title
Blockchain Tutorial For Beginners - 1 | Blockchain Technology | Blockchain Tutorial | Simplilearn

description
🔥 IITM Pravartak Professional Certificate Program In Full Stack Development - MERN (India Only): https://www.simplilearn.com/full-stack-developer-course-and-certification-iitm-pravartak?utm_campaign=SCE-FullstackIITM&utm_medium=DescriptionFF&utm_source=youtube 🔥 Post Graduate Program In Full Stack Web Development: https://www.simplilearn.com/pgp-full-stack-web-development-certification-training-course?utm_campaign=Blockchain-iYYf3w4RPDA&utm_medium=Descriptionff&utm_source=youtube 🔥 Caltech Blockchain Bootcamp (US Only): https://www.simplilearn.com/blockchain-developer-certification-bootcamp?utm_campaign=Blockchain-iYYf3w4RPDA&utm_medium=Descriptionff&utm_source=youtube This Blockchain tutorial video will help you understand what is Blockchain, the Bitcoin story, features of Blockchain which includes public distributed ledger, hash encryption, proof of work, mining and at the end you will also see a use case on how banks are using Blockchain in validating user identities. A blockchain is a digitized, decentralized, public ledger of Bitcoin transactions. The technology verifies transactions and creates a “chain” of blocks of data including a timestamp that is linked to other blocks so that a block can’t be changed. In simple words, Blockchain is a list of records (blocks) which stores data publicly and in chronological order and mining is the process of adding a block to the Blockchain. Now, let us get started and understand what is Blockchain and its features. 🔥Free Blockchain Developer Course: https://www.simplilearn.com/learn-blockchain-basics-skillup?utm_campaign=Blockchain&utm_medium=Description&utm_source=youtube Below topics are explained in this Blockchain tutorial: 1. What is Blockchain? ( 03:07 ) 2. The Bitcoin story ( 04:43 ) 3. Features of Blockchain ( 06:48 ) - Public distributed ledger - Hash encryption - Proof of work - Mining 4. Use case: Blockchain and banks ( 19:48 ) Blockchain Tutorial Part - 2 : https://www.youtube.com/watch?v=ov8nVP6dowc Click the below link to get the code implemented in the demo: https://github.com/pjai30/KYC To learn more about Blockchain, subscribe to our YouTube channel: https://www.youtube.com/user/Simplilearn?sub_confirmation=1 You can also go through the Slides here: https://goo.gl/J2vNsh Watch more videos on Blockchain: https://www.youtube.com/playlist?list=PLEiEAq2VkUUKmhU6SO2P73pTdMZnHOsDB #Whatisblockchain #Blockchain #Blockchaintutorial #Bitcoin #Blockchainonlinetraining #Blockchainforbeginners #BlockchainTechnology #Simplilearn ➡️ About Post Graduate Program In Full Stack Web Development This program will give you the foundation for building full-stack web apps using the Java programming language. You'll begin with the basics of JavaScript, and then venture into some of the more advanced concepts like Angular, Spring Boot, Hibernate, JSPs, and MVC. Now is the perfect time to get started on your career as a full-stack web developer! ✅ Key Features - Caltech CTME Post Graduate Certificate - Enrolment in Simplilearn’s JobAssist - Receive up to 25 CEUs from Caltech CTME - Simplilearn's JobAssist helps you get noticed by top hiring companies - Attend Masterclasses from Caltech CTME instructors - Live virtual classes led by industry experts, hands-on projects and integrated labs - Online Convocation by Caltech CTME Program Director ✅ Skills Covered - Agile - JAVA - Hibernate and JPA - Spring Core 50 - DevOps - HTML5 and CSS3 - AWS - JavaScript ES6 - Servlets - SOAP and REST - JSP 👉Learn More at: https://www.simplilearn.com/pgp-full-stack-web-development-certification-training-course?utm_campaign=Blockchain-iYYf3w4RPDA&utm_medium=Description&utm_source=youtube 🔥🔥 Interested in Attending Live Classes? Call Us: IN - 18002127688 / US - +18445327688

detail
{'title': 'Blockchain Tutorial For Beginners - 1 | Blockchain Technology | Blockchain Tutorial | Simplilearn', 'heatmap': [{'end': 724.456, 'start': 614.742, 'weight': 0.766}, {'end': 827.022, 'start': 755.818, 'weight': 0.752}, {'end': 1004.922, 'start': 910.617, 'weight': 0.72}, {'end': 1075.971, 'start': 1053.739, 'weight': 0.825}, {'end': 1742.75, 'start': 1738.085, 'weight': 0.702}], 'summary': "This tutorial covers the impact of blockchain on banking operations, bitcoin's adoption of blockchain, blockchain structure, bitcoin mining process, and blockchain use cases in banks, including a decentralized kyc application, and emphasizes the reduction of redundant identity verification processes and enhanced efficiency.", 'chapters': [{'end': 278.839, 'segs': [{'end': 67.827, 'src': 'embed', 'start': 26.075, 'weight': 1, 'content': [{'end': 28.637, 'text': "Now here's why I hate them even more.", 'start': 26.075, 'duration': 2.562}, {'end': 36.883, 'text': 'What are the nuances and the problem areas of the banking system? The banking system has higher transactional and international transfer costs.', 'start': 28.797, 'duration': 8.086}, {'end': 43.088, 'text': 'A lot of documentation is required for setting up of an account, for opening an account and onboarding a customer.', 'start': 37.183, 'duration': 5.905}, {'end': 45.79, 'text': 'And the banking system is not always accessible.', 'start': 43.348, 'duration': 2.442}, {'end': 47.451, 'text': "It's not 24 by 7.", 'start': 45.89, 'duration': 1.561}, {'end': 52.855, 'text': "It's closed on banking holidays and it has other limitations also like transfer limits in a day, and you know,", 'start': 47.451, 'duration': 5.404}, {'end': 56.358, 'text': "you can't transfer x amount within a stipulated time.", 'start': 53.095, 'duration': 3.263}, {'end': 61.582, 'text': 'now, banks in such a ecosystem acts as a center point of failure.', 'start': 56.358, 'duration': 5.224}, {'end': 67.827, 'text': 'it is a centralized based system which is prone to failure from a centralized point of view.', 'start': 61.582, 'duration': 6.245}], 'summary': 'Banking system: high costs, accessibility issues, centralized, prone to failure.', 'duration': 41.752, 'max_score': 26.075, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/iYYf3w4RPDA/pics/iYYf3w4RPDA26075.jpg'}, {'end': 117.869, 'src': 'embed', 'start': 87.961, 'weight': 2, 'content': [{'end': 91.883, 'text': 'and it can lead to huge losses to the bank and to the individuals.', 'start': 87.961, 'duration': 3.922}, {'end': 95.185, 'text': 'and all this can happen with a click of a button.', 'start': 91.883, 'duration': 3.302}, {'end': 96.525, 'text': "it's as simple as that.", 'start': 95.185, 'duration': 1.34}, {'end': 101.766, 'text': 'so once a hacker has access to the system, he can manipulate the system, compromise the information,', 'start': 96.525, 'duration': 5.241}, {'end': 108.707, 'text': 'share it with the parties which are not supposed to have that information, and lot can go wrong, though the hackers can be caught.', 'start': 101.766, 'duration': 6.941}, {'end': 117.869, 'text': 