Understanding Public Blockchain Training Ppt

Slide 1

This slide illustrates the concept of public blockchain technology. It also provides information regarding the definition and examples of the public blockchain.

Slide 2

This slide illustrates the features of public blockchain technology. It also provides information regarding its characteristics such as full transparency, no regulations, true decentralization, immutable, anonymous nature, and open environment.

Instructor’s Notes:

The different characteristics of public blockchain are as follows:

Full Transparency:

• Public blockchain provides full access and allows individuals to see the ledger anytime
• Anyone can maintain the ledger and participate in consensus. This ensures that indulging in corruption is near-impossible

No Regulations:

True Decentralization:

• In a public blockchain, no centralized system is involved
• It is individuals' responsibility to maintain the nodes and update the ledgers in the blockchain network
• A public blockchain has no centralized system to track activity, which gives complete freedom to join the blockchain

Immutable:

Anonymous Nature:

• In a public blockchain, all the individual identities are anonymous, and it is not required to use real names
• Individual identities stay hidden, and it is not easy to track human behind the transactions

Open Environment:

Slide 3

This slide illustrates the benefits of public blockchain technology, such as higher security, greater transparency, decentralized structure, and user empowerment.

Instructor’s Notes:

The multiple advantages of public blockchain are as follows:

Higher Security:

Greater Transparency:

User Empowerment:

Slide 4

This slide showcases the multiple limitations of public blockchain technology, such as privacy limitations, lack of regulations and governance, public perception, cost of setup, and huge consumption of energy.

Instructor’s Notes:

The different challenges of public blockchain are as follows:

Privacy Limitations:

• Total security in the public blockchain is a tricky concept
• Data in the public blockchain is secure as long as it is not single-handedly controlled/influenced by some individual/entity
• The moment only one entity can unduly influence public blockchain data, the system loses its security. This is a logical possibility in newer or smaller blockchains 

Lack of Regulations and Governance:

• The essential feature of Blockchain Technology is that it lacks regulatory oversight
• It allows peer-to-peer transactions, which leads to cutting off intermediaries
• It does not require governance from statutory bodies
• No one can be held accountable for maintaining the network standard, thus adding an element of skepticism to the entire system

Public Perception:

• Lack of supportive public perception is a significant hurdle to blockchain success
• Popular public opinion towards blockchain is that it is not a sustainable technology
• Features like lack of governance, easy access to public blockchain membership, and lack of regulation add to the unreliable public image of the blockchain technology

Cost of Set-Up:

• Establishing the entire blockchain Technology system is expensive due to:
  • High set-up cost
  • Limited skilled talent
  • Training costs

Huge Consumption of Energy:

• Blockchain's energy consumption for a cryptocurrency exchange is an important area of concern
• The Proof-of-Work mechanism consumes a lot of energy while solving complex mathematical problems