Block
Chain by buyprojectcode.in
Chain by buyprojectcode.in
A
blockchain is a chain of blocks that holds data depending upon the type of an application that uses it. The blocks are linked using cryptography. It is a
distributed public ledger that holds data in a secure and decentralized way
without the involvement of a third party.
blockchain is a chain of blocks that holds data depending upon the type of an application that uses it. The blocks are linked using cryptography. It is a
distributed public ledger that holds data in a secure and decentralized way
without the involvement of a third party.
History:
Blockchain
was founded by Satoshi Nakamoto in 2008.
was founded by Satoshi Nakamoto in 2008.
The first application of blockchain was Bitcoins. The file size grew from 20GB to
100GB over years.
100GB over years.
Later
Ethereum and Hyperledger were also discovered.
Ethereum and Hyperledger were also discovered.
Accenture
reported that blockchain has an adoption rate of 13.5% in the financial
industry.
reported that blockchain has an adoption rate of 13.5% in the financial
industry.
prerequisites:
Database:
You can store and access the data in electronic form.
You can store and access the data in electronic form.
Public
Key Cryptography: It is used to secure the data that is being transmitted. The
plaintext is encrypted using a public key. The encrypted text is known as
ciphertext. The ciphertext can be decrypted using the private key at the
receiver’s end.
Key Cryptography: It is used to secure the data that is being transmitted. The
plaintext is encrypted using a public key. The encrypted text is known as
ciphertext. The ciphertext can be decrypted using the private key at the
receiver’s end.
Difference
between database and blockchain:
between database and blockchain:
Database
has a central authority whereas blockchain is decentralized. So blockchain has
no single point of failure. The database follows a client-server network in which the client requests the data from the
server. Blockchain follows peer to peer networks where everyone has a copy of
the data. It is hard to change the data once written in blockchain but one can
change the data in the database. A blockchain is a database that stores records.
has a central authority whereas blockchain is decentralized. So blockchain has
no single point of failure. The database follows a client-server network in which the client requests the data from the
server. Blockchain follows peer to peer networks where everyone has a copy of
the data. It is hard to change the data once written in blockchain but one can
change the data in the database. A blockchain is a database that stores records.
Structure
of a block:
of a block:
Each
block stores the hash of the previous block, their hash value and the data. The
first block in every blockchain is known as the genesis block that is hardcoded
into the application that uses it. A block consists of may records or
transactions.
block stores the hash of the previous block, their hash value and the data. The
first block in every blockchain is known as the genesis block that is hardcoded
into the application that uses it. A block consists of may records or
transactions.
Types
of Blockchains:
of Blockchains:
Public
Blockchain: It can be accessed by anyone with an internet facility. All the
transaction history will be visible to everyone in the network. A permissionless network that reward their participants for performing validation.
Blockchain: It can be accessed by anyone with an internet facility. All the
transaction history will be visible to everyone in the network. A permissionless network that reward their participants for performing validation.
Private
Blockchain: A permission blockchain that is controlled by the owner. It is
shared among the participants with trust. It is implemented in a particular
organization.
Blockchain: A permission blockchain that is controlled by the owner. It is
shared among the participants with trust. It is implemented in a particular
organization.
Hybrid
blockchain: It shares the characteristics of both public and private
blockchain.
blockchain: It shares the characteristics of both public and private
blockchain.
Blockchain
Versions:
Versions:
Blockchain
1.0: It works with cryptocurrency only – Bitcoin
1.0: It works with cryptocurrency only – Bitcoin
Blockchain
2.0: It works with financial systems along with smart contracts – Ethereum.
2.0: It works with financial systems along with smart contracts – Ethereum.
Blockchain
3.0: An application-based blockchain that is not used for financial systems –
Hyperledger.
3.0: An application-based blockchain that is not used for financial systems –
Hyperledger.
Terminologies:
Digital
Signature: It is a mathematical scheme that provides authentication, the message was sent by the intended sender, non-repudiation means the sender
cannot deny having sent the message and integrity that the message is not
changed.
Signature: It is a mathematical scheme that provides authentication, the message was sent by the intended sender, non-repudiation means the sender
cannot deny having sent the message and integrity that the message is not
changed.
Merkle
Tree: Tree of hashes that are used to record the data into the blockchain.
Tree: Tree of hashes that are used to record the data into the blockchain.
Distributed
Ledger: The history or the records are open to all the nodes in the network.
Ledger: The history or the records are open to all the nodes in the network.
Hashing:
To generate an alphanumeric value to preserve the data.
To generate an alphanumeric value to preserve the data.
Consensus:
All the nodes in the network must agree to add a block or to validate a block.
All the nodes in the network must agree to add a block or to validate a block.
Miner-
A special node in the network that validates a block. They get rewards based on
the puzzles they solve.
A special node in the network that validates a block. They get rewards based on
the puzzles they solve.
Features:
Decentralized:
There is no central authority so no single point of failure. All the nodes in
the network participate and validate.
There is no central authority so no single point of failure. All the nodes in
the network participate and validate.
