BlockChain Explained | What are Blocks | Bitcoin Transactions Demo | Block Chain concepts | POC

hey guys welcome to technology Packers I

am the third tonight world today we will

see what is the blockchain what are the

use cases of blockchain alive damn on

blockchain and what are the security

considerations you should make while

implementing a blockchain so let's start

so a blockchain is a list of Records or

blocks that grows continuously over time

these blocks are secured using

cryptography a block in a blockchain

consists of three types of data first a

hash pointer to previous block the

current transaction data and a current

timestamp for the transaction a

blockchain is an open distributed ledger

that can record transactions between two

parties efficiently and in a verifiable

and permanent way a block can contain

one or more than one transaction a

blockchain is managed by a peer-to-peer

network so we'll see all these things in

a demo let's start with the demo okay

so in this demo we will transfer 0.1

Bitcoin to will it be from bullet a so

currently balance of all at a is 1.125

test bitcoins and wallet B has balance

zero point eight zero nine eight three

four to test bitcoins okay so for this

we will first take the address of wallet

be okay here is the address the add

wallet address will always be unique

okay we'll send the money from veloute

we'll write a wallet B address amount

test between 0.1 wallet password

okay I'll send the money now decrypting

of all it is happening dis checking

whether your password is right or not

and decrypting your wallet

your decryption is successful now it's

sending yep so coins are sent so there

is a transaction ID has been generated

with that we will see what it is okay so

as you can see minus 0.1 test which

mines has been deducted from wallet a

and as a green symbol means green color

code means it has been added so but till

now transaction is not yet confirmed so

it will confirm after few confirmations

will be available so we will see the

transaction here is the transaction here

is estimated transaction value and just

keep a note of this transaction

7:3 benign when a last six digits so

currently it is confirmation as

unconfirmed okay so we will wait till

this transaction get at least one

confirmation and then we'll proceed I'll

pause the video here okay so now for

confirmations has been came and now this

transaction has been added to the block

that is one two five two one double four

and this is the part of the main chain

we'll open this up in a new tab okay so

this is the block one two five two one

double four so here you can see it has

46 transactions so our transaction is

one out of these 46 transaction and it

has gained the for confirmations and

total value is this much total test

bitcoins okay and so when you see for

confirmation this means there are four

more blocks has been added to this block

if you go here one

two three and this is four

so basically four more blocks are at

that's why the confirmation is four if

now one more block is added to this

blockchain then the confirmations will

become five okay so this is the demo of

how we can send transaction from one

value to another wallet it's same as

case under sender and receiver so I have

used test bitcoins you can also use test

bitcoins for reuse your testing purposes

instead of spending the real money just

use these tests coins okay so we'll

return to the history okay of blockchain

okay so the first distributed

implementation of blockchain was Bitcoin

Bitcoin blockchain was started in 2009

which removed the need of the central

server as an authority for processing

transaction there is no official

required who invented Bitcoin but there

is a group or individual person who

generally named it inventor of Bitcoin

that is Satoshi Nakamoto currently

different implementation of block chains

are available in market like one example

is either many campaigns started to

build their own digital currency and

they're trying to make own digital

currency and transact in that currency

only and these companies are big

financial institutes and MNCs moving to

uses of blockchain so blockchain can be

used in transaction processing recording

of events in banking sector where data

is very sensitive here data can be the

account number the how much amount is

transferred from one account to another

account that kind of data that kind of

events can be recorded identity access

management and another use is auditing

purpose for auditing the account

statements and all now what are the

security consideration so before

implementing block

or Bitcoin in your organization you

should consider these security

considerations first as wallet security

you should secure a wallet so that no

one can hack or transfer any an enormous

amount from your account other

consideration is Bitcoin prices volatile

so if today one Bitcoin is equal to

$10,000 then and there is one

transaction you have received one

Bitcoin today and then UN cash it

tomorrow but tomorrow let's say Bitcoin

value goes down by 500 dollars then the

prize now one Bitcoin is equal to $9,500

so then you you when they have a 500

dollar loss the third concentration as

there is no third party or government

body that take part in validation of

transaction it's independent of any bank

or a third party the transaction are

irreversible once you made the

transaction then it can't be reversed

you have to ask the receiver to send the

money back bitcoin is not an official

currency please keep government taxes

and regulations in mind so there are

third party API is for Bitcoin like

Bitcoin go later

electrum etc these ApS can be used as in

development purposes for developers of

our business parties and they can use

these third-party APIs wallet and can

implement their wallet and for PC

buffers they can use this these APIs and

later on they can implement their own

validity by extending the Bitcoin core

so summary so summary here blockchain is

a list of Records securities in

cryptography technique it's managed

Bitcoin miner and p2p Network first

implementation of blockchain was Bitcoin

in 2009 can be used in transaction

processing auditing events

I am etc one should consider a security

part while implementing

named blockchain thanks guys this was a

tart explained the blockchain and

Bitcoin please keep watching this

channel and like this video and spread

the blockchain word thank you