Workshop on Blockchain and CryptocurrencyPosts by JSB
On 07 March, 2019 Jaipuria School of Business organised a workshop on the topic “Blockchain and Cryptocurrency“. The facilitator of the session was Mr. Gaurav Bansal, BE, MBA and Ex- Banker. Mr. Bansal started with the basics of Economics, History, Commerce and Mathematics and connected it with Blockchain and Cryptocurrency so that students can understand the topic easily and also how Blockchain actually works. The other key learnings from the session are:-
* Blockchains is a digital ledger and is the technique to maintain records of transactions of Cryptocurrency.
* Blockchains are highly secure because of the use of cryptographic algorithm
* Like bank accounts blockchain has a wallet address where bitcoins can be stored and transactions can be done.
* Wallets have a public key and private key by which wallets can be accessed and bitcoins can be stored there.
* In Blockchain information is stored in blocks of fixed size and all the blocks are connected with one another
* Blockchains are hard to break because every new block created contains the hash of previous block hence if one block is altered all the blocks needs to be change which is quite impossible as high computing power is required to break all of the chain.
* Validation of bitcoin transactions is known as mining and people validating these transactions are known as miners. Mining can be done to earn bitcoins.
* Process of bitcoin wallet creation. Only 21 million bitcoins can be created in total.
It was a really informative session as students got an opportunity to understand the technical details of the Blockchain and Bitcoin.