Blockchain Technology Seminar Report

This seminar report focuses on explaining the blockchain technology and its application fields. A blockchain is essentially a distributed database of records or public ledger of all transactions or digital events that have been executed and shared among participating parties. Each transaction in the public ledger is verified by consensus of a majority of the participants in the system. And, once entered, information can never be erased.  The blockchain contains a certain and verifiable record of every single transaction ever made. To use a basic analogy, it is easy to steal a cookie from a cookie jar, kept in a secluded place than stealing the cookie from a cookie jar kept in a marketplace, being observed by thousands of people. In the report, it distinguishes between multiple types of blockchains and explains the two biggest platforms, namely Bitcoin and Ethereum. While introducing those two platforms we explain the most important technology and algorithms used such as proof of work concept. Some of the security issues and solutions are also covered. We conclude with some concrete Ethereum based applications that demonstrate the usage of blockchain technology beyond cryptocurrency and illustrate current developments in this field.

How does Blockchain work? 

Public Vs Private Blockchains

Private blockchains.
Public blockchains.
  1. Conversely, a ‘private’ blockchain network is where the participants are known and trusted: for example, an industry group, or a group of companies owned by an umbrella company. 
  2. Many of the mechanisms aren’t needed – or rather they are replaced with legal contracts.
  3. This changes the technical decisions as to which bricks are used to build the solution.
Ledgers can be ‘public’ in two senses:
  1. Anyone, without permission granted by another authority, can write data
  2. Anyone, without permission granted by another authority, can read data
Usually, when people talk about public blockchains, they mean anyone-can-write.

Blockchain Applications 

Blockchain demonstrates potential to be used in many different fields of financial and non-financial.
Financial institutions and banks no longer see blockchain technology as a threat to traditional business models. The world’s biggest banks are in fact looking for opportunities in this area by doing research on innovative blockchain applications. In a recent interview, Rain Lohmus of Estonia’s LHV bank told that they found Blockchain to be the most tested and secure for some banking and finance-related applications.  
Non-Financial applications opportunities are also endless. We can envision putting proof of the existence of all legal documents, health records, and royalty payments in the music industry, notary, private securities and marriage licenses in the blockchain. By storing the fingerprint of the digital asset instead of storing the digital asset itself, the anonymity or privacy objective can be achieved.
To learn more about Blockchain Technology kindly download the reports.