Immutable:
It is hard to change the data once written.
It is hard to change the data once written.
Transparent:
Everything is visible to all the participants in the network.
Everything is visible to all the participants in the network.
No
Intruder: The transactions can be made without the involvement of any third party.
Intruder: The transactions can be made without the involvement of any third party.
Access
Types:
Types:
Full
node: The can be a participant in the network and validate the new blocks.
node: The can be a participant in the network and validate the new blocks.
Half
node: The node is just a participant. It
can send or receive coins in the network.
node: The node is just a participant. It
can send or receive coins in the network.
Types
of Transactions:
of Transactions:
On-chain
Transactions: All the transactions are reflected in the chain. It is visible to
all the participants in the network.
Transactions: All the transactions are reflected in the chain. It is visible to
all the participants in the network.
Off-chain
Transactions: The participants agree on a certain condition and make
transactions. They are not reflected in the network.
Transactions: The participants agree on a certain condition and make
transactions. They are not reflected in the network.
Cryptocurrency:
Blockchain-based money in digital form that
exists only online. You can exchange cryptocurrency for
another cryptocurrency or traditional currency using certain sites likes
poloniex, bitfinex, etc. They use cryptographic techniques to verify the
transactions.
exists only online. You can exchange cryptocurrency for
another cryptocurrency or traditional currency using certain sites likes
poloniex, bitfinex, etc. They use cryptographic techniques to verify the
transactions.
Working
of a Blockchain in Bitcoin Transactions:
of a Blockchain in Bitcoin Transactions:
If
A wants to send some bitcoins to B. They want to broadcast the transaction to
the network. All the nodes in that network will validate that transaction. They
all must agree for that transaction to happen. Validation includes whether A
has enough money to make that transaction or not. Then the transaction happens
and noted in the ledger. The updated ledger is sent to all the nodes in the
network. All other floating transactions are accumulated into a block. The
block is also validated by all the nodes in the network. To add a new block one
has to solve complex puzzles, the person is known as a miner and he will get
rewards for that. Upon reaching an agreement, the block is added to the network
and the updated copy is sent to all the nodes in the network. Bitcoins are
blocked in India due to trust problems.
A wants to send some bitcoins to B. They want to broadcast the transaction to
the network. All the nodes in that network will validate that transaction. They
all must agree for that transaction to happen. Validation includes whether A
has enough money to make that transaction or not. Then the transaction happens
and noted in the ledger. The updated ledger is sent to all the nodes in the
network. All other floating transactions are accumulated into a block. The
block is also validated by all the nodes in the network. To add a new block one
has to solve complex puzzles, the person is known as a miner and he will get
rewards for that. Upon reaching an agreement, the block is added to the network
and the updated copy is sent to all the nodes in the network. Bitcoins are
blocked in India due to trust problems.
Bitcoin
Mixture:
Mixture:
This
is the loophole for the attacker. Mix all the transactions that are currently
happening in the network. If A wants to send 20 bitcoins to B. C wants to send
10 bitcoins to D and E wants to send 10 bitcoins to F. Now, send the bitcoins
of C and E (totally 20 bitcoins) to B. Split
A’s bitcoins into two halves (10 bitcoins each) and send it to D and F.
is the loophole for the attacker. Mix all the transactions that are currently
happening in the network. If A wants to send 20 bitcoins to B. C wants to send
10 bitcoins to D and E wants to send 10 bitcoins to F. Now, send the bitcoins
of C and E (totally 20 bitcoins) to B. Split
A’s bitcoins into two halves (10 bitcoins each) and send it to D and F.
Security
in a blockchain network:
in a blockchain network:
To
add a new malign block one has to solve complex puzzles that require more
memory and computational power. They should have the longest chain in the
network that is the chain with maximum work. Instead of spending this much
resources on spoiling a blockchain, one can prefer to be safe.
add a new malign block one has to solve complex puzzles that require more
memory and computational power. They should have the longest chain in the
network that is the chain with maximum work. Instead of spending this much
resources on spoiling a blockchain, one can prefer to be safe.
Consensus
Algorithms Examples:
Algorithms Examples:
Proof
of work: Depending upon the amount of work done in the mining process to
validate a block.
of work: Depending upon the amount of work done in the mining process to
validate a block.
Proof
of stake: Depending upon the stake, i.e., based on the number of coins one can perform the mining process.
of stake: Depending upon the stake, i.e., based on the number of coins one can perform the mining process.
Advantages:
Ø Decentralized
nature.
nature.
Ø Transparency
Ø Immutability
Ø Security
Applications:
Ø Banking
and Finance
and Finance
Ø Supply
chain
chain
Ø Real
Estate
Estate
Ø Stock
Market
Market
Ø Government
Insurance
Insurance
Block
Chain Source Code
Chain Source Code
Block
Chain project Download link: https://www.buyprojectcode.in/product/block-chain-using-hashing-algorithm/
Chain project Download link: https://www.buyprojectcode.in/product/block-chain-using-hashing-algorithm/
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