Blockchain Technology

It is an ingenious invention- the brainchild of a person or group of persons known by “pseudonym”. It allows the information to be distributed but not copied. Blockchain technology is the backbone of a new type of internet, which was originally devised for digital currency: bitcoin, now currently finding other potential uses for technology.

For eg: The traditional way of sharing documents is to send a Microsoft word document to another recipient and ask them to review and wait for the return copy to make any other changes. The blockchain is just like a google document or sheet, where parties have access to edit and review the same at the same time, just like a shared ledger. This comes in handy when it involves a large number of people.

It has built-in robustness which shares blocks of information that are identical across its network, it cannot be controlled by a single entity and has no single point of failure.

It is self-auditing eco-system of a digital value which lives in a state of consensus and automatically checks in with itself every 10 minutes.

Important properties of blockchain are:

i) Data is embedded in a network which is transparent to the public. 

ii) It cannot be corrupted (change in any unit of information requires a huge amount of computing power to override the entire network)

Uses: 

i) Inter-organisational data management: It represents a revolution in how information is gathered and collected, it is more about managing a system of record rather than maintaining a database. 

ii) Audit Trails: It automatically creates a record of those who have accessed a particular record/s. Thus creating a trail automatically for which the banks spend billions of dollars to keep the information secured and then they are hacked which results in leaking of financial details not always but sometimes.

“The blockchain does one thing: It replaces third-party trust with a mathematical proof that something happened”- Adam Draper.

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Author: Gaurav Sureka and Utkarsh Yadav
Kautilya 
IBS Mumbai