Block Chain

-

         

    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.)

Comments

Post a Comment

Popular posts from this blog

Artifical Intelligence and Machine Learning

-
Image
  Artifical Intelligence and Machine Learning  The roots of Artificial Intelligence and Machine Learning are deep, tracing back to the mid-20th century. Alan Turing, a notable figure in the development of theoretical computer science and artificial intelligence, posed the question "Can machines think?" back in 1950. This ignited the spark that fuelled decades of innovation. The term "Artificial Intelligence" was coined by John McCarthy for the 1956 Dartmouth Conference, the first academic conference of its kind. Machine Learning, on the other hand, made its debut in the late '50s when Arthur Samuel developed a program that could learn to play checkers. Fast forward to the 21st century, we've witnessed the evolution from rule-based systems to machines that can learn from vast datasets and even from their own experiences. The milestones are numerous, from IBM's Deep Blue defeating world chess champion Garry Kasparov in 1997 to the advent of deep learning w...
Read more

5G and Beyond

-
Image
           5G and Beyond 5G network have evolved to improve mobile broadband services by increasing communication speeds, reducing latency, and improving reliability. SK Telecom, the largest mobile operator in South Korea, launched the World’s First commercial 5G service, in April 2019. Today, there were 127,50 deployments in 128 countries as of Nov 30,2022. India launched its first 5G network in Oct 2022, making one of the most rapid nationwide 5G network deployment in the world. Moreover, India’s 5G network ranks among the top-performing networks globally. 5G is designed to do a variety of things that can transform our lives, faster download speeds, more capacity and connectivity for billions of devices-especially in the area of virtual reality (VR), the IOT, and AI.  It generating 22.3 million jobs in the 5G global value chain alone. In India, 5G telecom networks are expected to represent nearly 2% of GDP by 2030. The 5G sector will generate revenue...
Read more

STEVEN PAUL JOBS (Cofounder of Apple Computer, Inc. (now Apple Inc)

-
Image
STEVEN PAUL JOBS  (Cofounder of Apple Computer, Inc. (now Apple Inc) From February 24, 1955, to October 5, 2011, Steven Paul Jobs was an American businessman, industrial designer, media mogul, and investor. He was Pixar's majority shareholder as well as Apple's co-founder, chairman, and CEO. After Pixar was acquired by The Walt Disney Company, he was also the chairman and majority shareholder of that company, as well as the founder, chairman, and CEO of NeXT. He is widely acknowledged as one of the pioneers of the personal computer revolution of the 1970s and 1980s, along with Steve Wozniak, who was also a co-founder of Apple and an early business colleague of his. In 1985, Jobs was expelled from Apple after a prolonged power struggle with the board of directors and the company's then-CEO, John Sculley. Furthermore, he contributed to building the special visualizations industry when he financed the PC designs division of George Lucas' Lucasfilm in 1986. The first 3D com...
Read more