The Department ofInformation Technology, JIMS Rohini Sector 5 organised an online Alumniinteractive Session on "BlockchainTechnology Awareness" on 12/02/2022, 1pm -2pm for MCA students. 90 students attended the session using Zoomlink. The resource person for the session was Ms Prachi Sharma (2017-20), working in Quovantis Technologies as Software Engineer.
Ms. Prachi Sharma explained us about basics concepts ofBlockchain Technology and made us aware on its application. Some of the basickey learnings of the session:
1. Whatis Blockchain?
Blockchain is network of various blocks. It offersshared and immutable facilitates of transactions. The node is the user who isusing that Blockchain while the nodes which are not using it are called minors.This system is transparent as the transaction will happen from one node toanother
2. Further,she explained elements of Blockchain:
Few elements of Blockchain are as it isself-executing program which runs only when conditions are met. The minerscreate nee blocks through a process called mining and get rewards, where eachblock has data, 32 bit nonce and hash code embedded in nonce. Blockchain alsoconsists of nodes that keeps network functional.
3. Thenwe came across its working:
In order for a transaction to happen, sender will havepublic key visible to everyone on network it sends transaction request on .Ablock is created and sent to each node over the network, nodes validatetransaction and receive reward for “proof of work”. Block is now added toexisting block chain and the updated chain is distributed to network.
4. Further on the note she added some of the type of Blockchain:
There are commonly 3 types as Public block chains which are completelydecentralized and allowed for anyone to join whereas private block chain iscontrolled by a single organisation having central authority to determine whocan be a node, and the third one is Consortium Blockchain which is derived fromprivate block chain which is more distributed and controlled by moreorganisations
5. What is Consensus?
It is an algorithm procedure required for validation which came in tolight due to Byzantine Fault Tolerance. Proof of work and proof of stake aretwo most common consensus algorithms. Proof of work requires high computationalpower to solve math puzzles to create blocks and validate the ledger whereas inproof of stake the minor will lock up some of its coins as stake to validatethe ledger.
6. She explained about some of the branches implementingBlockchain which are IndiaChain, MIT, U.S Federal Govt, Walmart, BritishAirways, Nestle and she ended with demonstrating her project on Blockchain.