'right it is possible through cyber security and various means, but once the information is compromised, it is very difficult to roll that back,', 'start': 108.707, 'duration': 9.162}], 'summary': 'Cyber attacks can result in significant losses; easy access can lead to data compromise and sharing; cybersecurity can prevent but not reverse damage.', 'duration': 29.908, 'max_score': 87.961, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/iYYf3w4RPDA/pics/iYYf3w4RPDA87961.jpg'}, {'end': 218.959, 'src': 'embed', 'start': 172.519, 'weight': 0, 'content': [{'end': 178.944, 'text': 'the bitcoin story, the features of blockchain like public distributed ledger, the hashing, encryption, the proof of work,', 'start': 172.519, 'duration': 6.425}, {'end': 187.05, 'text': 'consensus algorithm and the concept of mining, and then we will cover up a use case where how blockchain can be used for banking operations.', 'start': 178.944, 'duration': 8.106}, {'end': 188.57, 'text': 'now, what is blockchain?', 'start': 187.39, 'duration': 1.18}, {'end': 196.352, 'text': 'blockchain is a list of records called blocks, which stores data publicly and in a chronological order,', 'start': 188.57, 'duration': 7.782}, {'end': 200.733, 'text': 'and the entire information is persisted using cryptography.', 'start': 196.352, 'duration': 4.381}, {'end': 208.914, 'text': 'it is secured using cryptography, so cryptography ensures that the privacy of the user is maintained and data cannot be altered.', 'start': 200.733, 'duration': 8.181}, {'end': 217.818, 'text': 'information on a blockchain network is not controlled by a centralized authority, so, unlike modern financial institutions, nobody controls the data.', 'start': 208.914, 'duration': 8.904}, {'end': 218.959, 'text': 'within a blockchain,', 'start': 217.818, 'duration': 1.141}], 'summary': 'Blockchain is a public, secure, and decentralized ledger used for banking operations and data integrity.', 'duration': 46.44, 'max_score': 172.519, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/iYYf3w4RPDA/pics/iYYf3w4RPDA172519.jpg'}], 'start': 2.978, 'title': 'Blockchain technology and its impact', 'summary': 'Covers the shortcomings of the banking system, including higher transactional and international transfer costs, accessibility limitations, and the potential risks associated with centralized systems. it also emphasizes the importance of blockchain in preventing incidents like unauthorized access in banking operations, covering key points such as the features of blockchain, its use in banking operations, and its role in maintaining data integrity and security.', 'chapters': [{'end': 132.692, 'start': 2.978, 'title': 'Blockchain tutorial part one', 'summary': 'Discusses the shortcomings of the banking system, including higher transactional and international transfer costs, accessibility limitations, and the potential risks associated with centralized systems, emphasizing the need for more secure and decentralized systems to mitigate these issues.', 'duration': 129.714, 'highlights': ['The banking system has higher transactional and international transfer costs, a lot of documentation is required for setting up an account, and it is not always accessible, operating within limited hours and with transfer limits in a day.', 'In a centralized system, if the bank fails, all transactions dependent on the bank will come to a halt, potentially leading to huge losses to both the bank and the individuals associated with it.', 'Once a hacker gains access to the banking system, they can compromise and manipulate information, leading to significant repercussions, and rollback becomes extremely challenging after information compromise.']}, {'end': 278.839, 'start': 132.692, 'title': 'Understanding blockchain technology', 'summary': 'Discusses the importance of blockchain in preventing incidents like unauthorized access in banking operations, covering key points such as the features of blockchain, its use in banking operations, and its role in maintaining data integrity and security.', 'duration': 146.147, 'highlights': ['Blockchain is a list of records called blocks, storing data publicly and in a chronological order, secured using cryptography to maintain user privacy and data integrity.', 'Participants in a blockchain network act as a democratic authority to approve transactions, ensuring that data remains untempered and accessible to anyone on the network.', 'The technology people in banking are advised to understand the benefits of blockchain, such as its features like public distributed ledger, encryption, and proof of work, in order to prevent unauthorized access incidents.', 'The incident of unauthorized access in banking operations prompts the bank manager to seek remedies, leading to the consideration of setting up a block to prevent such incidents from happening again.']}], 'duration': 275.861, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/iYYf3w4RPDA/pics/iYYf3w4RPDA2978.jpg', 'highlights': ['Blockchain maintains data integrity and security through a public distributed ledger and encryption.', "Banking system's limitations include higher transactional and international transfer costs, limited accessibility, and potential risks of centralized systems.", 'Unauthorized access in banking operations can lead to significant repercussions and rollback challenges.', 'Blockchain technology prevents unauthorized access incidents through features like proof of work and public distributed ledger.', 'In a centralized banking system, a bank failure can lead to halting transactions and significant losses.']}, {'end': 601.413, 'segs': [{'end': 329.155, 'src': 'embed', 'start': 303.827, 'weight': 0, 'content': [{'end': 309.768, 'text': 'in 2018, there are more than 1600 cryptocurrencies that follow the concepts of bitcoin and blockchain.', 'start': 303.827, 'duration': 5.941}, {'end': 316.45, 'text': 'for example, the other popular cryptocurrencies are like ethereum, litecoin, dash, ripple and many more.', 'start': 309.768, 'duration': 6.682}, {'end': 319.371, 'text': 'now let me explain how a bitcoin transaction works.', 'start': 316.45, 'duration': 2.921}, {'end': 323.953, 'text': 'the sender transmits the transaction details worldwide.', 'start': 319.731, 'duration': 4.222}, {'end': 329.155, 'text': 'basically, whenever a sender has to do a transaction, he has to send bitcoins to a receiver.', 'start': 323.953, 'duration': 5.202}], 'summary': 'In 2018, over 1600 cryptocurrencies, including ethereum, litecoin, dash, and ripple, followed bitcoin and blockchain concepts. bitcoin transactions require sending bitcoins worldwide.', 'duration': 25.328, 'max_score': 303.827, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/iYYf3w4RPDA/pics/iYYf3w4RPDA303827.jpg'}, {'end': 408.322, 'src': 'embed', 'start': 363.314, 'weight': 1, 'content': [{'end': 368.818, 'text': 'so, once the miner has authenticated the transaction, verified all the parameters,', 'start': 363.314, 'duration': 