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Blockchain Technology-Security Booster

Blockchain Technology-Security Booster

Harsha Kundan Patil
Copyright: © 2023 |Pages: 10
ISBN13: 9781668471326|ISBN10: 1668471329|EISBN13: 9781668471333
DOI: 10.4018/978-1-6684-7132-6.ch028
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MLA

Patil, Harsha Kundan. "Blockchain Technology-Security Booster." Research Anthology on Convergence of Blockchain, Internet of Things, and Security, edited by Information Resources Management Association, IGI Global, 2023, pp. 488-497. https://doi.org/10.4018/978-1-6684-7132-6.ch028

APA

Patil, H. K. (2023). Blockchain Technology-Security Booster. In I. Management Association (Ed.), Research Anthology on Convergence of Blockchain, Internet of Things, and Security (pp. 488-497). IGI Global. https://doi.org/10.4018/978-1-6684-7132-6.ch028

Chicago

Patil, Harsha Kundan. "Blockchain Technology-Security Booster." In Research Anthology on Convergence of Blockchain, Internet of Things, and Security, edited by Information Resources Management Association, 488-497. Hershey, PA: IGI Global, 2023. https://doi.org/10.4018/978-1-6684-7132-6.ch028

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Abstract

“Blockchain” as the name suggests is the chain of blocks. It is the chunk of digital information (blocks) that are connected through the public databases (Chain). It is nothing but the newer version of file organisation. Blocks store digital information like actual record of any transaction, details of involve entities in the transaction, time stamps, and other metadata of the transactions. Blocks also have unique ids, which are known as hash. Blockchain technology is built using peer-to-peer networking. Anyone who is on network can access the blocks. There is no centralised community to control the blockchain. It is operated by miners, the peoples who lend their computing power to the network to solve the complex computation algorithm problems. These blocks are stored in multiple computers. Due to its distribution and decentralisation, the validation process is broadcast in nature, which provides it “the trusted approach”. Blockchain enables security and tamperproof capabilities for storing data and smart contracts. Any tampering of data attempted by a node or user in a block changes the hash of the block. The blockchain technology has the capability to face and provides the solution to fight with the problem of risk and security concern online. In 2008, a mysterious white paper titled “Bitcoin: A Peer to Peer Electronic Cash System”, by visionary Satoshi Nakamoto gave birth to the concept of blockchain. The chapter explains the structure of blockchain technology in detail and enlighten the aspects that make blockchain technology the secure concept of today's world.

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