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Understanding Blockchain Technology Concepts
Aug 5, 2024
Lecture on Blockchain Technology
Key Concepts
Distributed Ledger
Definition:
A ledger available for anyone to see, tracking individual transactions.
**Characteristics: **
Everyone participating on the blockchain maintains the ledger.
Each participant has a copy of the ledger.
Changes are distributed to all participants.
Uses of Blockchain
Payment Processing:
Tracking transactions and ensuring their integrity.
Digital Identification:
Securely managing identities and credentials.
Supply Chain Monitoring:
Tracking the movement of goods and verifying their authenticity.
Digital Voting:
Ensuring transparency and security in electoral processes.
Transaction Process
Initiation:
A transaction is initiated (e.g., Bitcoin transfer, data backup, house title transfer).
Distribution:
Transaction information is sent to all blockchain participants.
Ledger Update:
Each participant's ledger is updated with the transaction.
Block Formation
Aggregation:
Transactions are collected into a block.
Hashing:
A hash is added to the block to ensure integrity.
Distribution:
The block is sent to all participants.
Integrity and Security
Hash Function:
Ensures the integrity of transactions in a block.
Invalid hash indicates modification.
Modified blocks are rejected by the network.
Future of Blockchain
Versatile technology with potential for various applications beyond cryptocurrency.
Expectation of additional functionalities in the future.
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