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Blockchain Technology Explained | What Is Blockchain Technology? | Blockchain Training | Edureka | edureka! | YouTubeToText
YouTube Transcript: Blockchain Technology Explained | What Is Blockchain Technology? | Blockchain Training | Edureka
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Video Summary
Summary
Core Theme
Blockchain technology is a decentralized, distributed, and public ledger system that ensures security and integrity through cryptographic hashing and consensus mechanisms, incentivizing participation through rewards.
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[Music]
blockchain technology has been around
for a while now
and if you've chosen to watch this video
it means that you have some doubt
regarding this whole contraption or how
it works well today I ara
I'm gonna try to tackle the whole
blockchain technology thing and we're
gonna try and understand how it looks
down to the tiniest detail I'll be as
simple as possible when explaining but
we will be also tackling some of the
more complex mathematical parts of the
technology too okay so let's start with
a simple definition of blockchain
technology so blockchain is a
decentralized distributed public
Ledger's system now let's break down the
definition and understand each and every
technical jargon the first few technical
terms that we encounter are
decentralized and distributed to
understand what it means to be
decentralized and distributed let's
start with the status quo
now the centralization any organization
of network where decisions regarding the
organization's are made by a chosen
group of people in the centralized
system presently we are surrounded by a
massive centralized system which we use
every day be if you want to order food
from some delivery and logistics system
like Zomato or you want to book a cab
through uber you're basically going
through a third party this third party
has complete power on the rules and
regulations of the system even though
these guys have a majority of the power
they greatly rely on your charge to stay
functional for example I'm sure you keep
your money in the bank instead of just
doing it away under your bed at home
because you trust bank more than your
next-door neighbor a decentralized
system is exactly the opposite of a
centralized system it is when a service
is ruled by no single governing
authority you are using a decentralized
system right now that is the internet
nobody really owns the internet and
nobody is really supervising what
websites can or cannot do so that was
pretty easy to understand but what does
it mean to be distributed so do you
understand what a distributed system is
let's look back and analyze what has
been the common reason for a majority of
the data breaches of the past so in 2013
Yahoo faced a huge data breach which
affected around 3 billion users then in 2014
2014
eBay faced a cyber attack which
compromised the user information for our
145 million profiles again in 2016
Adult Friend Finder which is also a site
was also attacked hackers collected
around 20 years of data on six databases
that impure names email addresses and
passwords now all these attacks were
successful because these companies chose
to keep all their data in one basket or
if I may say one server which makes it
very easy for a hacker to creep in and
do creepy stuff by distributing
everything everywhere the hacker would
need to change the data in all the
places at once
blockchain is distributed and
decentralized this means that whatever
is stored on a blockchain is distributed
and the blockchain in itself is owned by
no single governing body by distributing
everything everywhere a bad actor would
need to change the data in all places at
once in order to do their sneaky things
it feels weird but by opening up and
giving the data to everyone you protect
it so what we see from breaking down the
definition so far is that blockchain is
some sort of a system which is owned by
nobody and has no single point of
functionality and instead is distributed
in nature now let's look at the other
half of the definition which states that
blockchain is a public ledger system so
first of all let's get our heads around
this whole ledger system a ledger is a
list of anything the term ledger
originates from banking as it was first
going to denote a list or a book
containing financial transactions now in
reference to blockchain technology what
exactly is a ledger well it's all the
transactions that are committed on the
network to understand what I mean
let's jump back to the genesis of
blockchain technology so the birth of
blockchain technology date sparked in
2009 and the timing was impeccable
while the world was facing one of the
toughest economic crisis a group or
person under the pseudonym of Satoshi
Nakamoto introduced to the public
Bitcoin a digital currency not owned by
the government but in essence very much
like fiat currency or some of you would
call cash so in the sense it could be
spent anonymously it could be hard to
track and it is easily trusted now the
underlying tech that powered Bitcoin was
blockchain so any transaction that was
made using Bitcoin as a currency was
registered on a list called
and this Ledger was then distributed to
all the members that had agreed to
participate in the network everybody
could essentially keep tabs on each
other's transactions and to anybody
trying to tamper with records would be
easily identified due to the distributed
nature of the system
now since the meteoric increase in both
value and fame of Bitcoin other such
networks have come up with each Network
ranked decentralized some service or the
other but the fundamentals of the
network remain the same ok so now that
I've explained what it means to be a job
let's try and understand what it means
to be public so it is hard to fathom the
power of public when it comes to
blockchain because it's the participants
or the public whatever I call him is
responsible for the most integral part
of the system that is validation so
let's take a scenario where a blockchain
network has only four participants
namely a B C and D every time one of
them spent some money in Bitcoin they
broadcast the transaction down to the
last detail onto the network but how are
the remaining members supposed to know
what a is saying indeed is valid or not
this is handled by block chains unique
method of validation called consensus
this means that every participating
member must agree or come to consensus
