INTRODUCTION TO BLOCKCHAIN TECHNOLOGY
Blockchain is an emerging
technology platform for developing decentralized applications and data storage, over and beyond its role as the technology underlying the cryptocurrencies. The basic theory of this platform is that it allows one to create a distributed and replicated ledger of events, transactions, and data generated through various IT processes with strong cryptographic guarantees of tamper resistance, immutability, and verifiability. Public blockchain platforms allow us to guarantee these properties with overwhelming probabilities even when untrusted users are participants of distributed applications with ability to transact on
the platform. Fundamentally
Three types of blockchains:-
2. private and
In a public blockchain, anyone can connect to the blockchain and with an appropriate computer and software and become a blockchain server node. No permission is needed. In a private blockchain which is typically owned and managed by a company or group of companies, permission is needed to join the private blockchain. The entire concept of blockchain is a combination of a handful of different concepts and techniques i.e. a distributed ledger system, peer-to-peer network, key cryptography, hashing, etc.
1. Blockchain Technology and Bitcoin Cryptocurrency
is simply a data structure where each block is linked to another block. The
blocks are linked to each other in a time-stamped chronological order. It is
distributed digital ledger of an immutable, public record of digital
History of Bitcoin:- Bitcoin was invented in 2008 by an unknown person or group of people using the name
Satoshi Nakamoto and started in 2009 when its source code was released as
open-source software. Bitcoins are created as a reward for a process
known as mining. They can be exchanged for other currencies, products, and
The Bitcoin whitepaper, Bitcoin: A Peer-to-Peer Electronic Cash
System, was published in 2008 by Satoshi Nakamoto. Bitcoin
is a digital payment currency that utilizes cryptocurrency (a digital medium of
exchange) and peer-to-peer (P2P) technology to create and manage monetary
transactions as opposed to a central authority. The open source Bitcoin P2P
network creates the bitcoins and manages all the bitcoin transactions.
Definition and Characteristics of Blockchain Basics Of Blockchain Every new record is validated across the distributed network before it is stored in a block. All information stored on the ledger is verifiable and auditable. Each block is identified by its cryptographic signature.
Distributed : In this distributed type database is
controlled by n number of nodes at the same time.
Anonymous : No identity like pan card, Adhar Card,
Voter Id, any physical identity have to be submitted, an anonymous identity is given by the system
which is called address.
Time- stamped : Each block is time stamped in a
chronological order, transactions are also time stamped.
Unanimous: The whole distributed network are executing
operations unanimously, every one is agree and every one is conscious of what
they are doing.
Immutable: The ledger is immutable because everyone is
working on same ledger.
Secure: Blockchain is secure because ledger is immutable.
Programmable: Blockchain is a programmable database.
1.Symmetric key cryptography :- This type of encryption is an encryption methodology that uses a single key to encrypt (encode) and decrypt (decode) cryptography data. It is the oldest and most well-known technique for encryption. The secret key can be a word, a number, or a string of letters, and it's applied to a message.
key cryptography :-
In such type of cryptographic arrangement, every node has two keys; Private key and Public key. The private
key is known only to the node owner whereas the public key is known to all the
nodes in the network. The
combination of a private key and a public key makes a unique digital signature
for every node. This makes the node authentic to carry out
transactions and verifications.
Blockchain as a secure record keeping system:-
Blockchain are the way of ordering and verifying transaction in a verified ledger. In the block chain thousands of computers in a distributed network use cryptographic techniques to create a permanent, public record of every single transaction that has occurred science creation of ledger.
Different Features of Blockchain:- Blockchain are Recorded
Transactions, Decentralized, Validity by many, Requires Consensus, Transparent
and Unable to Hack.
Features of Blockchain Based Solutions are :
- Complexity reduction,
- Shared trusted transaction,
- Error reduction,
- Straight-through-processing, and
Benefits of Blockchain Based Solutions are:
- Transaction time changes from days to near instantaneous,
- Overheads and cost intermediated reduction,
- Reduces the risk of tampering, and
- Reduces fraud and cyber crime.
Types of Bitcoin Wallet
Web Wallets :- These are websites or even online
exchange that allows storage examples are Blockchain.info, Greenaddress,
Coinbase, Coinbase Value Storage.
Mobile Wallets:- A smartphone wallets is easy to scane QR
codes to make quick payments example: Breadwallet, Mycelium, AirBitz,
Desktop Wallets:- These are apps installed in desktop
computer or laptap. Examples are Electrum, Multibit, Armory.
Hardware Wallets:- A piece of hardware is used to store the
private key to our bitcoins. Examples are Coindesk, Bitadress.
Multi-Signature Wallets:- These wallets require multiple private key signatures to make a transactions. Examples are CarbonWallet, Coinbase, Blocktrail, Coinkite.
2. Ehereum And SmartContracts
Ethereum: Ethereum was
conceptualized by Vitalik Buterin in November 2013, it is a distributed public
Blockchain network. The key idea proposed was the development of a
Turing-complete language that allows the development of smart contracts for
blockchain and decentralized applications.
aims to enable innovations in four key areas: Currency issuance,
Decentralized Autonomous Organizations
(DAO), Smart Contracts, Smart Property.
Contract: A smart contract is
computerized transaction protocol that executes the terms of a contract. When
running on the blockchain a smart contract becomes like a self-operating
computer program that automatically executes when specific conditions are met.
Comparison Between Bitcoin & Ethereum
Satoshi Nakamoto (unknown)
Vitalik Buterin and team
Coin Release Method
Average block time
~ 12-15 seconds
is an open source community focused on developing a suite of stable frameworks,
tools and libraries for enterprise-grade blockchain deployments. It serves
as a neutral home for various distributed ledger frameworks including
Hyperledger Fabric, Sawtooth, Indy, as well as tools like Hyperledger Caliper
and libraries like Hyperledger Ursa.
Hashgraph A hashgraph is a patented algorithm that promises the benefits of the blockchain (decentralization, distribution, and security through the use of hashing) without the drawback of low transaction speed. It was created by Leemon Baird and is the intellectual property of the Swirlds Corporation, which Baird founded. While Bitcoin allows for approximately 5 transactions per second and Ethereum allows for approximately 15 transactions per second, a hashgraph can process thousands of transactions per second.
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