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BLOCKCHAIN
PROGRAMMING
A brief presentation by Pradeep
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TABLE OF CONTENTS
• 1. Title page
• 2. Table of Contents
• 3. What is blockchain?
• 4. How does blockchain work?
• 5. Why use blockchain?
• 6. Where can blockchain be used?
• 7. Additional info about blockchain
• 8. Future of blockchain
• 9. Predictions
• 10. References
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WHAT IS BLOCKCHAIN?
• Blockchain is a process that was associated with bitcoin and bitcoin mining when it arrived.
• But now, blockchain is a tamper proof ledger of valid economic transactions which can be used to record any information of value.
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HOW DOES BLOCKCHAIN WORK?
• Blockchain works on a principle of decentralized and synchronized administration of ledgers.
• To explain the above statement, just imagine a google spreadsheet duplicated several times across a network and updated on a regular basis.
• This ensures the data is accessible to everyone and is verifiable. Since the data is not centralized it is almost impossible to hack and corrupt with the exception of 51%
attacks which are highly unlikely since the concept is based on assumed genuineness of vast majority of the network.
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WHY USE BLOCKCHAIN?
• Blockchain apparently has one of the highest levels of accountability.
• The network is in a constant state of consensus, a system which checks itself once in every 10 minutes.
• Also, it has 2 important characteristics,
• Transparency – Information recorded in the ledger is available to the public
• Incorruptibility – Since information is among multiple users, a substantial amount of computer power would be required to override the entire network(51% attack).
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WHERE CAN IT BE USED?
• Right now, blockchain technology is used for bitcoin exchanges, even though it can be used in any field where critical information is being recorded on a continuous
basis.
• The highest demand for blockchain programmers is in financial sector since there is a need to replace middle/intermediary agents during the process of transactions.
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ADDITIONAL INFO ABOUT
BLOCKCHAIN
• Actually Blockchain is a public ledger technology that follows concept of decentralization.
• But, in recent days based on the usage of Blockchain technology, it is also customized as a private ledger technology.
• For instance, Blockchain is used by many organizations for their internal uses and the stored data can be managed by providing permissions to only authorized persons.
• This way of using blockchain technology is named as private blockchain.
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FUTURE OF BLOCKCHAIN
• Today, blockchain is the technology that is spearheading the momentum of cryptocurrency decentralization in the online world.
• Web 3.0 is the future of internet.
• The main difference between web 1.0, web 2.0 and web 3.0 is, web 1.0 and 2.0 are centralized whereas the future web 3.0 is going to be decentralized and secure.
• Web 3.0 blockchain stack is designed to be decentralized and the information will not be owned by any particular entity.
• Blockchain is becoming additionally familiarized among an additional number of people than the present number of people and is the latest trend today.
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PREDICTIONS
• The space of blockchain technology is expected to grow by about 43% by the end of 2020.
• LinkedIn information shows that blockchain-related jobs will grow up by 300% by the end of 2019.
• The global spending on blockchain in 2019 alone amounted to USD 3 billion which is an 88.7% increase from 2018.
• The number of start-ups that work on or adopt blockchain has been steadily growing and have a combined valuation of over USD 4.4 billion.
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REFERENCES
• www.wikipedia.com
• www.bitfort.com
• www.blockchain.com
• https://steemit.com/blockchain/@bitdeal/blockchain-technology-explained
• https://www.fintech.gi/global-blockchain-spending-to-reach-almost-3-billion-
in-2019/
• https://finance.yahoo.com/news/global-blockchain-spending-grow-89-
152100315.html
