Block-chain is the method of transaction that uses the decentralized record of transaction that means there is no one or a group of people are in control of your data which is transferred instead of that all the user of the network can view the data so altering the data in all the network we be almost not possible. Block chain collects data and stores in a group which is called as a block, and it will be stored in a linear and chronological manner whatever the data comes new will be added in the end of the row and after the new data is added the previous data cannot be changed.
The block chain is entitled to allow digital data to be stored and distributed to the user and not edited by the user that is why block-chain is called as a distributed ledger technology for it’s immutable nature and data or information can be recorded and cannot be altered, delete or destroyed. Hence, the block chain methods was followed by many crypto-currencies like bitcoin, the bitcoin can provide secure payment pathway and can avoid third party from the transaction, use of block chain is a collective processing of the transaction from many computer which is peer-to-peer network where many computer network are joined together to solve a equation to check the transaction’s validly then only the transaction will take place
Transperancy and safety
block-chain provides the transparent and safe transactions. The block-chain uses the peer-to-peer network so all the miners will have access to the information of the transactions f a hacker tries to alter a data from one network then by keeping all other network’s data this altered data will stand out, so finding which is altered is so easy only if hacker able to hack more than 51% of the networking which the transaction was made then only there is a chance to really alter the information but in the current situation itself the bitcoin’s equations have become more complicated as there is more miners than before and the size of the networks is also growing. So hacking such a huge number of computer networks will be very hard and will be extremely expensive, before the invention of the block-chain method the large data is stored in the one data base in we tried to protecting but hacker will always find a way to hack the system how strong that system is, but now it leaves no route to hackers to alter the information. When the data is been processed by a server or a group of network from one area and if the electricity was shut down or the hacker get in the network and destroys or alters the information everything would be spoiled but I the blockchain the data that is been processed is sent as piece to all over the world to solve the equation so data can be protected in every circumstance if a hacker alters or destroys a data then in another network it will stay as unaltered.
Block-chain is adapted in various fields as we can see the biggest example is bitcoin and followed by that many cryptocurrencies have come into the market by using the block chain as payment method and block-chain is considered as safe and secure method for international payments the user has no tension about the hackers and loss of money hence it is the most secure way that is found. Block chain is just the way of storing the data and has become a practice though many famous company have included the blockchain method to store the data like Walmart, IBM, Unilever ltd etc.,
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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.More About Us