Blockchain 101 presentation
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BLOCKCHAIN 101 Blockchain is a database and technology that facilitates an exchange of value within a trustless network, without intermediaries.
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Transcript of Blockchain 101 presentation
BLOCKCHAIN 101
Blockchain is a database and technology that facilitates an exchange of value within a trustless network, without intermediaries.
WHO AM IJeff BrandtAKA “Mad Mobile Scientist”
BLOCKCHAIN, COINED BY THE INFAMOUS BITCOIN FINANCIAL TECHNOLOGY• What we are talking about
today is Distributed Ledgers • Ledgers because they can
be used for storing transactions such as debits and credit in financial application such as BitCoin.
THE NAME BLOCKCHAIN; THE VISUAL EXPLANATION OF A STEEL CHAIN WITH LINKS
• Instead of links there are chains of blocks, which are connected building a linear chain or ledger. • Once a block is placed on
the chain it cannot be removed, same as a longitudinal ledger and record.
IT IS A DATABASE - HOW IT WORKSNew Transaction
Block 4
Block 3
Block 2
Block 1
Blockchain
• Consensus• Decentralize
d Data• Secure Data• Peer-to-peer
SECURITY• Signed immutable records/blocks - PKI signed • Robust Security, PKI encryption• Build in auditing • Nonrepudiation• Distributed DB• Transparent• No Single point of failure• Trust Layer for the Internet
Illustration courtesy of IBM.
NOT FOR ALL SOLUTIONS
Blockchain is a public ledger, however permission solutions are available as digital ledgers
SMART CONTRACTS
Smart Contracts – Executable software that is stored in a database that executes when a specific State and Event occurs.
Blockchain or Distributed Ledgers are not a panacea, However…
Simple, Robust, Transparent
