Block Chain

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    Block Chain      

The concept of a blockchain-like protocol was first proposed by David Chaum in 1982 and further developed by Stuart Haber and W. Scott Stornetta in 1991 to create a tamper-proof system for document timestamps. They later enhanced it with Merkle trees to improve efficiency. The first decentralized blockchain was introduced by Satoshi Nakamoto in 2008 as the core of Bitcoin, using a Hashcash-like method for secure block creation without a trusted party. The term “blockchain” became popularized by 2016. Despite early adoption in financial services, widespread implementation of blockchain technology has been slow, with only a small percentage of CIOs recognizing it as transformative by 2019. Blockchain is a type of database that’s a public ledger for recording transactions without the need for a third party to validate each activity. It’s distributed across a P2P network and consists of data blocks linked together to form a continuous chain of immutable records. Each computer in the network maintains a copy of the ledger to avoid a single point of failure. Blocks are added in sequential order, and they’re permanent and tamper proof. The advantages of blockchain are increasing trust, security and transparency among member organizations by improving the traceability of data shared across a business network, plus delivering cost savings through new efficiencies. How are block chain used? As we now know, blocks on Bitcoin’s blockchain store transactional data. Today, tens of thousands of other cryptocurrency systems are running on a blockchain. But it turns out that blockchain is a reliable way of storing data about other types of transactions. Some companies experimenting with blockchain include Walmart, Pfizer, AIG, Siemens, and Unilever, among others. For example, IBM has created its Food Trust blockchain to trace the journey that food products take to get to their locations. A real-life example of blockchain in action is IBM’s Food Trust network. This system uses blockchain to track food from the farm to your table. By recording every step on the blockchain, it helps quickly find the source of any contamination, making food safer and reducing waste. This example shows how blockchain can make processes more efficient and improve accountability in various industries.

Laxmi Gupta
Shravan Gupta
Ashish Harde
Dipesh Jadhav
Harsh Jain
Aakash Jha

T.Y.BSc.(I.T.)

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