regarding the validity of the
transaction every network has its own
unique way of achieving consensus and
bitcoin protocol uses a method called
proof of work the video is going to get
a little more tactical as we are going
to be discussing a few new technical
jargons from here on but I'll try my
best to be as simplistic as possible now
let's go back to the little scenario I
had just discussed and here a broadcasts
a transaction to the rest of the network
now let's also assume that this is not
the first transaction of the network and
this particular transaction is an
addition to an already ongoing list of
transactions that have already been
piloted every time a new transaction is
committed to the network a new block
gets created and all these transactions
are firstly hashed so what exactly is
hashing to answer simply hashing is a
process of converting a long string into
a unique string generally of much
shorter and fixed length what is
important to understand for you as a
viewer is that the generated hash
depends completely on the input even a
slight change in the input will change
the output hash completely secondly in
blockchain a unique kind of
washing is used and this is called
cryptography caching because they cannot
be practically reverse engineered so now
to get a better understanding of hashing
and how it integrates into blockchain
let's think back I had just mentioned
that the list of transaction is taken
together and hashed so the output hash
or the digest is called the block hash
and stands as a unique identifier of
that certain block so suppose he were to
sneakily try and change the history of
transactions in a certain block the
output block hash would be changed drastically
drastically
which would easily denote that something
has been tampered with so right now our
focus is to see how a function can prove
that a particular list of transaction is
truthful imagine someone shows you a
list of transactions and they say hey I
found a special number so that when you
put that number at the end of this list
of transactions and apply sha-256 to the
entire thing the first 30 bits of that
output are all zeros how tough do you
think it would be to figure out that
number so let's bring in some math here
let's say the harsh is only made up of
ones and zeroes and it's 256 characters
long in such a case the probability that
a harsh happens to start with thirty
successive zeroes is around 1/2 raised
to 30 which is about one in a billion
and because sha-256 is a cryptographic
hash function the only way to find the
special number is just guessing and
checking so the person trying to check
validity of the block almost certainly
had to go through about a billion
different numbers before finding the
special one and once you know number
it's really quick to verify you just run
the hash and see that there are thirty
zeros in other words you can verify that
they went through a large amount of work
but without having to go through the
same effort yourself this is called
proof of work what's important is that
all of this work is intrinsically tied
to the list of transactions if you
change one of those transactions even
slightly it would completely change the
hash so you'd have to go through another
billion guesses find new proof of work
or a new number that would start 30
zeros when tied up with the altered list
nothing back to our distributed ledger
situation where everyone is there
broadcasting their transactions and we
want to wait for them to agree on what
block is correct
as I said the core idea behind the
original Bitcoin people is to have
everyone trust whichever ledger has the
most work put into it
the way this works is to first organize
a given ledger into blocks now in the
same way a transaction is only
considered valid when it's signed by the
sender a block is only considered valid
if it has a proof of hope so let's see
how proof of work is actually helping us
in identifying any sort of mismatch in a
transaction so firstly now imagine
there's this list of five transactions
between a B C and D and the block hash
is whatever you see on the screen now if
you were to slightly change any
transaction or if you were to slightly
change the order of the transaction the
complete hash is changed drastically so
this will easily tell anybody that the
proof of work is wrong as he can compare
it with the other block genes on are the
copies and this is how you reach
consensus that this block is not valid
okay so that explains how proof of work
ties in with blockchain now also to make
sure that there's a standard order to
these blocks we'll make it so that a
block has to contain the hash of the
previous block as its header so firstly
it already contains the transaction and
the proof of work which looks something
like this and now the next block will
also have the block hash of the previous
block so it'll look something like this
now since the block hash has been
chained we can see a certain chain being
formed so instead of just calling it
sledge the system is being commonly
known as a blockchain okay so the last
part that's left is mindless now every
time someone validates a certain block
after putting it in all the work to find
a special number the system rewards them
but since Network specific
cryptocurrency now in the Bitcoin
protocol currently the block reward as
February 2 2018 is 12.5 bitcoins not not
only does is incentivize system the
network running but also generating
currency now some people have invested
in high-performance GPUs so that they
can validate new blocks quicker than the
others and earn and live off the block
rewards these people are known as - okay
guys I think I've covered most aspects
of blockchain we understood how
blockchain is a decentralized and
distributed system we saw the public
nature of blockchain and how influence
he ties up the public participation
using incentivization we also saw how
the security and integrity of the system
is maintained using cryptography hash
functions tied up with a consensus
mechanism and this brings us to the end
of the video I hope you learned as much
as I did file compiling this video on
blockchain so that's it for me and
goodbye I hope you have enjoyed
listening to this video please be kind
enough to like it and you can comment
any of your doubts and queries and we
will reply them at the earliest do look
out for more videos in our playlist and
subscribe to any rekha channel to learn
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