5.504}, {'end': 374.503, 'text': 'the transaction is added to a block and then that block is made part of the main blockchain.', 'start': 368.818, 'duration': 5.685}, {'end': 381.428, 'text': 'once the block is added to the blockchain, the money the transactions which were associated in the block then gets executed.', 'start': 374.503, 'duration': 6.925}, {'end': 386.032, 'text': "money is deducted from the sender's wallet and is added to the receiver wallet.", 'start': 381.428, 'duration': 4.604}, {'end': 393.857, 'text': 'thereby, once the transaction is completed, the block is added and the ledger across all the nodes are updated.', 'start': 386.032, 'duration': 7.825}, {'end': 400.62, 'text': 'each and every participant ledger copy is updated with that particular block which has been added in the blockchain.', 'start': 393.857, 'duration': 6.763}, {'end': 405.501, 'text': 'so therefore all the participants have the same copy of the information now.', 'start': 400.62, 'duration': 4.881}, {'end': 408.322, 'text': 'so what makes blockchain special now?', 'start': 405.501, 'duration': 2.821}], 'summary': 'Miner authenticates & adds transaction to blockchain, updating all participant ledgers.', 'duration': 45.008, 'max_score': 363.314, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/iYYf3w4RPDA/pics/iYYf3w4RPDA363314.jpg'}, {'end': 511.244, 'src': 'embed', 'start': 479.162, 'weight': 3, 'content': [{'end': 481.464, 'text': 'blockchain works in a similar fashion.', 'start': 479.162, 'duration': 2.302}, {'end': 485.147, 'text': 'the data within a blockchain is accessible to everyone.', 'start': 481.464, 'duration': 3.683}, {'end': 488.07, 'text': 'so with this, as long as you are part of the network,', 'start': 485.147, 'duration': 2.923}, {'end': 495.635, 'text': 'you could access the entire history of transactions that have taken place since the blockchain was created since inception,', 'start': 488.07, 'duration': 7.565}, {'end': 499.818, 'text': 'and the first block in any blockchain is called the genesis block.', 'start': 495.635, 'duration': 4.183}, {'end': 505.361, 'text': 'so from the genesis block to the current block, you will have the access to the entire chain.', 'start': 499.818, 'duration': 5.543}, {'end': 511.244, 'text': 'any additions to blockchain have to be approved by the participant users in the blockchain network,', 'start': 505.361, 'duration': 5.883}], 'summary': 'Blockchain allows access to entire transaction history, from genesis to current block, with approval by network participants.', 'duration': 32.082, 'max_score': 479.162, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/iYYf3w4RPDA/pics/iYYf3w4RPDA479162.jpg'}, {'end': 546.442, 'src': 'embed', 'start': 517.687, 'weight': 4, 'content': [{'end': 525.351, 'text': 'this is the public part of the ledger and this is important because any additions made to the blockchain are permanent and are immutable.', 'start': 517.687, 'duration': 7.664}, {'end': 531.114, 'text': 'so immutable transactions are the transactions which cannot be altered once registered.', 'start': 525.351, 'duration': 5.763}, {'end': 536.756, 'text': 'they cannot be modified and are available for audit and verification 24 by 7..', 'start': 531.114, 'duration': 5.642}, {'end': 546.442, 'text': "so this means that each and every detail is recorded and any alterations can be detected by verifying it against everyone's personal version of the blockchain.", 'start': 536.756, 'duration': 9.686}], 'summary': 'Blockchain ensures permanent, immutable transactions available for 24/7 audit and verification.', 'duration': 28.755, 'max_score': 517.687, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/iYYf3w4RPDA/pics/iYYf3w4RPDA517687.jpg'}], 'start': 279.199, 'title': 'Bitcoin, blockchain, and transactions', 'summary': 'Explores the adoption of blockchain technology by bitcoin, leading to over 1600 cryptocurrencies by 2018, details the transaction process, and explains blockchain features including public distributed ledger, hashing encryption, proof-of-work consensus, and immutability.', 'chapters': [{'end': 363.094, 'start': 279.199, 'title': 'Bitcoin and blockchain: a journey', 'summary': 'Explores how bitcoin adopted blockchain technology to address fiat currency problems, leading to over 1600 cryptocurrencies as of 2018, and details the process of a bitcoin transaction, involving verification by miners globally.', 'duration': 83.895, 'highlights': ['Bitcoin was introduced in 2009 by Satoshi Nakamoto to solve fiat currency problems using blockchain technology.', 'As of 2018, there are over 1600 cryptocurrencies following Bitcoin and blockchain concepts.', 'Bitcoin transaction process involves sending bitcoins to a receiver and submitting the transaction on the public blockchain network.', 'Verification and authentication of Bitcoin transactions are done by miners globally.']}, {'end': 479.162, 'start': 363.314, 'title': 'Blockchain features and transaction process', 'summary': 'Explains the process of adding transactions to a block in a blockchain, the execution of transactions, and the special features of blockchain, including public distributed ledger, hashing encryption, proof-of-work consensus algorithm, and mining rewards.', 'duration': 115.848, 'highlights': ["The process of adding transactions to a block and then to the main blockchain involves authentication by the miner, verification of parameters, and execution of transactions, resulting in money being deducted from the sender's wallet and added to the receiver's wallet.", "Blockchain's special features include a public distributed ledger, hashing encryption, proof-of-work consensus algorithm, and mining rewards in terms of Bitcoin, which incentivize miners to validate transactions.", 'The public distributed ledger ensures that each participant has the same copy of the data, making it difficult for unauthorized alterations to go unnoticed, thus enhancing transparency and security within the network.', 'The hashing encryption provides digital signatures for each block, ensuring the integrity and authenticity of the data, while the proof-of-work consensus algorithm approves and verifies transactions on the blockchain network.']}, {'end': 601.413, 'start': 479.162, 'title': 'Blockchain and immutable transactions', 'summary': 'Discusses the public accessibility and immutability of blockchain data, the decentralized nature of blockchain, and the role of hashing encryption in maintaining security and privacy.', 'duration': 122.251, 'highlights': ['Blockchain data is accessible to everyone in the network, providing access to the entire history of transactions, and any additions to the blockchain require approval by a majority of network members.', 'Transactions in blockchain are immutable and permanent, ensuring 24/7 availability for audit and verification, and any attempt to modify data can be detected and rectified by other nodes in the network.', 'The decentralized nature of blockchain eliminates a central point of failure, allowing data recovery even if a node malfunctions.', 'Hashing encryption plays a crucial role in maintaining privacy and security in blockchain by ensuring that all details are recorded and privacy is maintained despite the public accessibility of data.']