BLOCKCHAIN AND BITCOIN

A
Seminar Report
Submitted
In Department of Computer Science & Engineering
Bachelor of Technology

Submitted To: Submitted By:

Ms. Meghna Sharma Aastha Jain
Assistant Professor 16BCON644

Department of Computer Science & Engineering

JECRC UNIVERSITY, JAIPUR

2017-2018
 INDEX
Topic Page No.
Acknowledgment I
Abstract II
1. Introduction
1.1 Background
1.2 Blockchain
1.3 Summary
2. Types of Blockchain Technology
2.1 Private
2.2 Public
3. Benefits of blockchain technology

4. Blockchain: The new innovation for financial services

5. Financial and non-financial use cases of blockchain

6. Bitcoins
6.1 Introduction
6.2 BREAKING DOWN 'Bitcoin'.
6.3 Who Invented Bitcoin?
6.4 What's a Bitcoin Worth?
7. How Bitcoins works
8. How bitcoins began
9. Ways to earn bitcoins online.
10.Conclusion
11.References
 ACKNOWLEDGEMENT

First of all, I would like to express my gratitude towards JECRC UNIVER-

SITY, Jaipur, for providing me a platform to present my seminar at such an es-
teemed institute.
I would like to thank Ms. Meghna Sharma, Assistant Professor, Computer Sci-
ence & Engineering Department, JECRC University, Jaipur, for their constant
support.
I am also thankful to all the staff members of the department for their full coop-
eration and help.

Candidate’s Name – AASTHA JAIN

Signature

Enrolment Number: 16BCON644

 Introduction
A blockchain, originally block chain, is a continuously growing list
of records, called blocks, which are linked and secured using cryptog-
raphy. Each block typically contains a cryptographic hash of the pre-
vious block, a timestamp and transaction data.By design, a blockchain
is inherently resistant to modification of the data. It is "an open, dis-
tributed ledger that can record transactions between two parties and in
a verifiable and permanent way". For use as a distributed ledger, a
blockchain is typically managed by a peer-to-peer network collec-
tively adhering to a protocol for validating new blocks. Once rec-
orded, the data in any given block cannot be altered retroactively
without the alteration of all subsequent blocks, which requires collu-
sion of the network majority.
Blockchains are secure by design and exemplify a distributed compu-
ting system with high Byzantine fault tolerance. Decentralized con-
sensus has therefore been achieved with a blockchain.This makes
blockchains potentially suitable for the recording of events, medical
records, and other records management activities, such as identity
management, transaction processing, documenting provenance, food
traceabilityor voting.
Blockchain was invented by Satoshi Nakamoto in 2008 for use in
the cryptocurrency bitcoin, as its public transaction ledger. The inven-
tion of the blockchain for bitcoin made it the first digital currency to
solve the double spending problem without the need of a trusted au-
thority or central server. The bitcoin design has been the inspiration
for other applications.
Blockchain, mostly known as the backbone technology behind
Bitcoin, is one of the emerging technologies currently in the market
attracting lot of attentions from enterprises, start-ups and media.
Blockchain has the potential to transform multiple industries and
make processes more democratic, secure, transparent, and efficient.
Though many financial and non-financial players are excited about
the potential of this technology, the question that plagues the mind of
the industry leaders is how to identify a good business case for Block-
chain?
Financial players are the first movers to capitalize on this technology
even though it is still in a nascent stage. A study by the World Eco-
nomic Forum1 predicts banks and regulators around the world are
poised to experiment multiple Blockchain prototypes in 2017. With
90+ central banks engaged in Blockchain discussion globally, 2500+
patents filed over the last three years and 80% of the banks predicted
to
initiate Blockchain and distributed ledger technology (DLT) projects
by 2017, the Blockchain technology is on its course to become the
new normal in the world of financial services.
Many companies, from a plethora of nonfinancial services industries
like telecom, healthcare and life sciences, travel and hospitality, and
energy, are also keeping a close watch on the potential Blockchain
use cases to positively disrupt their traditional business models.
Blockchain and its features Companies in multiple industries are ex-
ploring and experimenting new ways to:
• Execute transactions quicker for an enhanced customer service,
• Ensure cost efficiency in its operations, and
• Assure transparency to customers and regulators.
With huge volumes of data getting generated every day owing to dig-
itization of records, it becomes important for every organizations to
effectively manage the security threats and achieve significant cost ef-
ficiencies.
This is where Blockchain, with its promises of decentralized owner-
ship, immutability and cryptographic security of data, is catching the
attention of the C-suite executives. Multiple use cases are also getting
explored across industries as everyone has started realising the disrup-
tive potential
Benefits of Blockchain
Technology:
As a public ledger system, blockchain records and validate each and
every transaction made, which makes it secure and reliable.
All the transactions made are authorized by miners, which makes the
transactions immutable and prevent it from the threat of hacking.
Blockchain technology discards the need of any third-party or central
authority for peer-to-peer transactions.
Decentralization of the technology.

