Blockchain : The New Technology of Trust

1. Introduction

Blockchain is a digital, decentralised ledger that keeps a record of all transactions that take place across peer-to-peer network. It was introduced in 2008 as the underlying technology on which the bitcoin was built. It’s grand promise is to do for transparency, what the internet did for communication. The transparency increases trust between two parties.

2. The unbreakable security

• In a blockchain, each block stores the data of the transaction, it’s hash code and the previous block’s hash code.
• So, whatever a new block is created, it is validated by a majority of peers on that network.
• It does not have any central administrating authority, but data should be validated by all the participants.
• If anyone tries to change the data in one block, the entire blockchain will be invalidated.
• This makes the data open and secure.

3. Types of Blockchain

PUBLIC : It is fully decentralised and transparent.

PERMISSION : It is Quasi – decentralised.

PRIVATE : It is centralised.

4. Features of Blockchain

• Near real time.
• No intermediary.
• Distributed ledger.
• Irreversibility and Immutability.
• Better Security.

5. Working of a Blockchain

6. Applications of Blockchain

• The Food Industry.
• Cyber Security.
• Voting.
• Land registry. and many more.

7. Conclusion

Blockchain is a new and emerging technology, which is going to be used very widely as it provides better security and trust.