}], 'duration': 322.214, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/iYYf3w4RPDA/pics/iYYf3w4RPDA279199.jpg', 'highlights': ['As of 2018, there are over 1600 cryptocurrencies following Bitcoin and blockchain concepts.', 'The public distributed ledger ensures that each participant has the same copy of the data, enhancing transparency and security within the network.', 'The process of adding transactions to a block involves authentication by the miner, verification of parameters, and execution of transactions.', 'Blockchain data is accessible to everyone in the network, providing access to the entire history of transactions.', 'Transactions in blockchain are immutable and permanent, ensuring 24/7 availability for audit and verification.']}, {'end': 1004.922, 'segs': [{'end': 727.197, 'src': 'heatmap', 'start': 601.413, 'weight': 0, 'content': [{'end': 602.914, 'text': 'what are the contents of a block?', 'start': 601.413, 'duration': 1.501}, {'end': 609.058, 'text': 'so a block in a blockchain is like a container that holds aggregated transactions.', 'start': 603.254, 'duration': 5.804}, {'end': 611.32, 'text': 'it contains certain set of transactions.', 'start': 609.058, 'duration': 2.262}, {'end': 614.742, 'text': 'so we will see what all things construct a particular block.', 'start': 611.32, 'duration': 3.422}, {'end': 618.925, 'text': 'so a block has two parts it has a header and it has.', 'start': 614.742, 'duration': 4.183}, {'end': 621.347, 'text': 'the second part is the transaction details.', 'start': 618.925, 'duration': 2.422}, {'end': 625.21, 'text': 'it is the set of transactions which are aggregated in this block.', 'start': 621.347, 'duration': 3.863}, {'end': 628.872, 'text': 'Now the header has following set of attributes', 'start': 625.49, 'duration': 3.382}, {'end': 631.573, 'text': 'It has the block version number.', 'start': 629.212, 'duration': 2.361}, {'end': 640.317, 'text': 'it has the hash of the previous block to which it is linked, the current timestamp, the timestamp at which the block was verified, the nonce, nonce.', 'start': 631.573, 'duration': 8.744}, {'end': 644.419, 'text': 'we will see what is the attribute, what is the meaning of nonce and the target value.', 'start': 640.317, 'duration': 4.102}, {'end': 649.381, 'text': 'Now the transaction details are nothing but the example which we talked about earlier.', 'start': 644.679, 'duration': 4.702}, {'end': 652.563, 'text': 'It is the transaction which the sender and receiver are sharing.', 'start': 649.501, 'duration': 3.062}, {'end': 657.125, 'text': "The sender is trying to send certain amount of Bitcoin from his account to the receiver's account.", 'start': 652.823, 'duration': 4.302}, {'end': 665.229, 'text': 'Now it is represented in the form of a 256-twit hash value in the header called as Merkle root or the hash root.', 'start': 657.245, 'duration': 7.984}, {'end': 673.353, 'text': 'So basically the Merkle root is the hash of all the transactions structured in a Merkle tree called binary tree.', 'start': 665.429, 'duration': 7.924}, {'end': 680.777, 'text': "It's a kind of a binary tree and the hash value of the root node of the Merkle tree is called the Merkle root hash.", 'start': 673.553, 'duration': 7.224}, {'end': 687.62, 'text': 'So the transaction details of a block are contained in the header in a hex value known as Merkle root.', 'start': 681.017, 'duration': 6.603}, {'end': 690.321, 'text': 'The Merkle root can be calculated in this way.', 'start': 687.82, 'duration': 2.501}, {'end': 695.784, 'text': 'So basically the list of transaction, each transaction is passed through a hashing algorithm.', 'start': 690.401, 'duration': 5.383}, {'end': 705.768, 'text': 'Then all the hashes of the transactions are paired and then again passed through another hashing algorithm until only one value remains,', 'start': 696.024, 'duration': 9.744}, {'end': 707.289, 'text': 'and which will be the root.', 'start': 705.768, 'duration': 1.521}, {'end': 710.35, 'text': 'Now let me tell you how a hash function works.', 'start': 707.609, 'duration': 2.741}, {'end': 714.712, 'text': 'Blockchain utilizes a hash function to perform cryptography.', 'start': 710.73, 'duration': 3.982}, {'end': 724.456, 'text': 'Data from a data set of random size is sent as input to a hashing function to get an encrypted value of fixed size,', 'start': 715.052, 'duration': 9.404}, {'end': 727.197, 'text': 'and that is the feature of any hashing function.', 'start': 724.456, 'duration': 2.741}], 'summary': 'A block in a blockchain contains aggregated transactions and consists of a header with attributes like version number, previous block hash, timestamp, nonce, and transaction details represented as merkle root in a hex value.', 'duration': 125.784, 'max_score': 601.413, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/iYYf3w4RPDA/pics/iYYf3w4RPDA601413.jpg'}, {'end': 690.321, 'src': 'embed', 'start': 665.429, 'weight': 1, 'content': [{'end': 673.353, 'text': 'So basically the Merkle root is the hash of all the transactions structured in a Merkle tree called binary tree.', 'start': 665.429, 'duration': 7.924}, {'end': 680.777, 'text': "It's a kind of a binary tree and the hash value of the root node of the Merkle tree is called the Merkle root hash.", 'start': 673.553, 'duration': 7.224}, {'end': 687.62, 'text': 'So the transaction details of a block are contained in the header in a hex value known as Merkle root.', 'start': 681.017, 'duration': 6.603}, {'end': 690.321, 'text': 'The Merkle root can be calculated in this way.', 'start': 687.82, 'duration': 2.501}], 'summary': 'The merkle root is the hash of transactions in a binary tree structure.', 'duration': 24.892, 'max_score': 665.429, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/iYYf3w4RPDA/pics/iYYf3w4RPDA665429.jpg'}, {'end': 833.407, 'src': 'heatmap', 'start': 739.765, 'weight': 2, 'content': [{'end': 747.431, 'text': "basically, any small change to the input produces an output that's drastically different from its previous obtained outputs.", 'start': 739.765, 'duration': 7.666}, {'end': 755.818, 'text': 'it can be computed easily, the output values can be obtained without a whole lot of calculation, and hashing functions are one-way functions.', 'start': 747.431, 'duration': 8.387}, {'end': 761.703, 'text': "basically, you won't be able to determine the input based on the output value, so you can't do the reverse calculation.", 'start': 755.818, 'duration': 5.885}, {'end': 765.065, 'text': "now let's go back to our block we were talking about earlier.", 'start': 761.983, 'duration': 3.082}, {'end': 768.426, 'text': 'so, as we were discussing, what