Banks and other financial institutions have also been active in invest-
ing (time and/or money) in this space. The following are some of the
banks and other FIs who have shown intent on blockchain. The below
timeline depicts the announcements by different FIs and their partners
(if any) along with the potential use cases they are exploring.
Public and Private Blockchain
Public blockchain : a platform where anyone on the platform would
be able to read or write to the platform, provided they are able to
show proof of work for the same. There has been a lot of activity in
this space as the number of potential users that any technology in
this space could generate is high. Also, a public blockchain is a fully
decentralized blockchain. Some examples:
Ethereum, a provider of a decentralized platform and programming
language that helps running smart contracts and allows developers
to publish distributed applications.
Factor, a provider of records management, records business pro-
cesses for business and governments.
Block stream, a provider of sidechain technology, focused on ex-
tending capabilities of bitcoin. The company has started experi-
menting on providing accounting (considered a function to be done
on private blockchain) with the use of public blockchain technology.
Private blockchain: A private blockchain, on the other hand, allows
only the owner to have the rights on any changes that have to be
done. This could be seen as a similar version to the existing infra-
structure wherein the owner (a centralized authority) would have
the power to change the rules, revert transactions, etc. based on the
need. This could be a concept with huge interest from FIs and large
companies. It could find use cases to build proprietary systems and
reduce the costs while at the same time, increase their efficiency.
Some of the examples could be:
Eris Industries aims to be the provider of shared software database
using blockchain technology.
Blockstack aims to provide financial institutions back office opera-
tions, including clearing & settlement on a private blockchain.
Multichain, provides an open source distributed database for finan-
cial transactions.
Chain Inc., a provider of blockchain APIs. Chain partnered with
Nasdaq OMX Group Inc., to provide a platform that enables trading
private company shares with the blockchain.
Let’s explore if there is a hybrid blockchain concept (third type). A
consortium blockchain would be a mix of both the public and pri-
vate. Wherein the ability to read and write could be extended to a
certain number of people/nodes. This could be used by groups of
organization/firms, who get together, work on developing different
models by collaborating with each other. Hence, they could gain a
blockchain with restricted access, work on their solutions and main-
tain the intellectual property rights within the consortium.

Blockchain: The new innova-

tion for financial services
Blockchain has been one of the most awe-inspiring innovations
since the Internet came into existence. Blockchain technology basi-
cally allows everyone to hold and make transactions as strangers
but in a completely transparent manner. There is no mediator in be-
tween two people making the transaction, and the entire process
becomes easier and cheaper. This concept can be applied to the en-
tire digital world making any kind of exchange/transactions secure
(and not just bitcoin). This article will take you through numerous
such business models and companies that are beginning to sprout
based on blockchain tech.
The blockchain network consists of nodes, i.e., distributed servers.
All the nodes can accept and process the transaction. The nodes on
the network share information about the candidate transaction. As
much as the logic/tech part of it sounds confusing, the business
models are so much easier to understand and are really impressive.
What you have already seen is that blockchain distributed ledger is
an in-erasable record of bitcoin transactions. The network of com-
puters around the world running bitcoin software will take care of
the performance and maintenance of the blockchain network. About
six times per hour, a new group of accepted transactions (a block) is
created, added to the blockchain and quickly published to all nodes.
This allows bitcoin software to determine when a particular bitcoin
amount has been spent.
It is this feature of Blockchain technology that has grown in its pop-
ularity amongst large banks, developers and entrepreneurs. Santan-
der Bank, the world’s 10th largest bank, has also been investigating
blockchain technology. They have announced that an internal team
is working on applying blockchain technology and distributed ledg-
ers on various use cases in the bank. Other international banks like
Citi and JPMorgan have also been showing interest in Blockchain
technology.
Many startups are building their businesses around blockchain
technology. Consequently, VC firms like KPCB are showing interest
in investing in these startups. While startups like Coinometrics
gather data and research on qualitative and quantitative behaviors
on blockchains, there are others like BTCJam who provide bitcoin-
based loans. A number of other startups built around blockchain
technology include Block Cypher, Bit Pay and BitPagos. Another in-
teresting startup, Chain, helps companies build financial products
around blockchain technology with its bitcoin data API. NASDAQ
has chosen Chain to run a pilot around blockchain technology on the
NASDAQ Private Market.
With growing applications of blockchain technology and triggers by
VC firms like KPCB Edge funds, the day is not too far when the
blockchain might disrupt the entire FinTech industry.

