What is Blockchain Technology?

CONSAGOUS TECHNOLOGIES PVT. LTD.

What is Blockchain Technology?

Presentation Summary TOPICS COVERED TODAY

What is Blockchain Benefits Differences between Blockchain and Bitcoin

What is Blockchain Technology?

Blockchain is an unfaltering list of growing of records which are known as “Blocks� which are linked and secured by cryptography.

Blockchain technology allows the distribution of digital information securely and constitutionally resistant to modification of the data.

In blockchain technology, each block comprises a hash pointer to link a previous block of transaction data.

It is very unassailable technology and typically maintained by a peer-to-peer network that collectively follows to a protocol for authentication of new blocks.

Once data is recorded in a given block, cannot be changed without the permission of all subsequent blocks and connivance of the network majority.

BENEFITS OF BLOCKCHAIN TECHNOLOGY

BLOCKCHAIN DURABILITY AND ROBUSTNESS

TRANSPARENT AND INCORRUPTIBLE

LOWER TRANSACTION COSTS

FASTER TRANSACTIONS

PROCESS INTEGRITY

BLOCKCHAIN DURABILITY AND ROBUSTNESS The blockchain is a backbone technology behind Bitcoin, The potential of this technology has truly using by multiple industries to make work processes more secure, democratic, clean and efficient.

The blockchain has decentralized networks, due to this it does not have any central point of failure.

TRANSPARENT AND INCORRUPTIBLE It is functioning like a self-auditing ecosystem and reconciles every transaction in the intervals ten-minute.

Changes occurred in block chain is viewable by all parties which maintain transparency and security of all the transactions without altering original data.

FASTER TRANSACTIONS Popular digital currency, Bitcoin uses this technology to make its transaction smooth and faster.

Blockchain has the ability to increase the exchange of secure data and to transfer data in a simpler way between entities.

Blockchain transactions can reduce transaction times to minutes and are processed 24/7.

LOWER TRANSACTION COSTS Blockchain technology eliminate the third party intermediaries and overhead costs for exchanging assets, block chains have the potential to greatly reduce transaction fees.

PROCESS INTEGRITY it makes the transaction easier and secure than previous.

This technology has used the protocol command that removes the needs of the third party which directly maintain the process integrity.

Differences between Blockchain and Bitcoin BLOCKCHAIN

BITCOIN

The blockchain is a system in which each block is connected with the previous block through the Hash key.

Bitcoin is a digital currency, also known as crypto-currency. It was created to speed up the transactions cross-border.

It was introduced by Satoshi Nakamoto in 2008

Introduced by Satoshi Nakamoto as open-source software in 2009.

A blockchain is managed by a peer-to-peer network

Bitcoin is managed by the peer-to-peer network without the need for intermediaries

Each block of Blockchain represents a certain transaction that has been made on the network.

You can earn Bitcoins as a reward. It can be exchanged with other products, currencies, and services.

Once a data is recorded in the blockchain, no one can alter it or erase it.

Bitcoin can be used in businesses to manage supply chains and transactions.

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