Journal of Information Technology & Software Engineering
Open Access

Developed Blockchain Features: And it’s Usage

Philipp Müller^{* *}Correspondence: Philipp Müller, Department of Computer Science and Technology, University of Delhi, New Delhi, India, Email:

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Description

Blockchain is a framework that stores data. Its data is secured by means of various exchanges. Each time an exchange happens on the chain, a record of that exchange is created by each member of the network [1].

A blockchain may be a decentralized record of all exchanges across a shared organization. Utilizing this innovation, members will have the ability to affirm proceedings without having to submit a focal clearing authority application [1].

The quicker data gets distributed, the more precise it is. With blockchain, it's possible to convey that data to anyone, without requiring the permission of anyone. It's also ideal for keeping track of an organization's orders, records, and creation [1].

Key Parts of a Blockchain

Members of an organization approach the distributed ledger record and its record of exchanges. This record eliminates the duplication of efforts that usually occur in the operation of conventional businesses [2].

Immutable records

No member will alter or modify an exchange record after it has been recorded to the common record [2].

Smart contracts

A smart contract is a set of rules that can be executed naturally on the blockchain. It can be used to specify conditions for a corporate security move [2].

Blockchains in securing the data

There are various types of blockchain organizations, such as public or private, which can vary depending on the nature of their activities and the number of individuals who can access their information [3].

Public and private blockchains

A public blockchain network allows anyone to join and remain anonymous. Bitcoin is one of the most popular examples of this type of network. Its decentralized nature and the use of internetconnected computers make it possible to complete transactions without being identified.

Private blockchains usually use identity to confirm and confirm membership privileges. When combined, these two networks form a private members-only network. Due to the complexity of the transactions, only verified users can maintain the ledger.

Uses of blockchain

Aside from cryptocurrencies, blockchain can also be used in various areas. Its primary use is as a distributed ledger technology. As of 2016, many businesses have started implementing blockchain technology in order to see how it can improve their operations, some of them are

• Cryptocurrencies

• Financial services

• Video games

• Supply chain

• Domain names

Phishing attacks

Phishing is a scam that sends emails to users with fake links and phishing requests. Fraudsters send wallet key owners emails designed to seem as if they're coming from a legitimate source. The emails ask users for his/her credentials using fake hyperlinks. Having access to a user's credentials and proxy the sensitive information may block the data for the user and therefore the blockchain network [3].

Conclusion

Blockchain is a system of record keeping that makes it hard to modify or cheat. It's like a ledger of transactions that is distributed across a network of computers. Its goal is to make transactions secure and easy to access [4].

References