Blockchain is used in cryptocurrencies as a decentralized ledger to keep track of transactions.
Every transaction made on a cryptocurrency network is recorded on the blockchain, which
ensures transparency and makes it difficult to alter the transaction record retroactively.
Blockchain technology is the underlying technology that powers cryptocurrencies like Bitcoin,
Ethereum, and many others. In fact, the first blockchain was created as the foundation for the
cryptocurrency, Bitcoin.
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Assalamualaikum
Welcome to our poster presentation
I'm Muhammad Wahid Abdul Hoque
ID 1828
And we are team prodigies
The topic of our presentation is Blockchain.
But what is a Blockchain?
Blockchain is a chain of blocks that contains information.
Now what is a block? It has mainly 3 things.
number one data.
{ The data that a block has depends on its type.}
a Bitcoin block example which holds information regarding transactions.
A block also has a hash. It is like a fingerprint which is unique in every block.
{ Once a block has been created its hash has been calculated. Changing something inside the
block will change the hash. }
The third element of the block is the hash of the previous block and this effectively creates a
chain of blocks
The first blockchain was created in 2008 as the underlying technology for the cryptocurrency,
Bitcoin (by the unknown person or group of people Satoshi Nakamoto).
{ Bitcoin was designed to be a decentralized digital currency that could be sent from one user to
another without the need for a centralized authority, such as a bank, to manage the
transactions.}
So, Blockchain is used in cryptocurrencies as a decentralized ledger to keep track of
transactions. Every transaction made on a cryptocurrency network is recorded on the
blockchain, which ensures transparency and makes it difficult to alter the transaction
record retroactively.
So Blockchain:
Collection of records
Linked with each other
Strongly resistant to alterations
Protected through cryptography
(cryptography- the art of writing or solving codes.)
Cryptocurrency is a digital or virtual currency that uses cryptography to secure transactions and
to control the creation of new units. Cryptocurrencies are decentralized, meaning they are not
controlled by any government or financial institution. Instead, they are based on blockchain
technology and are maintained by a network of computers.
An easy example of a blockchain is a digital ledger that tracks the ownership of a piece of land.
The blockchain would record the transfer of ownership from one person to another, and this
record would be verified and validated by the network of computers that maintain the
blockchain. Once the transfer is recorded on the blockchain, it cannot be altered or deleted,
ensuring a transparent and secure record of ownership.
