what is block chain?
Blockchain is a technology of stores information in a way that makes it difficult or impossible to change, hack or cheat the system.
A blockchain is a digital ledger. Any information is a network of record-keeping. It is called a blockchain which no person can fraud or commit. It is the most sought-after technology in the future. No hacker can hack the chain of blocks and data changing is unbeatable.
It is very safe and secure. Each block in the chain has multiple transactions, and each time a new transaction occurs on the blockchain, a record of that transaction is added to each participant’s account is known as distributed ledger technology (DLT).
Blockchain is a type of DLT in which transactions are entered with immutable cryptographic signatures called hashes.
This means that if the block has changed in any way, it will be immediately clear that it has been tampered with.
If hackers want to corrupt a blockchain system, they have to change each block of the chain, across all distributed versions of the chain.
Blockchains such as Bitcoin and Ethereum are constantly and steadily growing as blocks are being added in series, which adds substantially to the security of the book.
how does it work?
Blockchain is believed to have the potential to bring about a comprehensive change in the functioning of all industries. This can make the process more democratic, secure, transparent, and efficient.
Blockchain is a technology that creates a decentralized database of transactions with full safety.
This shared record of transactions in this virtual ledger can be viewed by anyone on the blockchain network.
These blocks are electronically connected to each other and protected through encryption.
This technology is safe and difficult to hack. That is why this technique is considered safe to prevent cybercrime and hacking.
Under this, the details of each transaction are recorded in the bookkeeping after being verified by chains of computers connected to the network (called nodes).
Where can it be used? blockchain.
- Information Technology and Data Management
- An account of government schemes
- Subsidy distribution keeping
- Digital identity and authentication
- Health statistics
- Cloud storage
- Smart contract
- Educational information
- Secure sharing of medical data
- Music royalties tracking
- Cross-border payments
- Real-time IoT operating systems
- Personal identity security
- Anti-money laundering tracking system
- Supply chain and logistics monitoring
- Voting mechanism
- Advertising insights
- Original content creation
- Cryptocurrency exchange
- The real estate processing
According to the websites Deloitte and Assocham, blockchain will be more beneficial when the data is more and they have to be shared among many people and there is no sense of trust between them.
The technology will be useful for industries that focus on decentralized data storage, data immutability, and distributing blockchain’s proprietary features.