Pro Yearly is on sale from $80 to $50! »

Introduction to Blockchain

68a8092ba46ca5848bcdfc453d81c4bb?s=47 Koshik Raj
February 02, 2019

Introduction to Blockchain

68a8092ba46ca5848bcdfc453d81c4bb?s=128

Koshik Raj

February 02, 2019
Tweet

Transcript

  1. Introduction to Blockchain Koshik Raj

  2. Agenda Blockchain background and basics Decentralization with DLT Blockchain evolution

    Challenges Opportunities Q&A
  3. When did it all start?

  4. ➔ Several cypherpunks attempted to implement cryptocurrencies in 1990s. ◆

    Bit gold, DigiCash Satoshi Nakamoto Published the idea in a paper: "Bitcoin: A Peer-to-Peer Electronic Cash System" on Oct 2008. ➔ The Bitcoin implementation wanted to achieve decentralized accounting system Background
  5. Why was it created?

  6. Trust issues ➔ We approach trusted third party for certainty

    ➔ This has led to the centralization of power Alice Bob
  7. ➔ Cyber attacks on major institutions. ◆ Sony pictures, JP

    Morgan Chase data breach. ◆ Target customer confidential data breach. ➔ Expensive transaction fee. ➔ Subprime mortgage crisis in 2008. Centralization concerns
  8. Decentralization problem (Byzantine failure) ➔ Trustless entities ➔ How to

    believe on single truth?
  9. Enter Bitcoin

  10. How Bitcoin solved it?

  11. Distributed Ledger Technology (DLT) ➔ Each node holds a copy

    of the ledger ➔ Blockchain + P2P+ Consensus algorithm = DLT
  12. Blockchain 1234 1234 1235 1235 1237 ➔ Hash functions ➔

    Digital signatures
  13. Consensus mechanism ➔ Algorithm to reach a global truth ➔

    Consensus mechanism solves the byzantine generals’ problem. ➔ Bitcoin’s proof-of-work is the first and well known consensus algorithm
  14. Blockchain evolution

  15. Blockchain 1.0 ➔ Many cryptocurrencies were evolved after Bitcoin ➔

    Few projects tried to: ◆ facilitate Bitcoin ◆ Solve inefficiencies
  16. Blockchain 2.0 ➔ Post 2014, several blockchain platforms paved a

    way for decentralized applications (DApps) ➔ These platforms enabled turing complete scripting capabilities
  17. Enterprise blockchain ➔ Blockchain platforms created to cater the enterprise

    use cases to provide: ◆ High performance ◆ Resilient ◆ Privacy ➔ Numerous permissioned blockchain platforms were proposed
  18. Any challenges?

  19. Limitations ➔ Difficult to achieve high throughput in decentralized systems

    vs vs Decentralization User experience Scalability ➔ Usability of applications are challenging for the end users.
  20. Opportunities

  21. DApp popularity ➔ DApp popularity continues even after ICO fad

    ➔ Blockchain platforms boost the growth of DApps ➔ Over 2500 apps are built on Ethereum, EOS, Steem, POA Source: www.stateofthedapps.com
  22. Can I get in? ➔ 2017 had an 100 %

    increase in the job posting ➔ One of the highest paid jobs in the software industry Source: burning-class.com
  23. New internet?

  24. “Keep calm and learn blockchain” Contact me: Koshik Raj linkedIn:

    koshikraj GitHub: koshikraj twitter: rajkoshik koshik.raj@gmail.com www.koshik.me