The rise of Internet of Things connected devices in civilian and military settings has led to security concerns. This is because technology has changed our way of living. Our entire lives have been uploaded on the internet which puts a serious concern over the privacy and security of such data. Many instances have have reported across the world where such data gets into the hands of hackers and spammers. This led to a creation of system called as blockchain that could secure and align the data.
In 2008 initially blockchain was created to be used for digital currency called Bitcoin. But now technology itself is proposing many ingenious uses of blockchain technology. Since long, we have been transferring knowledge and money with a trusted intermediary third party in between. However, the blockchain eliminates the existence of such intermediaries. Instead it provides solution of a system that is incorruptible and decentralized in existence. The figure below points out some of the main features of blockchain.
Blockchains are classified under 3 types:
https://www.sciencedirect.com/science/article/pii/S2352864817302900
https://www.researchgate.net/publication/323491592_The_Blockchain_as_a_Decentralized_Security_Framework_Future_Directions
What is blockchain?
The blockchain is a public digital ledger that is in indestructible in nature. It contains list of records that are called as blocks. These blocks contains a cryptographic hash which is a mathematical algorithm that makes cryptography better. Succeeding blocks in the chain contains cryptographic hash of the preceding blocks. The hash contains a timestamp and transaction data.In 2008 initially blockchain was created to be used for digital currency called Bitcoin. But now technology itself is proposing many ingenious uses of blockchain technology. Since long, we have been transferring knowledge and money with a trusted intermediary third party in between. However, the blockchain eliminates the existence of such intermediaries. Instead it provides solution of a system that is incorruptible and decentralized in existence. The figure below points out some of the main features of blockchain.
Types of blockhain:
Blockchains are classified under 3 types:
- Public blockhains
- Private blockchains
- Consortium blockchains
Different uses of blockchain:
Apart from digital currency blockchain technology can be used in different parameters. It can be used for video games. One such video game called Crypotkitties is a blockchain video game. Moreover, for the compilaion of sales data and tracing of digital payments blockchain is a undeniable resort.Conclusion:
The statistics shared by Indeed.com states that blockchain jobs increased by 207% from 2016 to 2017. This is a clear indicator of the development and investment being done in this technologyhttps://www.sciencedirect.com/science/article/pii/S2352864817302900
https://www.researchgate.net/publication/323491592_The_Blockchain_as_a_Decentralized_Security_Framework_Future_Directions
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