockchain - A blockchain is a continuously growing list of

    records, which are linked and secured using cryptography. - Blockchain was invented by Satoshi Nakamoto in 2008 for use in the cryptocurrency bitcoin, as its public transaction ledger. → What is a block and what is a chain?
  4. Blockchain: What is a chain? …. Genesis Block 0 Welcome!

    1526901742 231 09b37c... Block #1 09b37c… Hello …. 1526901742 11223 6a9920... Block #2 6a9920... Hi 123 1526901742 88722 75a315...
  5. Blockchain: How does it work? 1. An Empty Folder 2.

    When A Transaction Happens 3. Transactions Continue Happening https://hackernoon.com/wtf-is-the-blockchain-1da89ba19348
  6. Blockchain: Main advantages 1. Decentralization - Blockchain is considered as

    a secure decentralized technology which is very hard to corrupt. Unlike traditional databases blockchain is a distributed ledger that means the data will be available to each node of the system and for any update or change every node must verify that change. 2. Transparent - Another important feature of blockchain is transparency. The transactions recorded on the blockchain is visible by everyone. 3. Secure - In blockchain technology, every transaction requires a key. The data has been encrypted and saved into blocks for verification. This process makes it secure as each node must verify the data.