APPLICATIONS WITH BLOCKCHAIN TECHNIQUE
L. Godlin Atlas, Chetan Kumar, Rajakumari, P. Hamsagayathi · 2020
Blockchain technologies can be used to develop a lot of applications which are similar to the internet. The information recorded on a blockchain can take on any form, whether it is denoting a transfer of money, ownership, a transaction, someone's identity, an agreement between two parties, or even how much electricity a light bulb has used. It can be done by getting conformation from several devices, such as a computer, on the network. No one can remove or alter the data without the knowledge and permission of those who made that record, as well as the wider community. Rather than keeping information in one central point, as is done by traditional recording methods, multiple copies of the same data are stored in different locations and on different devices on the network, such as computers or printers, which is called a peer-to-peer network. If one point of storage is damaged or lost, multiple copies remain safe and secure elsewhere, and if one piece of information is changed without the agreement of the rightful owners, there are countless other examples in existence where the information is true, making the false record obsolete. Blockchain owes its name to the manner in which it works and how data is stored, which means the information is packed into blocks which link to form a chain with similar blocks. Normally, each block contains the data it is recording. It will also include a digital signature linked to the account that made the recording and a unique identifying link, in the form of a hash (think of it as a digital fingerprint), to the previous block in the chain. It is this link that makes it impossible for any of the information to be altered or for a block to be inserted between two existing blocks. In order to do so, all following blocks would need to be edited too. As a result, each block strengthens the previous block and the security of the entire blockchain because it means more blocks would need to be changed to tamper with any information. When combined, all of these create an unquestionable storage of information, one that cannot be disputed or declared to be untrue.