are the features in the header?', 'start': 765.065, 'duration': 3.361}, {'end': 775.67, 'text': 'the previous hash is the resultant hash of the previous block in the blockchain, and this is the way two blocks are linked together.', 'start': 768.426, 'duration': 7.244}, {'end': 777.011, 'text': 'now, transaction details.', 'start': 775.67, 'duration': 1.341}, {'end': 782.854, 'text': 'these are used to provide details about the sender receiver and how much money they want to exchange between them,', 'start': 777.011, 'duration': 5.843}, {'end': 791.258, 'text': 'and this is a list of transactions and they are structured in a Merkle tree and the hash of the Merkle root is put in the header.', 'start': 782.854, 'duration': 8.404}, {'end': 800.743, 'text': 'nonce is a value that is varied to create a unique hash address of the block, which should be less than the target hash value.', 'start': 791.258, 'duration': 9.485}, {'end': 802.583, 'text': 'so this is the structure of the header.', 'start': 800.743, 'duration': 1.84}, {'end': 805.605, 'text': 'it has a block version number, basically the sequence number of the block.', 'start': 802.583, 'duration': 3.022}, {'end': 812.01, 'text': 'It has the hash of the previous block, the timestamp when the block was mined and verified, the nonce value.', 'start': 805.845, 'duration': 6.165}, {'end': 817.174, 'text': 'The header is then, this entire header is then passed through a hashing algorithm.', 'start': 812.15, 'duration': 5.024}, {'end': 822.999, 'text': 'In the case of a Bitcoin network, it is SHA-256 and a hash value is generated.', 'start': 817.354, 'duration': 5.645}, {'end': 827.022, 'text': 'And now this hash value becomes the hash value of the block.', 'start': 823.239, 'duration': 3.783}, {'end': 833.407, 'text': 'Now this value is a 256-bit value that is used to uniquely identify the particular block.', 'start': 827.202, 'duration': 6.205}], 'summary': 'Hashing functions are one-way, creating unique block identifiers in blockchain.', 'duration': 93.642, 'max_score': 739.765, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/iYYf3w4RPDA/pics/iYYf3w4RPDA739765.jpg'}, {'end': 833.407, 'src': 'embed', 'start': 800.743, 'weight': 3, 'content': [{'end': 802.583, 'text': 'so this is the structure of the header.', 'start': 800.743, 'duration': 1.84}, {'end': 805.605, 'text': 'it has a block version number, basically the sequence number of the block.', 'start': 802.583, 'duration': 3.022}, {'end': 812.01, 'text': 'It has the hash of the previous block, the timestamp when the block was mined and verified, the nonce value.', 'start': 805.845, 'duration': 6.165}, {'end': 817.174, 'text': 'The header is then, this entire header is then passed through a hashing algorithm.', 'start': 812.15, 'duration': 5.024}, {'end': 822.999, 'text': 'In the case of a Bitcoin network, it is SHA-256 and a hash value is generated.', 'start': 817.354, 'duration': 5.645}, {'end': 827.022, 'text': 'And now this hash value becomes the hash value of the block.', 'start': 823.239, 'duration': 3.783}, {'end': 833.407, 'text': 'Now this value is a 256-bit value that is used to uniquely identify the particular block.', 'start': 827.202, 'duration': 6.205}], 'summary': 'Header structure includes block version, previous block hash, timestamp, nonce; hashed using sha-256 to uniquely identify the block.', 'duration': 32.664, 'max_score': 800.743, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/iYYf3w4RPDA/pics/iYYf3w4RPDA800743.jpg'}, {'end': 1004.922, 'src': 'heatmap', 'start': 910.617, 'weight': 0.72, 'content': [{'end': 916.1, 'text': 'this is kept as a secret by the user, so basically it is like his own password and public key.', 'start': 910.617, 'duration': 5.483}, {'end': 919.563, 'text': 'public key is used to identify the user on the network.', 'start': 916.1, 'duration': 3.463}, {'end': 925.647, 'text': 'this is shared by the user along with the transaction on the network for others to verify.', 'start': 919.563, 'duration': 6.084}, {'end': 930.369, 'text': 'So these are the steps involved in creating and authenticating a digital signature.', 'start': 925.827, 'duration': 4.542}, {'end': 936.592, 'text': 'So, at the sender side, the message to be transmitted is passed through the hashing algorithm.', 'start': 930.589, 'duration': 6.003}, {'end': 944.577, 'text': 'in this case of Bitcoin, it is SHA-256 and the hash is generated, plus the private key is used to generate a digital signature.', 'start': 936.592, 'duration': 7.985}, {'end': 952.281, 'text': "Now this output is passed through a signature algorithm along with the user's private key to create a digital signature.", 'start': 944.737, 'duration': 7.544}, {'end': 959.847, 'text': 'now, during the transmission, the users message their digital fingerprint, which was generated in the previous step, plus the public key,', 'start': 952.281, 'duration': 7.566}, {'end': 961.589, 'text': 'are transmitted across the network.', 'start': 959.847, 'duration': 1.742}, {'end': 968.555, 'text': 'so these three things are published on the network for the validators, for the miners to use and verify the authenticity of the sender.', 'start': 961.589, 'duration': 6.966}, {'end': 970.297, 'text': "Now, at the receiver's end.", 'start': 968.795, 'duration': 1.502}, {'end': 973.561, 'text': 'first, the message is passed through a hashing algorithm.', 'start': 970.297, 'duration': 3.264}, {'end': 980.629, 'text': "Now at the same time, the sender's public key and his or her digital signature are passed through a verification algorithm.", 'start': 973.721, 'duration': 6.908}, {'end': 983.432, 'text': 'Now both the functions will generate a hash.', 'start': 980.829, 'duration': 2.603}, {'end': 992.156, 'text': 'if both the hashes are compared and if they match, then the transaction and the identity of the sender is approved.', 'start': 983.852, 'duration': 8.304}, {'end': 993.397, 'text': 'otherwise it is rejected.', 'start': 992.156, 'duration': 1.241}, {'end': 999.86, 'text': 'so basically, this is the process, by comparing the hash values to authenticate the identity of the sender.', 'start': 993.397, 'duration': 6.463}, {'end': 1004.922, 'text': 'now, what about the people who verify these transactions and how do they actually do it?', 'start': 999.86, 'duration': 5.062}], 'summary': 'Digital signatures use private and public keys to authenticate transactions on the network, ensuring sender identity. sha-256 is used for hashing in bitcoin.', 'duration': 94.305, 'max_score': 910.617, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/iYYf3w4RPDA/pics/iYYf3w4RPDA910617.jpg'}, {'end': 944.577, 'src': 'embed', 'start': 919.563, 'weight': 4, 'content': [{'end': 925.647, 'text': 'this is shared by the user along with the transaction on the network for others to verify.', 'start': 919.563, 'duration': 6.084}, {'end': 930.369, 'text': 'So these are the steps involved in creating and authenticating a digital signature.', 'start': 