Block Chain is a digital ledger that is used for the transactions of the data in a computer network. The information that is passed from several networks will be stored in each block of the chain; each block consists of the number of transactions and forms a chain. Therefore it is known as Block chain technology.  Block chain is best for the crypto currency such as Bit coins; to store the information securely and decentralized record of transactions. The capacity to store the data in a block is fixed. If the block is filled, it will add a new block and store the data by linking the previous data that are stored in a block and forming a chain. Usually, data are stored in a form of tables, whereas in block chain the data are stored in a form of chunks (blocks). It is hard to hack the block chain because if one block in a chain is changed, it is easy to identify that the block is tampered with. So if the hacker wants to corrupt the data, he should change all the blocks which are merely not possible. So block chain is considered to be a security for the participant ledger. 

Why block chain technology is safe? 

In some other databases like SQL and Oracle database; the entries can be easily changed; because there is a third person who is in charge of it. But in block chain it is not possible because there is no person involved, it is completely working by the people who use it. So bit coins cannot be faked.

What is block chain? 

Block chain is used to store the digital data and recordings which cannot be altered, destroyed, or deleted. The data in the block chain can be recorded and transferred but it cannot be edited. The block chain is also known as Distributed Ledger Technology. This is why the block chain is put to use in crypto currencies such as Bit coin. The technology of Block chain is highly secured and trusted. 

If a company has its entire client's information on a computer in a warehouse, about 10000 information are there up to now. It is not easy for the company to store. If single information is changed, it is not easy to find the corrupted data. If the entire warehouse is fired, it cannot be got back. But in block chain it cannot happen, because the information will be stored in different nodes at a different locations. If data is corrupted; the single block of the chain will be corrupted, and the remaining block will remain unchanged. It is easy to identify the corrupted data and to pinpoint the incorrect data. The data that is stored in the block chain are transparent. A single node cannot change the entire data. The information and history that are stored in a block chain are irreversible. 

The transactions of the bit coin can be easily tracked; either by having a personal node or block chain explorer. The block chain is transparent. Every block in the chain is created with the hash. If a block is filled, a new block will be added to the end of the previous block, with a hash. The hash is created in a mathematical function that changes the string into numbers and letters. So if a node in a block chain is altered, the hash will also get altered. If the hacker altered the single node of its own copy, every other copy remains unchanged. So if it cross-checked the altered one will be easily found. 

Conclusion-

Block chain is a transparent technology. In block chain transactions are secured, efficient and private. It is more secure because there is no third party involved to refer the data.  

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We speak the language of Technology & Internet. We understand how the law interacts with Technology & Internet. Cyber Crime Chambers is a boutique firm specializing in internet laws and digital forensic evidence.

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Karthikeyan.N

B.A., B.L., (Hons) IPDP., (London)
Pgd IPR., Pgd Cyber Law., Msc., (IT)
CCI., CFA., IPCL.,
Advocate, Madras High Court

Karthikeyan, is a renowned cyber law expert, who is also the Managing Partner of Law Office of Karthikeyan, a reputed law firm based in Chennai.

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