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    Block Chain

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    Md. Didar Husain
    Blockchain technology is a distributed digital ledger that records transactions in blocks that are linked through cryptography. It allows for the decentralized, secure, and transparent transfer of value. Each transaction on the blockchain is authenticated through digital signatures and validated by a network of peer-to-peer nodes before being recorded in the distributed ledger. This makes the blockchain highly secure and resistant to corruption. While initially developed for cryptocurrencies like Bitcoin, blockchain has a variety of applications across industries due to advantages like security, decentralization, and automation.

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    Block Chain

    Uploaded by

    Md. Didar Husain
    17 views2 pages
    Blockchain technology is a distributed digital ledger that records transactions in blocks that are linked through cryptography. It allows for the decentralized, secure, and transparent transfer of value. Each transaction on the blockchain is authenticated through digital signatures and validated by a network of peer-to-peer nodes before being recorded in the distributed ledger. This makes the blockchain highly secure and resistant to corruption. While initially developed for cryptocurrencies like Bitcoin, blockchain has a variety of applications across industries due to advantages like security, decentralization, and automation.

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    Blockchain technology is a distributed digital ledger that records transactions in blocks that are linked through cryptography. It allows for the decentralized, secure, and transparent transfer of value. Each transaction on the blockchain is authenticated through digital signatures and validated by a network of peer-to-peer nodes before being recorded in the distributed ledger. This makes the blockchain highly secure and resistant to corruption. While initially developed for cryptocurrencies like Bitcoin, blockchain has a variety of applications across industries due to advantages like security, decentralization, and automation.

    Copyright:

    © All Rights Reserved
    Download as DOC, PDF, TXT or read online from Scribd
    Download as doc, pdf, or txt
    17 views2 pages

    Block Chain

    Uploaded by

    Md. Didar Husain
    Blockchain technology is a distributed digital ledger that records transactions in blocks that are linked through cryptography. It allows for the decentralized, secure, and transparent transfer of value. Each transaction on the blockchain is authenticated through digital signatures and validated by a network of peer-to-peer nodes before being recorded in the distributed ledger. This makes the blockchain highly secure and resistant to corruption. While initially developed for cryptocurrencies like Bitcoin, blockchain has a variety of applications across industries due to advantages like security, decentralization, and automation.

    Copyright:

    © All Rights Reserved
    Download as DOC, PDF, TXT or read online from Scribd
    Download as doc, pdf, or txt
    of 2

    Blockchain

    Blockchain technology is a structure that stores transactional records, also


    known as the block, of the public in several databases, known as the “chain,” in
    a network connected through peer-to-peer nodes. Typically, this storage is
    referred to as a ‘digital ledger.’ Every transaction in this ledger is authorized by
    the digital signature of the owner, which authenticates the transaction and
    safeguards it from tampering. Hence, the information the digital ledger contains
    is highly secure.

    In simpler words, the digital ledger is like a Google spreadsheet shared among
    numerous computers in a network, in which, the transactional records are stored
    based on actual purchases. The fascinating angle is that anybody can see the
    data, but they can’t corrupt it.
    Technologically, Blockchain is a digital ledger that is gaining a lot of attention
    and traction recently. But why has it become so popular? Well, let’s dig into it
    to fathom the whole concept.

    Record keeping of data and transactions are a crucial part of the business. Often,
    this information is handled in house or passed through a third party like brokers,
    bankers, or lawyers increasing time, cost, or both on the business. Fortunately,
    Blockchain avoids this long process and facilitates the faster movement of the
    transaction, thereby saving both time and money.

    Most people assume Blockchain and Bitcoin can be used interchangeably, but in
    reality, that’s not the case. Blockchain is the technology capable of supporting
    various applications related to multiple industries like finance, supply chain,
    manufacturing, etc., but Bitcoin is a currency that relies on Blockchain
    technology to be secure.
    Blockchain is an emerging technology with many advantages in an increasingly
    digital world:
    Highly Secure: It uses a digital signature feature to conduct fraud-free
    transactions making it impossible to corrupt or change the data of an individual
    by the other users without a specific digital signature.
    Decentralized System: Conventionally, you need the approval of regulatory
    authorities like a government or bank for transactions; however, with
    Blockchain, transactions are done with the mutual consensus of users resulting
    in smoother, safer, and faster transactions.
    Automation Capability: It is programmable and can generate systematic
    actions, events, and payments automatically when the criteria of the trigger are
    met.

    Blockchain is a combination of three leading technologies:


    1. Cryptographic keys
    2. A peer-to-peer network containing a shared ledger
    3. A means of computing, to store the transactions and records of the
    network

    Advantages
    One major advantage of blockchains is the level of security it can provide, and
    this also means that blockchains can protect and secure sensitive data from
    online transactions. For anyone looking for speedy and convenient transactions,
    blockchain technology offers this as well. In fact, it only takes a few minutes,
    whereas other transaction methods can take several days to complete. There is
    also no third-party interference from financial institutions or government
    organizations, which many users look at as an advantage.

    Disadvantages
    Blockchain and cryptography involves the use of public and private keys, and
    reportedly, there have been problems with private keys. If a user loses their
    private key, they face numerous challenges, making this one disadvantage of
    blockchains. Another disadvantage is the scalability restrictions, as the number
    of transactions per node is limited. Because of this, it can take several hours to
    finish multiple transactions and other tasks. It can also be difficult to change or
    add information after it is recorded, which is another significant disadvantage of
    blockchain.

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