Blockchain is currently at the peak of the Hype Cycle. It is a simple concept, yet difficult to understand and comprehend. It is also in the same place as the Internet was in 1995 – very early, with its major applications yet to be built. Blockchain is a much a philosophy as a technology, and has...
Blockchain Tutorial Part 2
Hello everyone and welcome to this session of blockchain tutorial part two. My name is Saurabh and
I'm part of the Simply Learn team. Let's get started today and let's see what's in store for us.
Recap of Last Session
In our last session, we learned about what blockchain is. A blockchain is a list of records that store
data publicly in a chronological order, applies security using cryptography, and is not controlled by a
centralized authority. We also learned about bitcoin and how it works.
Features of Blockchain
Public distributed ledger
Uses hashing encryption
Uses proof-of-work consensus algorithm
Works with the concept of mining
Implementing Blockchain in a Banking System
We talked about how to implement a KYC-based blockchain decentralized app and how it allows you
to create a decentralized banking system where a KYC done by one bank can be leveraged by
another bank.
Deeper Dive into Blockchain
Today, we will talk about candidate blocks, Byzantine fault tolerance, handling the addition of two
blocks at the same time, forking, and other areas where blockchain is getting used. We will also
discuss the future of blockchain and upcoming blockchain jobs and profiles in the market.
Candidate Blocks
Before a block can be mined, a miner has to make a very important decision which transactions
would be added to his block. Before transactions are added to the blockchain, they are collected in a
temporary container called a memory pool. The miners select transactions from the pool and put it in
a temporary block called a candidate block.
Byzantine Fault Tolerance
In order to maintain the sanity of the network and to have the correct consensus, there was
something called as Byzantine fault tolerance consensus algorithm. To understand this, you need to
know what the Byzantine general's problem is.
Handling Two Blocks Added at the Same Time
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