Blockchain the revolution in data security
- 2. BLOCKCHAIN ● It is a distributed database that is shared among the nodes of a computer network ● As a database it stores information electronically in digital format ● This are best known for their crucial role in cryptocurrency systems, as it is used for maintaining a secure and decentralized record of transactions ● The innovation with a blockchain is that it garrenties the fidelity and security of a record of data and with trust without the need for a trusted third party
- 4. How blockchain work ?? ● A database usually structures its data into tables, whereas a blockchain, like its name implies, structures its data into chunks (blocks) that are strung together. ● This data structure inherently makes an irreversible time line of data when implemented in a decentralized nature. ● When a block is filled, it is set in stone and becomes a part of this time line. Each block in the chain is given an exact time stamp when it is added to the chain. ● Each block has its hash (a code secure like fingerprint) and the hash of previous block and the data stored in it
- 6. SOME OF EXAMPLES ● Proof of insurance—Nationwide insurance company is currently testing a blockchain solution to provide proof-of-insurance information called RiskBlock. Ultimately, when this tool is fully deployed it will help law enforcement, insured and insurers verify insurance coverage in real time and accelerate claims processing. ● Spotify—When Spotify acquired blockchain startup Mediachain Labs it was to help develop solutions via a decentralized database to better connect artists and licensing agreements with the tracks on Spotify’s service. ● IBM Blockchain—Knowing the status and condition of every product on your supply chain from raw materials to distribution is critical. Blockchain for supply chains allows transparency with a shared record of ownership and location of parts and products in real time.
- 7. ADVANTAGES ● Transparency Users or developers have the opportunity to modify it as they see fit. This makes blockchain a particularly secure technology. ● Reduced transaction costs Blockchain allows peer-to-peer and business-to business transactions to be completed without the need for a third party. it means they can actually reduce costs to the user or businesses over time.
- 8. CONTINUE….. ● Faster transaction settlements Blockchain technology is working 24 hours a day, seven days a week, meaning blockchain-based transactions process considerably more quickly. ● Decentralization Blockchain actually allows individual transactions to have their own proof of validity and the authorization to enforce those constraints.
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