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Lecture Notes: Introduction To Blockchain Technology

Blockchain is a decentralized digital ledger technology that securely records transactions across a network, first introduced with Bitcoin in 2008. Key features include decentralization, immutability, transparency, and consensus mechanisms, enabling applications in various fields beyond cryptocurrencies. Despite its benefits, blockchain faces challenges like scalability, energy consumption, and regulatory issues.

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8 views1 page

Lecture Notes: Introduction To Blockchain Technology

Blockchain is a decentralized digital ledger technology that securely records transactions across a network, first introduced with Bitcoin in 2008. Key features include decentralization, immutability, transparency, and consensus mechanisms, enabling applications in various fields beyond cryptocurrencies. Despite its benefits, blockchain faces challenges like scalability, energy consumption, and regulatory issues.

Uploaded by

dilhanmacys
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We take content rights seriously. If you suspect this is your content, claim it here.
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Lecture Notes: Introduction to Blockchain Technology

Blockchain is a decentralized digital ledger technology that records transactions across a network of
computers in a secure, transparent, and immutable way. It was first introduced as the underlying
technology behind Bitcoin in 2008 by an anonymous person or group known as Satoshi Nakamoto.

At its core, a blockchain is composed of blocks, each containing a list of transactions. These blocks
are linked together in a chronological order forming a chain. Each block contains a cryptographic
hash of the previous block, a timestamp, and transaction data, ensuring integrity and security.

Key features of blockchain include:

1. Decentralization: Unlike traditional centralized databases, blockchain operates on a peer-to-


peer network without a single controlling authority. This reduces the risk of single points of
failure.

2. Immutability: Once recorded, data on the blockchain cannot be altered or deleted,


enhancing trust and transparency.

3. Transparency: All participants on the blockchain network have access to the same data,
enabling full traceability.

4. Consensus Mechanisms: Blockchain uses consensus algorithms like Proof of Work (PoW) or
Proof of Stake (PoS) to validate and agree on transactions.

Applications of blockchain extend beyond cryptocurrencies to supply chain management, voting


systems, healthcare records, and smart contracts—self-executing contracts with terms directly
written into code.

While blockchain offers numerous benefits, it faces challenges such as scalability, energy
consumption, and regulatory concerns.

In summary, blockchain technology provides a revolutionary way to build secure and transparent
digital systems that can transform multiple industries.

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