What are blockchain use cases and initiatives taken by financial

services industry?
The interest of financial institutions on blockchain is quite evident
considering that Santander Bank has identified 20 to 25 use cases
for the technology. The bank also estimated that the usage of block-
chain by banks can reduce the infrastructure cost by up to $20 bil-
lion a year. Other banks such as UBS have set up a blockchain re-
search lab in London, Goldman Sachs has invested in bitcoin startup
Circle, and NASDAQ is also experimenting with the technology.
Blockchain technology allows everyone to hold and make transac-
tions as strangers but in a completely transparent manner. There is
no mediator in between two people making the transaction, and the
entire process becomes easier and cheaper. This concept can be ap-
plied to the entire digital world, making any kind of ex-
change/transactions secure.
The major focus is on non-financial use cases of blockchain. The
non-financial use cases of blockchain have been hot in the recent
past with more than 50+ startups coming up in this space. Block-
chain Capital (formerly known as Crypto Currency Partners) very
recently managed to raise US$7 million towards their second invest-
ment fund for bitcoin and blockchain-related ventures specifically
focusing on non-financial use cases.
The current non-financial uses cases developed by startups in the
sector mainly focus on asset servicing, the Internet of Things, iden-
tity management and documentary trade. It will be quite fascinating
to see how these use cases are being adopted by governments and
the public sector alike to streamline processes, thereby improving
the life of the masses.
Financial and non-financial
use cases of blockchain:
It is now a known fact that the use cases of blockchain have been in-
creasing by the day. There has increasingly been a large number of
ways in which real-world assets could be linked to the blockchain
and traded digitally. A proof-of-concept is being run for trading
commodities (like physical bars of gold, silver and diamond) after
being authenticated via blockchain, establishing ownership of real-
estate properties, to provide election voting, etc.
Apart from startups, banks also have been actively investing in this
decentralized system as we have shown in a timeline. Various banks
have shown interest and started experimenting with the blockchain.
The below infographic provides a snapshot of companies and the
broad applications that they are providing over blockchain. These
include both non-financial and financial/currency-related (bitcoin
and other digital currencies) applications.

App development: Proof of ownership of modules in app develop-

ment
Digital content: Proof of ownership for digital content storage and
delivery
Ride-sharing: Points-based value transfer for ride-sharing
Digital security trading: Ownership and transfer
Digitization of documents/contracts: Digitization of docu-
ments/contracts and proof of ownership for transfers
Decentralized storage: Decentralized storage using a network of
computers on blockchain
Company incorporations: Digitizing company incorporations,
transfer of equity/ownership and governance

Decentralized Internet and computing resources: Decentralized

Internet and computing resources to cover every home and busi-
ness
Home automation: Platform to link the home network and electri-
cal devices to the cloud
Digital identity: Provides digital identity that protects consumer
privacy
Escrow/custodian service: Escrow/custodian service for the gam-
ing industry; loan servicing and e-commerce
IT portal: A smart contract IT portal executing order fulfilment in
ecommerce/manufacturing
Patient records: Decentralized patient records management
Digitizing assets: Improves anti-counterfeit measures
Reputation management: Helps users engage, share reputation
and collect feedback
Prediction platform: Decentralized prediction platform for the
share markets, elections, etc.
Enables authenticity of a review: Enables authenticity of a review
through trustworthy endorsements for employee peer reviews
Marketplace for sales and purchases of digital assets: Proof of
ownership and a marketplace for sales and purchases of digital as-
sets
 'Bitcoin'

