BLOCKCHAIN

Technology
• Introduction to Blockchain
• Principle of Blockchain
• Importance of Blockchain
• Applications of Blockchain
• With blockchain, many people can
write entries into a record of
information, and a community of
users can control how the record of
information is amended and updated.
• Participants don’t need to trust
that the ledger has not been
tampered with because entries are
trackable and irrevocable.
Basic principles underlying the
blockchain technology are :
• Distributed Database
• Security
• Peer-to-peer transmission
• Transparent
• Static Record
• Computational Logic
In a Blockchain system,
Communication happens directly
between the sender and the
receiver(Peers) rather than on a
central server. Every node stores
and share information to any or all
alternative nodes.
Blockchain keeps the record of
each and every changes that
takes place in the network. Each
record or entries are trackable
and irrevocable (Once a change
occurs, It’s permanent).
Importance of Blockchain
There are several ways blockchain is more
secure than other record-keeping systems.
Transactions must be agreed upon before
they are recorded. After a transaction is
approved, it is encrypted and linked to the
previous transaction. This, along with the
fact that information is stored across a
network of computers instead of on a
single server, makes it very difficult for
hackers to compromise the transacted
data.
If your company deals with products that
are traded through a complex supply
chain, you’re familiar with how hard it can
be to trace an item back to its origin.
When exchanges of goods are recorded
on a blockchain, you end up with an
audit trail that shows where an asset
came from and every stop it made on its
journey.
trading anything using a traditional i.e
paper money process is a time-
consuming process for large institution
and companies that is prone to human
error and often requires third-party
mediation. By streamlining and
automating these processes with
blockchain, transactions can be
completed faster and more efficiently.
Voting is an absolutely essential tool for any
democratic government. Blockchain technology
promises to bring an end to the problems
brought together by the traditional voting
system. Blockchain based applications can
solve the problem of high cost, transportation
expense and time delay factors and can bring
transparency and security through it’s advanced
cryptography and decentralization.
Blockchain particularly comes in handy when
it comes to monitoring supply chains. By
removing paper-based trails, businesses
should be able to pinpoint inefficiencies
within their supply chains quickly, as well as
locate items in real time. Further,
blockchain would allow businesses, and
possibly even consumers, to view how
products performed from a quality-control
perspective as they traveled from their
place of origin to the retailer.
Due to the lack of trustless System and
Immutability of data in a blockchain system, it is
difficult or almost impossible to hack into the
system. Also, Blockchain being decentralized,
there is no way of changing anything because
there is no any central authority.
This concept makes a new appearance in the
field of cybersecurity.
In a world with growing internet access,
copyright and ownership laws on music
and other content has grown hazy. With
blockchain, those copyright laws would be
beefed up considerably for digital content
downloads, ensuring the artist or creator of
the content being purchased gets their fair
share. The blockchain would also provide
real-time and transparent royalty
distribution data to musicians and content
creators.