Consortium block chains means blockchains which can be assessed by multiple organisations.
Published in Chapter:
Blockchain Technology: Principles, Applications, and Advantages of Blockchain Technology in the Digital Era
Satveer Kaur (Maharaj Agrasen University, India), Neeru Jaswal (Chandigarh Group of Colleges, India), and Harvinder Singh (Maharaja Agrasen University, India)
Copyright: © 2022
|Pages: 9
DOI: 10.4018/978-1-6684-4133-6.ch012
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.