GOVT. COLLEGE OF ENGINEERING AND TECHNOLOGY
JAMMU
PROJECT SYNOPSIS ON
“BLOCKCHAIN TECHNOLOGY”
NAME
: ADITYA SHARMA
ROLL NO.
: 201103018
BRANCH
: COMPUTER ENGINEERING
BATCH
: 2020
SEMESTER : 7TH
Literature Survey
BLOCKCHAIN
Blockchain, sometimes referred to as distributed ledger
technology (DLT), makes the history of any digital asset
unalterable and transparent through the use of a decentralized
network and cryptographic hashing.
Blockchain is a distributed decentralized digital ledger that
stores data of any kind. A blockchain can record information
about cryptocurrency transactions, NFT ownership or DeFi smart
contracts.
While any conventional database can store this sort of
information,blockchain is unique in that it’s totally
decentralized. Rather than being maintained in one location,
by a centralized administrator—think of an Excel spreadsheet
or a bank database—many identical copies of a blockchain
database are held on multiple computers spread out across a
network. These individual computers are referred to as nodes.
Now the question arises what exactly the blockchain is?
A blockchain is a database of transactions that is updated and shared across
many computers in a network. Every time a new set of transactions is added, its
called a “block” - hence the name blockchain. Most blockchains are public, and
you can only add data, not remove. If someone wanted to alter any of the
information or cheat the system, they’d need to do so on the majority of
computers on the network. That is a lot! This makes established blockchains like
Ethereum highly secure.
Why it is called blockchain?
Blockchains use cryptographic techniques to ensure that your funds are safe. Similar
techniques have been used in the banking industries to ensure the security of
monetary transactions for years. So you could say cryptocurrencies have a bank level
of security. Blockchain owes its name to the way it stores transaction data – in blocks
linked together to form a chain. As the number of transaction grows, so does the
blockchain.
Crypto (short for cryptocurrency) is a new form of
digital money powered by cryptography.
It all started in 2008 with Bitcoin. You could use it to send funds to anyone anywhere
globally. What made crypto different from normal bank transfers or other financial
services like Paypal or Alipay is that there was no middle man for the first time.
Wait, what is a middle man?
A middle-man is a central authority like a bank or government that intervenes in a
transaction between the sender and recipient. They have the power to survey, censor or
revert transactions and they can share the sensitive data they collect about you with third
parties. They also often dictate which financial services you have access to.
FLOWCHART
DESCRIBING BLOCKCHAIN TECHNOLOGY :
REFERENCES
:
● https://www.youtube.com/
● https://ethereum.org/en/
● https://solana.com/
●
https://docs.soliditylang.org/en/v0.8.17/
●
https://soliditylang.org/