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Introduction to Blockchain

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

Introduction to Blockchain


Koshik Raj

February 02, 2019


  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:
  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:
  23. New internet?

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

    koshikraj GitHub: koshikraj twitter: rajkoshik