Block chain Technology

08 Aug 2023 2 mins Download PDF

Block chain Technology

1. 1. A distributed ledger technology that enables a layer of trust and eliminates the need for a third party to validate the transactions.
   2. It is an amalgamation of various technologies such as distributed systems, cryptography.
   3. Blocks are secured with proper security against tampering using any cryptographic hash algorithms.
   4. Transactions are validated and verified through consensus across nodes of the Blockchain network.

1. 5. Advantages of Blockchain technology:
      1. provides a decentralized, vigilant, time stamped, immutable and consensus-based data storage for the stakeholders.
      2. efficient ledger storage mechanism with appropriate authentication and authorization based on the role of the stakeholder
      3. Depending on the need of the application domain, either permissioned or permissionless Blockchain environment can be setup.
      4. Blockchain-as-a-Service allows for seamless integration for using Blockchain features in various application domains
   6. Concerns with Blockchain:
      1. The issue of scalability.
      2. Security issues as Blockchain vulnerabilities can be utilized to hamper the security protection.
      3. Interoperability across various blockchain platforms is a tedious task.
      4. Data localization needs to be achieved to restrict data flow outside the country.