Ridhima Chandani, Manipal University, Jaipur
I. INTRODUCTION
Blockchain refers to the “Virtual chain of information on various transactions called blocks combined together in an orderly manner maintaining a record or ledger of the transactions taking place across nodes of a blockchain and ensures that it is secure, decentralized, distributed and immutable”1.
The security that the Blockchain Technology provides tends to make it strong and ensures that the information is not meddled or altered in any way by facilitating that each block is connected with one another by way of digital signature and when a record is to be changed or modified all the connected records will also be changed accordingly. Data once entered cannot be deleted at all, it will keep getting replicated. It is transparent and ensures that people are held accountable for their own actions.
There are two categories of blockchain one is public and the other is private. Public Blockchain is the one where data can be accessed by each and every person taking part in the network whereas private blockchain is the one that is controlled and the people authorized can only take part in the network.
It allows people to transfer their assets digitally without involving any centralized third party. Blockchain Technology was though developed as a fundamental technology for cryptocurrencies but it ensures that it is not limited to that and strives to extend its application to other areas as well i.e., outside the scope of currency. This technology is best suited in cases where there are multiple parties involved who want to share data and wants to contemplate the same information in a transparent manner but in no way, this is the only criteria for blockchain technology to be effective and beneficial.