Bitcoin is a digital currency created in 2009. It follows the ideas set out in
a white paper by the mysterious Satoshi Nakamoto, whose true identity has
yet to be verified. Bitcoin offers the promise of lower transaction fees than tra-
ditional online payment mechanisms and is operated by a decentralized au-
thority, unlike government-issued currencies.
There are no physical bitcoins, only balances kept on a public ledger in the
cloud, that – along with all Bitcoin transactions – is verified by a massive
amount of computing power. Bitcoins are not issued or backed by any banks
or governments, nor are individual bitcoins valuable as a commodity. Despite
its not being legal tender, Bitcoin charts high on popularity, and has triggered
the launch of other virtual currencies collectively referred to as Altcoins.

BREAKING DOWN 'Bitcoin'

Bitcoin is a type of cryptocurrency: Balances are kept using public and private
"keys," which are long strings of numbers and letters linked through the math-
ematical encryption algorithm that was used to create them. The public key
(comparable to a bank account number) serves as the address which is pub-
lished to the world and to which others may send bitcoins. The private key
(comparable to an ATM PIN) is meant to be a guarded secret, and only used
to authorize Bitcoin transmissions.
Style notes: According to the official Bitcoin Foundation, the word "Bitcoin" is
capitalized in the context of referring to the entity or concept, whereas "bitcoin"
is written in the lower case when referring to a quantity of the currency (e.g. "I
traded 20 bitcoin") or the units themselves. The plural form can be either
"bitcoin" or "bitcoins."

Who Invented Bitcoin?

No one knows. Not conclusively, at any rate. Satoshi Nakamoto is the name
associated with the person or group of people who released the origi-
nal Bitcoin white paper in 2008 and worked on the original Bitcoin software
that was released in 2009. The Bitcoin protocol requires users to enter a birth-
day upon signup, and we know that an individual named Satoshi Naka-
moto registered and put down April 5 as a birth date. And that's about it.
What's a Bitcoin Worth?
In 2017 alone, the price of Bitcoin rose from a little under $1,000 at the begin-
ning of the year to close to $19,000, ending the year more than 1,400%
higher.
Bitcoin's price is also quite dependent on the size of its mining network, since
the larger the network is, the more difficult – and thus more costly – it is to pro-
duce new bitcoins. As a result, the price of bitcoin has to increase as its cost
of production also rises. The Bitcoin mining network's aggregate power has
more than tripled over the past twelve months.

How Bitcoin Works

Bitcoin is one of the first digital currencies to use peer-to-peer tech-
nology to facilitate instant payments. The independent individuals and
companies who own the governing computing power and participate
in the Bitcoin network, also known as "miners," are motivated by re-
wards (the release of new bitcoin) and transaction fees paid in bitcoin.
These miners can be thought of as the decentralized authority enforc-
ing the credibility of the Bitcoin network. New bitcoin is being re-
leased to the miners at a fixed, but periodically declining rate, such
that the total supply of bitcoins approaches 21 million. One bitcoin is
divisible to eight decimal places (100 millionth of one bitcoin), and
this smallest unit is referred to as a Satoshi. If necessary, and if the
participating miners accept the change, Bitcoin could eventually be
made divisible to even more decimal places.
Bitcoin mining is the process through which bitcoins are released to
come into circulation. Basically, it involves solving a computationally
difficult puzzle to discover a new block, which is added to the block-
chain, and receiving a reward in the form of few bitcoins. The block
reward was 50 new bitcoins in 2009; it decreases every four years. As
more and more bitcoins are created, the difficulty of the mining pro-
cess – that is, the amount of computing power involved – increases.
The mining difficulty began at 1.0 with Bitcoin's debut back in 2009;
at the end of the year, it was only 1.18. As of April 2017, the mining
difficulty is over 4.24 billion. Once, an ordinary desktop computer
sufficed for the mining process; now, to combat the difficulty level,
miners must use faster hardware like Application-Specific Integrated
Circuits (ASIC), more advanced processing units like Graphic Pro-
cessing Units (GPUs), etc.
SOME BASIC STEPS

The basics for a new user:

As a new user, you can get started with Bitcoin without understanding
the technical details. Once you have installed a Bitcoin wallet on your
computer or mobile phone, it will generate your first Bitcoin address
and you can create more whenever you need one. You can disclose
your addresses to your friends so that they can pay you or vice versa.
In fact, this is pretty similar to how email works, except that Bitcoin
addresses should only be used once.

