Comprehensive Training Curriculum on Blockchain Technology and its Applications Training Ppt

What is this slide for: Simplified Structure of a Blockchain

This slide covers: This slide provides an overview of the structure of blockchain, covering the key components such as block, chain, and network.

Instructor’s Notes:

The structure of blockchain is similar to that of linked lists or binary trees in which the linking is done using pointers that point to the previous or next list element on the nodes in the linked list.

The three major parts of blockchain are:

• Block: It contains the list of transactions recorded into a ledger over a time period. For every blockchain, the size, period, and triggering event varies
• Chain: Chain is a hash that glues multiple blocks together in the blockchain and enables trust creation. In the blockchain, the SHA-256 (Secure Hash Algorithm) hashing algorithm is primarily used
• Distributed Network: The network consists of multiple nodes across the globe to achieve the decentralized structure of the blockchain. Each node will contain the complete record of all transactions which have been carried out in the blockchain

What is this slide for: Basic Structure of a Block in Blockchain

This slide covers: The purpose of this slide is to highlight the key components of a block in the blockchain, which are data, hash, and previous hash. The slide also includes details of timestamp and genesis block.

Instructor’s Notes:

The key components of a block in blockchain are as follows:

• Data: The record of all the transactions. Each block of a blockchain can contain thousands of transaction data. The type of data stored depends upon the use case of blockchain
• Hash: The hash is like a block fingerprint as it helps identify the block and its content. A hash is always unique for each block
• Previous Hash: As the name suggests, it contains the hash information of the preceding block. Its primary function is to create the chain of blocks and make blockchain secure
• Genesis Block: The first block created for any blockchain with the previous hash as “0” is the genesis block
• Timestamp: A timestamp is a date-time value that is stored in a block. It provides information about the time when the block was created. In the blockchain, this value is in the form of a Unix timestamp format

What is this slide for: Multiple Types of Consensus Mechanism Algorithms in Blockchain

This slide covers: this slide indicates multiple types of consensus mechanism algorithms in blockchain that are Proof of Work, Proof of Stake, Delegated Proof of Stake, Proof of Capacity, Proof of Authority, Proof of Activity, Proof of Elapsed Time and Byzantine Fault Tolerance.

Instructor’s Notes:

The multiple types of consensus mechanism algorithms in blockchain are as follows:

• Proof of Work (PoW): Miners compete against each other to solve a complicated mathematical puzzle to create a new block in order to complete transactions on the blockchain network
• Proof of Stake (PoS): The Proof of Stake is a consensus mechanism in which validator are selected in a deterministic manner to create blocks based on their stake or equity ownership in the blockchain
• Delegated Proof of Stake (DPoS): In the DPoS consensus mechanism, blockchain users vote and select delegates/witnesses to validate transactions in the blockchain
• Proof of Capacity (PoC): In the Proof of capacity (PoC) consensus mechanism, the mining equipment uses their available hard drive device space to decide the mining rights
• Proof of Elapsed Time (PoET): In PoET, the user who generates a new block is decided randomly and fairly using the waiting time
• Proof of Authority (PoA): Proof of Authority is a reputation-based consensus mechanism in which the right to generate new blocks are awarded to nodes that have proven their authority to do so
• Proof of Activity: In the blockchain, Proof of Activity is a hybrid consensus mechanism that combines features of both Proof of Work (PoW) and Proof of Stake (PoS) consensus algorithms
• Proof of Elapsed Time (PoET): In PoET, each node has to wait for a randomly generated specific time period, and the node which completes this wait time first wins the rights to create the new block
• Byzantine Fault Tolerance (BFT): BFT helps create a new block in blockchain by reaching the consensus even if some nodes in the network fail to respond or respond with incorrect information. There are many variations of BFT that are deployed based on use cases

What is this slide for: Consequences of 51% Attack on Blockchain Technology

This slide covers: This slide illustrates the impact on the blockchain after the 51% attack is done. The major negative consequences of 51% attack are preventing initiation of transactions, activating double spendings, preventing transaction validation, controlling the network, and threat to business.

The major consequences of 51% attack on blockchain networks are as follows:

• Prevent Transactions Initiation: After the 51% attack, the miners can prevent the other members from sending or receiving any transaction by either rejecting or halting the payment between some or all users
• Activate Double Spendings: The miners can also activate double spending of coins by reversing completed transactions while controlling the network
• Prevent Transaction Validation: The miners can also stop other miners from performing blockchain transaction, validation, and finalization
• Controlling Networks: 51% attacks can also affect other miners by controlling the network’s computing power
• Threat to Business: 51% attack also presents a significant threat to businesses who have use blockchain for financial transactions and keeping transaction records