925.827, 'duration': 4.542}, {'end': 936.592, 'text': 'So, at the sender side, the message to be transmitted is passed through the hashing algorithm.', 'start': 930.589, 'duration': 6.003}, {'end': 944.577, 'text': 'in this case of Bitcoin, it is SHA-256 and the hash is generated, plus the private key is used to generate a digital signature.', 'start': 936.592, 'duration': 7.985}], 'summary': 'Steps for creating and authenticating a digital signature: message hashed using sha-256, private key used for digital signature.', 'duration': 25.014, 'max_score': 919.563, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/iYYf3w4RPDA/pics/iYYf3w4RPDA919563.jpg'}], 'start': 601.413, 'title': 'Blockchain structure and header', 'summary': 'Details the structure of a block in a blockchain, including header attributes, transaction details, merkle root, and hash function. it also explains the blockchain header features, such as previous hash, nonce, and digital signature creation and authentication using private and public keys.', 'chapters': [{'end': 761.703, 'start': 601.413, 'title': 'Blockchain block structure', 'summary': 'Explains the structure of a block in a blockchain, detailing its contents, such as the header attributes, transaction details, merkle root, and the working of a hash function.', 'duration': 160.29, 'highlights': ['The block in a blockchain contains aggregated transactions and consists of a header with attributes like version number, previous block hash, timestamp, nonce, and transaction details.', 'The Merkle root, representing the hash of all transactions in a block, is computed using a hashing algorithm on a list of transactions, forming a Merkle tree, and exhibiting unique properties of a hash function.', 'Hash functions in blockchain are deterministic, easily computable, one-way functions, and small changes in data lead to drastically different output values.']}, {'end': 1004.922, 'start': 761.983, 'title': 'Blockchain header and digital signature', 'summary': 'Explains the structure of a blockchain header, including features like previous hash, transaction details, and nonce, and the process of creating and authenticating a digital signature using private and public keys.', 'duration': 242.939, 'highlights': ['The structure of the blockchain header, including the previous hash, transaction details, and nonce, is explained, highlighting the way two blocks are linked together and how alterations to data can be easily detected using SHA-256. ', "The process of creating and authenticating a digital signature using private and public keys is detailed, outlining the steps involved at the sender's and receiver's end, and the use of hashing and verification algorithms. "]}], 'duration': 403.509, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/iYYf3w4RPDA/pics/iYYf3w4RPDA601413.jpg', 'highlights': ['The block in a blockchain contains aggregated transactions and consists of a header with attributes like version number, previous block hash, timestamp, nonce, and transaction details.', 'The Merkle root, representing the hash of all transactions in a block, is computed using a hashing algorithm on a list of transactions, forming a Merkle tree, and exhibiting unique properties of a hash function.', 'Hash functions in blockchain are deterministic, easily computable, one-way functions, and small changes in data lead to drastically different output values.', 'The structure of the blockchain header, including the previous hash, transaction details, and nonce, is explained, highlighting the way two blocks are linked together and how alterations to data can be easily detected using SHA-256.', "The process of creating and authenticating a digital signature using private and public keys is detailed, outlining the steps involved at the sender's and receiver's end, and the use of hashing and verification algorithms."]}, {'end': 1188.69, 'segs': [{'end': 1050.816, 'src': 'embed', 'start': 1024.294, 'weight': 0, 'content': [{'end': 1030.897, 'text': 'competing to be the first one to add a block to the blockchain and in lieu of this they will be rewarded.', 'start': 1024.294, 'duration': 6.603}, {'end': 1033.119, 'text': 'there are competing miners around the world.', 'start': 1030.897, 'duration': 2.222}, {'end': 1040.704, 'text': 'they are trying to solve a mathematical puzzle to be the first one to be rewarded and to add a block to the blockchain.', 'start': 1033.119, 'duration': 7.585}, {'end': 1042.185, 'text': 'so this is the reward.', 'start': 1041.005, 'duration': 1.18}, {'end': 1045.03, 'text': 'so thereby they invest in the computing power.', 'start': 1042.185, 'duration': 2.845}, {'end': 1050.816, 'text': 'they invest in the resources in order to mine and validate a transaction to get that reward.', 'start': 1045.03, 'duration': 5.786}], 'summary': 'Miners compete globally to add blocks to blockchain, investing in computing power and resources for rewards.', 'duration': 26.522, 'max_score': 1024.294, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/iYYf3w4RPDA/pics/iYYf3w4RPDA1024294.jpg'}, {'end': 1096.441, 'src': 'heatmap', 'start': 1053.739, 'weight': 1, 'content': [{'end': 1059.483, 'text': 'so, basically, they need to find a hash value that satisfies certain predefined conditions.', 'start': 1053.739, 'duration': 5.744}, {'end': 1063.225, 'text': 'Now in order to find the hash value, they will use norms.', 'start': 1059.743, 'duration': 3.482}, {'end': 1068.407, 'text': 'So this target hash value is decided months in advance for every block.', 'start': 1063.385, 'duration': 5.022}, {'end': 1075.971, 'text': 'The miners keep variating the norms value to find out an output that falls within the target requirement.', 'start': 1068.667, 'duration': 7.304}, {'end': 1079.112, 'text': 'So they keep on generating a hash value using the norms.', 'start': 1076.071, 'duration': 3.041}, {'end': 1082.574, 'text': 'And if it is less than the target, the hash value is accepted.', 'start': 1079.452, 'duration': 3.122}, {'end': 1088.237, 'text': "And if it is greater than the hash value is rejected, the miner's effort is not considered valid.", 'start': 1082.774, 'duration': 5.463}, {'end': 1096.441, 'text': 'Now, a miner transmits across the world that he has found a nonce that satisfies the target requirement as soon as he finds it.', 'start': 1088.537, 'duration': 7.904}], 'summary': 'Miners use varying norms to find hash values meeting predefined conditions for each block.', 'duration': 42.702, 'max_score': 1053.739, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/iYYf3w4RPDA/pics/iYYf3w4RPDA1053739.jpg'}, {'end': 1163.175, 'src': 'embed', 'start': 1136.534, 'weight': 2, 'content': [{'end': 1140.097, 'text': 'so mining is the process of adding a block to the blockchain.', 'start': 1136.534, 'duration': 3.563}, {'end': 1147.123, 'text': 'this miner is the first person who found a nonce value that fell within the target requirement.', 'start': 1140.097, 'duration': 7.026}, {'end': 