Balances - block chain:

The block chain is a shared public ledger on which the entire Bitcoin
network relies. All confirmed transactions are included in the block
chain. This way, Bitcoin wallets can calculate their spendable bal-
ance and new transactions can be verified to be spending bitcoins that
are actually owned by the spender. The integrity and the chronologi-
cal order of the block chain are enforced with cryptography.

Transactions - private keys

A transaction is a transfer of value between Bitcoin wallets that gets
included in the block chain. Bitcoin wallets keep a secret piece of data
called a private key or seed, which is used to sign transactions,
providing a mathematical proof that they have come from the owner
of the wallet. The signature also prevents the transaction from being
altered by anybody once it has been issued. All transactions are
broadcast between users and usually begin to be confirmed by the
network in the following 10 minutes, through a process called mining.
Processing - mining
Mining is a distributed consensus system that is used to confirm wait-
ing transactions by including them in the block chain. It enforces a
chronological order in the block chain, protects the neutrality of the
network, and allows different computers to agree on the state of the
system. To be confirmed, transactions must be packed in a block that
fits very strict cryptographic rules that will be verified by the network.
These rules prevent previous blocks from being modified because do-
ing so would invalidate all following blocks. Mining also creates the
equivalent of a competitive lottery that prevents any individual from
easily adding new blocks consecutively in the block chain. This way,
no individuals can control what is included in the block chain or re-
place parts of the block chain to roll back their own spends.

Going down the rabbit hole

This is only a very short and concise summary of the system. If you
want to get into the details, you can read the original paper that de-
scribes the system's design, read the developer documentation, and
explore the Bitcoin wiki.

How Bitcoin Began

Aug. 18, 2008: The domain name bitcoin.org is registered. Today, at least,
this domain is "WhoisGuard Protected," meaning the identity of the person
who registered it is not public information.
Oct. 31, 2008: Someone using the name Satoshi Nakamoto makes an an-
nouncement on The Cryptography Mailing list at metzdowd.com: "I've been
working on a new electronic cash system that's fully peer-to-peer, with no
trusted third party. This link leads to the now-famous white paper published on
bitcoin.org entitled "Bitcoin: A Peer-to-Peer Electronic Cash System." This pa-
per would become the Magna Carta for how Bitcoin operates today.
Jan. 3, 2009: The first Bitcoin block is mined, Block 0. This is also known as
the "genesis block" and contains the text: "The Times 03/Jan/2009 Chancellor
on brink of second bailout for banks," perhaps as proof that the block was
mined on or after that date, and perhaps also as relevant political commen-
tary.
Jan. 8, 2009: The first version of the Bitcoin software is announced on The
Cryptography Mailing list.
Jan. 9, 2009: Block 1 is mined, and Bitcoin mining commences in earnest.

Ways to Earn Bitcoins Online

Every day, Bitcoin the cryptocurrency and Bitcoin the technology gets more
popular. When in 2011 you had to write a person from the other continent to or-
der a pizza for you with Bitcoins, now you can do something like that in a num-
ber of major cities. In some countries like the Netherlands, the entire towns are
Bitcoin-friendly (such as Arnhem, often called ‘the Bitcoin city’) now with a
range of services available for those who are willing to pay with BTC. The
more ways are there to spend the cryptocurrency, the more ways are there to ob-
tain them. Let us look at some of the approaches to help you earn Bitcoins
online.

