2019 National level Technical symposium (​C - Techastra2k19​), Sep.
28, 2019, Coimbatore, INDIA
Blockchain Technology
A Digitalized and Decentralised economy
Abinesh L
Department of Mechatronics
BannariAmman Institute of Technology
Sathyamangalam, Erode
abineshabd17@gmail.com
Abstract​—​Nowadays cryptocurrency (digital
currency) plays a vital role in both industry and
academic world. The era of communication and
networking,internet has become the mainstay
allowing individuals all across the world to use
voice and video calls and pictures to
communicate. Business transactions linking
transfer of money from one person to another
and between business houses are entirely
digitalized. There is necessity to provide the
trusted transactions to the world. So Blockchain
is undoubtedly a notable revolution in systems of
record. The blockchain Technology has become
an incorruptible digital leader of economic
transactions. There are many blockchain
platforms like Etherium, Hyperledger, etc., are
emerging to satisfy the needs of the digital
economy. The Industries where the blockchain
mainly disrupts are financial
services,voting,supply chain management.
Keywords-Bitcoin,decentralised,ledger,p2p network,miners
INTRODUCTION
¨Blockchain is the digital, decentralised, distributed
ledger that stores the information of financial
transactions and other data which has to be securely
transact¨. It is a new technology for digital
currencies like Bitcoin, Etherium. Blockchain uses
Ragul Kannan S
Department of Computer Science Engineering
Bannari Amman Institute of Technology
Sathyamangalam
ragulkannans@gmail.com
hash - based cryptography mechanism for storing
the data which is shared across network of
computers. Data shared by Blockchain is immutable
and tamper proof.
Types of Blockchain
a.Public Blockchain
b.Private Blockchain
c.Hybrid Blockchain
​Public and Private Blockchains
​ ​In a public blockchain, anyone can participate
in the network. It is a permissionless blockchain
where even anonymous people can enter. These use
proof of work ​c​onsensus algorithms. Public
blockchain have a low transaction Speed.
​ xample - Bitcoin and Etherium
E
In a Private blockchains ensure privacy and
security of data. Here, participation requires an
invitation which is validated by a set of rules. There
 2019 National level Technical symposium (​C - Techastra2k19​), Sep. 28, 2019, Coimbatore, INDIA
is an added layer of privacy on public blockchains
as participant activity for certain transactions is
restricted. It uses the voting multi party consensus
mechanism. The transaction speed is high.
​Example - Hyperledger
BLOCKCHAIN ARCHITECTURE
​The blockchain technique lets in digital
information to be dispensed, in preference to
copied. This dispensed ledger affords transparency,
belief, and data security.
The following is a list of the architectural
components:
a.Node - ​The participants of the network in
Blockchain Technology are called nodes or
peers. client or pc inside the blockchain
engineering.
b.Transaction - ​littlest structure square of a
blockchain framework that fills in as the
motivation behind blockchain.
c.Block - ​a data structure utilized for
keeping a lot of exchanges(transactions)
which is appropriated to all hubs in the
system
d.Chain - ​a grouping of blocks in a
particular request
e.Miners - ​securing the network and
confirming the transactions and they explicit
hubs which play out of the block
confirmation process before adding anything
to the blockchain structure
f.Consensus - ​a consensus protocol is a lot
of guidelines and plans to do blockchain
activities
g.Peer to Peer network ​ - It is often called
p2p network. In peer to peer network there
is no central part of storage and so there is
no controlling parties. All the information in
the network is constantly recorded and
transferred between the participants of the
network.
 2019 National level Technical symposium (​C - Techastra2k19​), Sep. 28, 2019, Coimbatore, INDIA
​Hash Encryption
All data stored in Blockchain is encrypted in hash
functions. ​The resulting encrypted value is a series
of numbers and letters that does not resemble the
original data, and is called a ​hash​. Even a single
digit in the transaction data is changed the entire
hash function is different for that data. These hash
algorithms are developed with the concern of
tamper proof.
​Proof of work
Proof of work involves solving a
computationally expensive puzzle to add blocks to
the blockchain. Miners search for a specific nonce
which gives the desired hash which is
predetermined.
​Blockchain Program
​Blockchain program is used to create and
implement rules in the Blockchain. Blockchain can
be used to perform multiple programs. Different
blockchain can have different programs in them.
We can create a condition as to when a transfer hast
to happen. C++, javascript, python, go are the
common languages used in blockchain
programming.
Etherium
​Etherium is the world’s leading programmable
blockchain. Etherium is a distributed public
blockchain network. Etherium’s primary focus is on
running the programming code of any decentralised
application. The ether cryptocurrency of the
Etherium blockchain fuels the network and it is
used by application developers to pay for services
and transactions on the etherium network.
Hyperledger
This is an open source collaborative project which
has been created to advance cross industry
blockchain technologies.Hyperledger is highly
useful in digital marketing as it helps build a new
generation of transactional applications which helps
establish trust, transparency and accountability of
digital marketers and helps them business process
and legal constrains.
​ Smart contract
​Smart contract is one of the application
of blockchain technology. This is the trusted way of
business transactions. The records and business
deals are saved in decentralized blockchain privacy.
 2019 National level Technical symposium (​C - Techastra2k19​), Sep. 28, 2019, Coimbatore, INDIA

Smart contract enables the no presence of

intermediaries therefore the security is high. References
1. https://support.blockchain.com/hc/en-us/arti
Conclusion:
cles/211160223-What-is-blockchain-technol
Blockchain can be considered as sustainable
ogy-
and secure solution for future generations to come.
2. https://www.edureka.co/blog/blockchain-tut
This technology emerging as a game changer for
orial/
resolving complex computing challenges in 3. https://blog.feedspot.com/bitcoin_blogs/
different domains. The adoption rate of blockchain
into business is to be massive growth in few
decades.