1150.365, 'text': 'right now, for doing this, the miner is rewarded.', 'start': 1147.123, 'duration': 3.242}, {'end': 1157.891, 'text': 'as of today, on the bitcoin network, a miner is paid 12.5 bitcoins for adding a block onto the blockchain,', 'start': 1150.365, 'duration': 7.526}, {'end': 1163.175, 'text': 'but the reward a miner gets reduced by half every four years.', 'start': 1157.891, 'duration': 5.284}], 'summary': 'Mining adds blocks to the blockchain; miners receive 12.5 bitcoins, halving every 4 years.', 'duration': 26.641, 'max_score': 1136.534, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/iYYf3w4RPDA/pics/iYYf3w4RPDA1136534.jpg'}], 'start': 1004.922, 'title': 'Bitcoin mining and proof of work', 'summary': 'Covers the proof of work consensus algorithm, where miners globally compete to add blocks to the blockchain and the bitcoin mining process, including rewards for miners and the impact on the network. miners are currently rewarded with 12.5 bitcoins, and this reward reduces by half every four years.', 'chapters': [{'end': 1088.237, 'start': 1004.922, 'title': 'Proof of work consensus algorithm', 'summary': 'Discusses the proof of work consensus algorithm, which involves miners competing globally to add a block to the blockchain by solving a mathematical puzzle, investing in computing power and resources, and using norms to find a hash value that satisfies predefined conditions.', 'duration': 83.315, 'highlights': ['Miners compete globally to be the first to add a block to the blockchain and be rewarded, investing in computing power and resources to validate transactions (quantifiable)', 'They solve a mathematical puzzle to find a hash value that meets predefined conditions, using norms to vary the target hash value and validating the generated hash value (quantifiable)', 'The target hash value is decided months in advance for every block, and miners keep adjusting the norms value to find an output within the target requirement (quantifiable)']}, {'end': 1188.69, 'start': 1088.537, 'title': 'Bitcoin mining process', 'summary': 'Explains the process of bitcoin mining, including the proof of work algorithm, rewards for miners, and the impact of mining on the network. miners are currently rewarded with 12.5 bitcoins for adding a block onto the blockchain, and this reward reduces by half every four years.', 'duration': 100.153, 'highlights': ['Miners are currently rewarded with 12.5 bitcoins for adding a block onto the blockchain, and this reward reduces by half every four years. The 12.5 bitcoin reward is justified as mining is a very expensive process, having a heavy toll on electricity, computing power, and other resources on which the miner has invested.', 'Mining is the process of adding a block to the blockchain, and the miner who found a nonce value within the target requirement is rewarded. As of today, on the bitcoin network, a miner is paid 12.5 bitcoins for adding a block onto the blockchain, and the reward a miner gets reduced by half every four years.', 'The proof of work algorithm makes it very hard to generate the nonce and get the hash value, but it is very easy to verify the transaction by the other miners. Miners transmit across the world that they have found a nonce that satisfies the target requirement as soon as they find it, and thanks to the hashing algorithm used, this claim can be easily verified by others.']}], 'duration': 183.768, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/iYYf3w4RPDA/pics/iYYf3w4RPDA1004922.jpg', 'highlights': ['Miners compete globally to be the first to add a block to the blockchain and be rewarded, investing in computing power and resources to validate transactions (quantifiable)', 'The target hash value is decided months in advance for every block, and miners keep adjusting the norms value to find an output within the target requirement (quantifiable)', 'Mining is the process of adding a block to the blockchain, and the miner who found a nonce value within the target requirement is rewarded. As of today, on the bitcoin network, a miner is paid 12.5 bitcoins for adding a block onto the blockchain, and the reward a miner gets reduced by half every four years.']}, {'end': 1743.33, 'segs': [{'end': 1290.384, 'src': 'embed', 'start': 1215.362, 'weight': 0, 'content': [{'end': 1224.646, 'text': 'we will be using truffle, ethereum, gnash and smart contracts all of these blockchain technology ecosystem to make it work,', 'start': 1215.362, 'duration': 9.284}, {'end': 1230.01, 'text': 'And welcome to this demo for how to build your KYC blockchain application.', 'start': 1225.186, 'duration': 4.824}, {'end': 1236.154, 'text': "Now I'm gonna show you all the steps required to deploy your KYC application,", 'start': 1230.29, 'duration': 5.864}, {'end': 1242.659, 'text': 'what all components are to be developed and how to go about deploying and testing your application.', 'start': 1236.154, 'duration': 6.505}, {'end': 1251.761, 'text': 'so, primarily, this KYC application will allow banks to do a decentralized KYC of the customers which come to their banks.', 'start': 1242.859, 'duration': 8.902}, {'end': 1261.523, 'text': 'so in the demo we will see when a customer walks into the initiating bank, will do the KYC for a customer, enter its details and verify it,', 'start': 1251.761, 'duration': 9.762}, {'end': 1266.645, 'text': 'and if any subsequent bank wants to use the KYC done by another bank,', 'start': 1261.523, 'duration': 5.122}, {'end': 1272.948, 'text': 'he or she needs to take the permission of the customer and then he can use the same KYC for verification.', 'start': 1266.645, 'duration': 6.303}, {'end': 1274.849, 'text': 'so we will see how can we do that.', 'start': 1272.948, 'duration': 1.901}, {'end': 1276.349, 'text': 'so just to start off with,', 'start': 1274.849, 'duration': 1.5}, {'end': 1290.384, 'text': 'we have developed a KYC solidity contract which has all the necessary functions in order to do the actions required for doing a KYC of a particular entity by the bank.', 'start': 1276.349, 'duration': 14.035}], 'summary': 'Using blockchain tech, demo illustrates decentralized kyc application for banks.', 'duration': 75.022, 'max_score': 1215.362, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/iYYf3w4RPDA/pics/iYYf3w4RPDA1215362.jpg'}, {'end': 1579.85, 'src': 'embed', 'start': 1546.033, 'weight': 5, 'content': [{'end': 1554.918, 'text': 'it is up to the customer whether he or she wants to allow and deny the KYC request after the permission has been granted.', 'start': 1546.033, 'duration': 8.885}, {'end': 1559.18, 'text': 'then only the banks can be able to view the KYC.', 'start': 1554.918, 'duration': 4.262}, {'end': 1567.759, 'text': 'so if I say bank 1 allow and bank 2 deny, Now all the requests are done from the queue.', 'start': 1559.18, 'duration': 8.579}, {'end': 1570.181, 'text': 'So bank 1 was allowed and bank 2 was denied.', 'start': 1567.779, 'duration': 2.402}, {'end': 1579.85, 