Abstract
The objective of this chapter is to identify the applications of blockchain technology, to discuss the advantages of blockchain technology, and to identify the principles of blockchain technology. It was found from studies that in today's digital era, there are several applications of blockchain technology in the area of finance, voting, real estate, taxation, media, healthcare, food safety, data backup, data storage, and money transfer. Blockchain technology works on principles such as distribution database, transparency, peer-to-peer transmission, computational logic, etc. Moreover, blockchain technology provides several benefits over traditional technologies such as high speed, automation, reduced cost, innovation, enhancement of speed, and building trust, transparency, accuracy, traceability, etc.
TopWorking Of Blockchain Technology
The working of block comprises of the following procedure. For example, A wants to send money to B. The transaction between A and B is represented as a block. The block is broadcast to other parties for approval of the transaction. The block added the transaction in the chain if it is a valid transaction and then Money moves from A to B. The working of blockchain technology is shown in Fig: 1.
Figure 1. Working of blockchain technology
TopObjectives Of The Study
The study was conducted to fulfill the following objectives:
- 1.
To identify the applications of blockchain technology.
- 2.
To discuss the advantages of blockchain technology.
- 3.
To identify the principles of blockchain technology.
TopApplications Of Blockchain Technology
In today’s competitive scenario numbers of industries were affected by block chain. The impact of blockchain technology can be seen in Government sectors, banking & financial services, Health sectors, and various other business like real estate, supply chain, insurance, etc. Some of the big users of blockchain technologies are:
Key Terms in this Chapter
Digital Ledger: Digital ledger refers to the data base distributed among multiple participants.
Consortium Blockchains: Consortium block chains means blockchains which can be assessed by multiple organisations.
Peer-to-Peer Transmission: Peer to peer transmission means no one in the blockchain technology is dependent on central authority for any type of communication.
Private Blockchain: Private blockchain means blockchains which can be assessed by trusted participants only.
Public Blockchain: Public blockchain means blockchains which can be assessed by anyone.