Blockchain Technology | Blockchain Explained | Blockchain Tutorial for Beginners 2018
Hello and welcome to Blockchain Technology tutorial conducted by Acadgild. Since this video was a live webinar you may find little bit distorted and we apologize for the inconvenience.
In this blockchain training, you will be able to learn,
• What is Blockchain?
• Career opportunities in Blockchain
• Characteristics of Blockchain
• Advantages of Blockchain Over Internet
• Blockchain Peer-to-Peer Network
• The Magic of Blockchain is in the BLOCK HEADER
• What is Consensus Algorithm?
• Summary
So, what is Blockchain?
• Blockchain is a distributed and shared database that is stored on every system connected in the network
• It is like a giant global spreadsheet which eliminates the need for third-parties to validate transactions or store data
• It is typically managed by a peer-to-peer network that collectively adheres to the protocol for validating new blocks
• It uses cryptography to offer all participants on the network the ability to govern it collectively
The Magic of Blockchain is in the Block Header:
• Miner: A computer or group of computers that add blocks of transaction into the blockchain and verify blocks created by other miners
• Consensus Algorithms: Set of rules and protocols that help keep the ledger consistently synchronized across all nodes
• Hash: Hashing is a mathematical function which gives data a fingerprint of sorts called ‘hash’. A hash is generated using the SHA-256 hash function.
• Nonce: It is a puzzle that miners solve. The Nonce in a block is a field whose value is set so that the hash of the block will contain leading zeroes
• Timestamp: Each block is given a Unix time timestamp when it is mined
• Proof of work: A consensus algorithm in which miner has to guess the nonce using forcefully to add a block to the blockchain
• Previous Hash: Previous Hash is the hash of the previous block header
• Merkle Root: Merkle root node of the Merkle tree which is a data structure. It stores information about the transactions of the current block
What is Consensus Algorithm?
• Consensus algorithm is the collaborative process that miners use to achieve consensus on the distributed network
• Think of it as a set of rules and protocols that help keep the ledger consistently synchronized across all nodes
• Consensus mechanisms lower the risk of fraudulent transactions
• To tamper with a transaction added to the ledger, you would have to make a fraudulent change across copies of ledgers that miners have
Summary:
• Blockchain is a foundational technology, still in its first decade
• Bitcoin has captured public imagination, future valuation depends on use cases
• Blockchain is a peer-to-peer trust network owing to lack of central authority
• Value of blockchain worldwide in 10 years is expected to be $500 trillion
• Key Concepts
1. Ledger
2. Miners
3. Consensus algorithm
4. Proof of work
5. Nonce
6. Hash
7. Merkel Tree and Root
Go through the entire video and learn, the blockchain technology and its career opportunities.
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