Introduction to Blockchain

Introduction to Blockchain - Progate Bangalore Meetup
Event page: https://www.facebook.com/events/2326757517558847/?active_tab=discussion

Slide link (Google drive): https://drive.google.com/drive/folders/196Bx2pn5Cos1RQUE4BvfbOIekf9_2QY1?usp=sharing

Video link: https://www.youtube.com/watch?v=2t5YlDxoJRU&t=3663s

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