civil services chronicle magazine

civil services chronicle magazine

civil services chronicle magazine Published this article page no     149 Blockchain technology is an amalgamation of various technologies such as distributed systems cryptography etc.Blockchain is a series of blocks where each block contains details of transactions executed over the network hash(address) of the previous block timestamp etc.Data and transactions stored in blocks are secured against tampering using cryptographic hash algorithms and are validated and verified through consensus (consensus protocols) across nodes of the Blockchain network.Blockchain platforms are being developed across the globe to offer Blockchain based digital transaction platforms enabled with interoperability across various chains. Popular blockchain platforms include Hyperledger Cosmos Polkadot Redbelly Ethereum etc. Significance of the technology Decentralised mechanism Blockchain technology provides efficient distributed ledger storage mechanism with appropriate authentication and authorization thereby eliminating the need for a third party to validate the transactions.Bringing transparency and efficiency Any tangible or intangible asset of value can be represented and tracked on a Blockchain network which brings transparency increases processing speed and reduces cost.Fraud prevention A system that is based on data stored in a number of places is immune to hackers. It is not that easy to get access to it and if so any piece of information can be easily recovered.Enabling trust in the digital world Features like transparency efficiency security and accountability fosters trust in digital arena civil services chronicle magazine buy.


civil services chronicle magazine

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