Abstract
Blockchain is a technology which is still emerging.
Blockchain is not a centralized database instead it is a decentralized
distributed database of records or public ledger in which data is stored in a
secured manner across a network of computers. It stores data in blocks which
are linked together via cryptography. The decentralized database is immutable,
shared blocks in nature, provides data integrity forming a secure and
transparent chain. Blockchain is based on a network consensus approach in which
secured data is transferred between the parties using complex mathematical
algorithms and secret key to prevent valuable data from unauthorized viewing,
tampering and hacking. This structure guarantees a tamper-proof record making
it suitable for various applications.
Blockchain technology is now viewed as the key ingredient in
the next revolution in the field of
Information technology. This technology had reduced a lot the risk of frauds
and errors making it a standard technology to be used in various sectors where
secure transactions are a critical part. Thus it is very much used in field of
crypto currency, supply chain management, modern forensics, finance,
healthcare, bio medical sciences, smart contracts, etc. It also reduced the
operational cost of businesses by eliminating reliance on traditional
intermediate third-party entities, individuals or organization like banks.
Published Paper
Author Details
Authors: SUSHANT KUMAR SINHARegistration ID: 1013574 | Published Paper ID: IJLRA13574Approved ISSN: 2582-6433 | Country: Delhi, India
Article Information
About Journal
International Journal for Legal Research and Analysis
- AbbreviationIJLRA
- ISSN2582-6433
- AccessOpen Access
- LicenseCC 4.0
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