brief introduction about blockchain technology

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Blockchain
Ay a t b a h a a a b d u l h u s s e i n
M a s t e r I n f o r m a t i o n t e c h n o l o g y

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outline
• What is blockchain?
• Features of blockchain technology.
• Components of blockchain.
• How Blockchain works?
• Public vs. Private Blockchain
• How can it be used?
• What are the applications
• Advantage of blockchain
• Disadvantage of blockchain
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What is blockchain?
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• Blockchain is a type of distributed ledger for maintaining a permanent record of transactional
data.
• A blockchain functions as a decentralized database that is managed by computers belonging to
a peer-to-peer (P2P) network.
• Each of the computers in the distributed network maintains a copy of the ledger to prevent a
single point of failure (SPOF) and all copies are updated and validated simultaneously.
• Blockchain could not be without the Internet

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What is Blockchain?
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A blockchain has technical, business and legal definitions
• Technically, the blockchain is a back-end database that maintains a
distributed ledger that can be examined openly.
• Business-wise, the blockchain is an exchange network for moving
transactions, value, assets between peers, without the assistance of
intermediaries.
• Legally speaking, the blockchain validates transactions, replacing
previously.

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Features of blockchain technology
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Components of blockchain
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Blockchain consists of several pieces:
1.Database
2.Application software
3.The number of Computers connected
4.Customers Accessible
5.Software environment to develop On it
6.Tools to monitor it and other pieces.

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How Blockchain works?
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Public vs. Private Blockchain
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Public blockchain
• Anyone can participate
Private blockchain
• Participants are known and
trusted
• An industry group, or a
group of companies
owned by an umbrella
company

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How can it be used?
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• Example: If somebody have a contract with an insurance
seller, with a lot of conditions fixed into it, you can build
that logic into the contract on the blockchain, to ensure that
once verified, it comes into force automatically, without the
need for any human intervention.
• It ensures that no one can play a negative role and also
removes trust issues that can crop up.

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What are the applications?
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• Blockchain are going to impact financial technology in
a major way, from regular trading to secondary
markets.
• It is more secure and adds a lot of value. I also expect
blockchain technology being used in healthcare and
allied services as well.

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Advantage of blockchain
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Disadvantage of blockchain technology
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I hope you
benefited