1. Mine your own Bitcoins

The very first way to get your own Bitcoins was through mining. In 2009, every
block mined (every 10 minutes on average) brought a reward of 50 BTC to the
lucky one who managed to solve the computational problem. Right now, every
block brings 12,5 BTC. While the reward is still luring, there are some issues
which stand in the way of earning some loot:
– The hashing difficulty has grown significantly over the last years. No single
equipment has enough computational power to compete for Bitcoins.
– Mining has gotten unprofitable.
– In hope for some reward, people are forced to unite in pools or use cloud min-
ing services.
– Even when the efforts are combined, there is still need to pay for the electric-
ity, and the utility bills often exceed the mining reward.
All these factors make Bitcoin mining these days unprofitable. This makes us
move forward to the next strategy of earning Bitcoins online.
2. Do work for Bitcoins
If mining is not for you, you can search for work that you can do for Bitcoins.
There are multiple services that will offer one an opportunity to work for cryp-
tocurrency. You can find something at Coinality or by just going to
/r/Jobs4Bitcoins on Reddit. Currently, you can earn Bitcoins online as a free-
lancer mainly, but some Bitcoin startups and companies like Overstock offer an
option to get the regular payment in BTC. With greater acceptance, there will be
more options to look for.

3. Offer something for Bitcoins

Another way to earn Bitcoins online is to sell something for crypto. If you are
keen on handmade, you can accept BTC on your ETSY page, and if you are a
merchant, you can use your Bitcoin address to accept Bitcoins payment on your
website. You can also hang a “Bitcoin Accepted Here” sign at your hotel, res-
taurant, café etc.

4. Gambling and casino games

If you are searching for a simple way to earn Bitcoins online, you may try gam-
bling. However, while it might seem to you as easy money, gaming has a nuber
of risks which need to be taken into account. In the following article, we have
outlined for you some websites worth checking out when trying out your
luck: Bitcoin Gambling. We don’t guarantee that you win, which is why we
strongly recommend you to play only if you have some initial capital to spend.
On the other hand, who knows, maybe you will get lucky and multiply your
crypto.

5. Use various Bitcoin faucets

We have already mentioned gambling and faucets in a recent article. What you
need to know about Bitcoin faucets is that they allow you to get a small amount
of cryptocurrency in particular time spans. For example, on many Bitcoin dice
websites you can get 0.0001 BTC every 5 minutes. However, to get a new por-
tion of satoshis, you need to have a zero balance. There are other options too
where you can earn ‘Bitcoin dust’ for time spent on the website (for example,
when playing games). You cannot gain much here, but sometimes it can be
enough to get a feeling of owning some crypto.

6. Boost your trading skills

A good way to make an earning with Bitcoin and cryptocurrency in general is to
do it through trading. CEX.IO allows you buying Bitcoins with payment cards
or via bank transfer, after which you can convert it to other crypto or fiat using
the price volatility at your advantage. Sometimes, however, Bitcoin trading can
be very similar to gambling – high risks are involved here too. In order to mini-
mise them, you need to learn a bit about trading. You may follow our blog to
get some trading tips. Meanwhile, you can start with our 3 tips for profitable
trading and then explore our trading category. Just start with a little amount, and
when you feel more confident, you will be able to get to bigger earnings.
 Conclusions
Stewardship of platforms :Countless blockchain platforms exit and
countless more are in development. Consider Table 1, showing the top 10
platforms where cryptocurrency represents both value and ownership in the
platform. For this paper, we review the top two platforms with tokens trading on
the marketplace, bitcoin and Ether, and two platforms, Cosmos and
Hyperledger, that seek to provide interoperability amongotherplatforms.

Standards networks: To break the deadlock of bitcoin platform development,

we recommend the creation of the Bitcoin Engineering Task Force (BETF) as a
loosely self-organized, grass-roots technical group comprised of the nine stake-
holder groups. It would not be a formal body with a board of directors or any hi-
erarchy. It could operate as a working group of the IETF, W3C or other appro-
priate organization. Its mission would be the adoption of standards and the engi-
neering and sustainability of blockchain technology, and it would develop, test
and implement new protocols and standards, according to the broad consensus
of its membership prior to implementation. Instead of formal membership, at-
tendance at BETF meetings and participation in any BETF online forum would
be open to all volunteers. Participants would contribute as individuals, not as
representatives of companies or organizations. The community could learn
much from the consensus mechanisms and decision-making processes of the
IETF and other standards bodies, such as the W3C.

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