'text': 'So if I again log in with bank 1 and the password is my first address, viewkyccustomer1.', 'start': 1570.362, 'duration': 9.488}], 'summary': 'Customers can allow or deny kyc requests, with banks able to view the status. example: bank 1 allowed and bank 2 denied.', 'duration': 33.817, 'max_score': 1546.033, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/iYYf3w4RPDA/pics/iYYf3w4RPDA1546033.jpg'}, {'end': 1743.33, 'src': 'heatmap', 'start': 1738.085, 'weight': 7, 'content': [{'end': 1742.75, 'text': "I hope you all had a great learning session and I'll meet you in my next session.", 'start': 1738.085, 'duration': 4.665}, {'end': 1743.33, 'text': 'Thank you.', 'start': 1742.97, 'duration': 0.36}], 'summary': 'Concluded session with gratitude for learning, aiming to meet in the next session.', 'duration': 22.013, 'max_score': 1738.085, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/iYYf3w4RPDA/pics/iYYf3w4RPDA1738085.jpg'}], 'start': 1188.69, 'title': 'Blockchain in banks', 'summary': 'Explores blockchain use cases in banks, focusing on implementing a kyc application using truffle, ethereum, gnash, and smart contracts. it enables decentralized kyc, reducing redundant identity verification processes and enhancing efficiency. additionally, it discusses deploying a kyc contract on a local blockchain network, interacting with the contract through a banking application, and concludes with a recap of blockchain concepts and use cases.', 'chapters': [{'end': 1290.384, 'start': 1188.69, 'title': 'Blockchain use cases in banks', 'summary': 'Explores the use of blockchain in banks, specifically focusing on the implementation of a kyc application using truffle, ethereum, gnash, and smart contracts, enabling decentralized kyc for customers, reducing redundant identity verification processes and enhancing efficiency.', 'duration': 101.694, 'highlights': ['The demo showcases the use of truffle, ethereum, gnash, and smart contracts to deploy a KYC blockchain application, streamlining KYC processes across banks.', 'The KYC application allows for decentralized KYC of customers, reducing the need for repeated identity verification across different banks.', 'The KYC solidity contract has been developed with necessary functions to facilitate the KYC actions required for a particular entity by the bank.']}, {'end': 1743.33, 'start': 1290.524, 'title': 'Deploying and interacting with kyc contract', 'summary': 'Discusses the process of deploying a kyc contract on a local blockchain network, interacting with the contract through a banking application, and the associated permissions and requests, demonstrating a basic demo of a typical kyc application in a banking environment, and concluding with a recap of blockchain concepts and use cases.', 'duration': 452.806, 'highlights': ['The process of deploying a KYC contract on a local blockchain network The chapter details the steps involved in compiling and deploying a KYC contract on a local blockchain network using Truffle and Ganesh client, connected through localhost 8545.', 'Interaction with the KYC contract through a banking application The chapter demonstrates the interaction with the deployed KYC contract through a banking application, including registering banks, adding KYC for customers, and the associated permissions and requests.', 'Permissions and requests associated with the KYC process The chapter explains the process of obtaining customer approval and bank access permissions, showcasing the functionality of allowing or denying KYC requests and the subsequent viewing of KYC details by the banks.', 'Basic demo of a typical KYC application in a banking environment The chapter provides a basic demo of a typical KYC application in a banking environment, including the creation of customer profiles, bank registrations, and the decentralized interaction with KYC records.', 'Recap of blockchain concepts and use cases The chapter concludes with a recap of blockchain concepts such as public distributed ledger, hash encryption, proof of work consensus algorithm, and the use case of know your customer blockchain decentralized application in banks.']}], 'duration': 554.64, 'thumbnail': 'https://coursnap.oss-ap-southeast-1.aliyuncs.com/video-capture/iYYf3w4RPDA/pics/iYYf3w4RPDA1188690.jpg', 'highlights': ['The demo showcases the use of truffle, ethereum, gnash, and smart contracts to deploy a KYC blockchain application, streamlining KYC processes across banks.', 'The KYC application allows for decentralized KYC of customers, reducing the need for repeated identity verification across different banks.', 'The KYC solidity contract has been developed with necessary functions to facilitate the KYC actions required for a particular entity by the bank.', 'The process of deploying a KYC contract on a local blockchain network The chapter details the steps involved in compiling and deploying a KYC contract on a local blockchain network using Truffle and Ganesh client, connected through localhost 8545.', 'Interaction with the KYC contract through a banking application The chapter demonstrates the interaction with the deployed KYC contract through a banking application, including registering banks, adding KYC for customers, and the associated permissions and requests.', 'Permissions and requests associated with the KYC process The chapter explains the process of obtaining customer approval and bank access permissions, showcasing the functionality of allowing or denying KYC requests and the subsequent viewing of KYC details by the banks.', 'Basic demo of a typical KYC application in a banking environment The chapter provides a basic demo of a typical KYC application in a banking environment, including the creation of customer profiles, bank registrations, and the decentralized interaction with KYC records.', 'Recap of blockchain concepts and use cases The chapter concludes with a recap of blockchain concepts such as public distributed ledger, hash encryption, proof of work consensus algorithm, and the use case of know your customer blockchain decentralized application in banks.']}], 'highlights': ['Blockchain maintains data integrity and security through a public distributed ledger and encryption.', 'The public distributed ledger ensures that each participant has the same copy of the data, enhancing transparency and security within the network.', 'The process of adding transactions to a block involves authentication by the miner, verification of parameters, and execution of transactions.', 'Miners compete globally to be the first to add a block to the blockchain and be rewarded, investing in computing power and resources to validate transactions (quantifiable)', 'The demo showcases the use of truffle, ethereum, gnash, and smart contracts to deploy a KYC blockchain application, streamlining KYC processes across banks.', 'The KYC application allows for decentralized KYC of customers, reducing the need for repeated identity verification across different banks.']}