Introduction to Blockchain : The Rise of a New Era (with audio)

According to the World Economic Forum, 18% of the world’s GDP will be on Blockchain-related technologies by 2025. Thus, the demand for Blockchain is increasing rapidly, and so is the requirement of people to implement blockchain.

History of Blockchain :

• In 2008, a mysterious person called Satoshi Nakamoto presented the idea of a peer-to-peer network.
• It was not like the world had never heard of such a phenomenon before, but the paper talked about money flowing on the network without a single jurisdiction.
• Before people could understand the concept in detail, Bitcoin made its first appearance in Jan 2009.

Introduction of Bitcoin :

• It is the equivalent of Digital Currency.
• It can even be used as a commodity on which two parties can trade without intermediaries.
• But for it to be helpful, Bitcoin must be lucrative enough. It means that it must bear some value.
• In Bitcoin, the power of authority resides with the participants instead of a central authority.
• Each transaction that occurs on Bitcoin is recorded in a Ledger. A ledger is a collection of financial transactions happened to date.

Working of Blockchain :

• A particular transaction is recorded with several other transactions happening on the network. All these transactions and their time of creation are then grouped, which is known as a Block.
• Every time a new Block of such transactions is created, it is added to the front of the most recent block created. This joining of blocks is just the updating of our ledger to date.
• This whole ledger, in turn, is the Blockchain.

Main Reason for Blockchain:

• An item is called mutable if it can be changed. A Blockchain system is immutable, and therefore once a record gets captured, it cannot be changed.
• Blockchain brings in zero centralization and thus eliminates the requirement of a third party. A third party can be either a bank or an institution that overlooks a concerned transaction.
• With decentralization and distribution of data, no third parties are involved.
• Customers can manage to do a low-price transaction as well. But even in Blockchain, a processing charge is paid, but it is almost negligible.
• The infrastructure over here is nothing but nodes connected to the internet.

Parts of Blockchain :

1. PKI (Public Key Infrastructure):

• There is a central authority that creates a person’s identification. This is known as a Public Key.
• It is in a form that is extremely difficult to be memorized.
• It can run to the tune of close to 300 digits or more depending upon the algorithm used to produce it.

2. Hash:

• It is a cryptographic function.
• Its job is to accept input which can be anything from someone’s name to a number denoting your bank account balance.
• In cryptography, the idea is to change the input so that it looks nonsensical.

3. Nonce:

• It is a number that can be used only once.
• It will never use the same value which has been used already.

Samsung on Blockchain:

• The Samsung Blockchain Platform SDK brings developers and consumers to the blockchain world by providing a complete set of functions that the Decentralized App (DApp) or Blockchain App needs.
• It helps developers manage blockchain accounts efficiently and make transactions easier by abstracting transfer APIs for each type of ledger system.
• The Samsung Blockchain Platform SDK offers a cryptocurrency payment solution with its UI.

Blockchain in India :

Sanjay Dhotre, Minister of State for Electronics and IT, said, “Blockchain Technology (in India) is one of the important research areas having application potential in different domains such as governance, banking and finance, cybersecurity and so on.”

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