Scribd Logo
Upload

Welcome to Scribd!

  • 4 views

    Block Chain

    Uploaded by

    patelom.rav
    Block chain technology uses a distributed digital ledger of encrypted blocks of transaction records shared across a network of computers to securely record and verify transactions without intermediaries. It promotes transparency and trust by giving all network participants access to the same information. Well-known applications include cryptocurrencies and finance, but it also shows promise in supply chain management, healthcare, and other industries by facilitating traceable and secure tracking of assets and data. Challenges remain regarding scalability, regulation, energy use, and interoperability, but ongoing research and collaboration aim to realize block chain's potential to transform business models and society through increased transparency and decentralization.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd

    Block Chain

    Uploaded by

    patelom.rav
    4 views1 page
    Block chain technology uses a distributed digital ledger of encrypted blocks of transaction records shared across a network of computers to securely record and verify transactions without intermediaries. It promotes transparency and trust by giving all network participants access to the same information. Well-known applications include cryptocurrencies and finance, but it also shows promise in supply chain management, healthcare, and other industries by facilitating traceable and secure tracking of assets and data. Challenges remain regarding scalability, regulation, energy use, and interoperability, but ongoing research and collaboration aim to realize block chain's potential to transform business models and society through increased transparency and decentralization.

    Original Title

    Block chain

    Copyright

    © © All Rights Reserved

    Available Formats

    DOCX, PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    Block chain technology uses a distributed digital ledger of encrypted blocks of transaction records shared across a network of computers to securely record and verify transactions without intermediaries. It promotes transparency and trust by giving all network participants access to the same information. Well-known applications include cryptocurrencies and finance, but it also shows promise in supply chain management, healthcare, and other industries by facilitating traceable and secure tracking of assets and data. Challenges remain regarding scalability, regulation, energy use, and interoperability, but ongoing research and collaboration aim to realize block chain's potential to transform business models and society through increased transparency and decentralization.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    4 views1 page

    Block Chain

    Uploaded by

    patelom.rav
    Block chain technology uses a distributed digital ledger of encrypted blocks of transaction records shared across a network of computers to securely record and verify transactions without intermediaries. It promotes transparency and trust by giving all network participants access to the same information. Well-known applications include cryptocurrencies and finance, but it also shows promise in supply chain management, healthcare, and other industries by facilitating traceable and secure tracking of assets and data. Challenges remain regarding scalability, regulation, energy use, and interoperability, but ongoing research and collaboration aim to realize block chain's potential to transform business models and society through increased transparency and decentralization.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 1

    Block chain Technology Summary

    Block chain technology has emerged as a revolutionary concept with the potential to
    transform various industries by offering a decentralized and secure method of recording and
    verifying transactions. At its core, a block chain is a distributed digital ledger that stores
    records (blocks) in a chronological and immutable manner across a network of computers
    (nodes). Each block contains a cryptographic hash of the previous block, creating a chain of
    blocks linked together, hence the term "block chain." One of the key features of block chain
    is its transparency, as all participants in the network have access to the same information,
    promoting trust and reducing the need for intermediaries in transactions.

    One of the most well-known applications of block chain is in crypto currencies like Bit coin
    and Ethereum, where block chain technology enables secure peer-to-peer transactions
    without the need for traditional financial institutions. Beyond crypto currencies, block chain
    technology has expanded into various sectors such as supply chain management,
    healthcare, finance, real estate, and voting systems.

    In supply chain management, block chain facilitates transparent and traceable tracking of
    goods from the point of origin to the end consumer, reducing fraud, counterfeiting, and
    logistical inefficiencies. In healthcare, block chain enhances data security and
    interoperability among healthcare providers while empowering patients to control and
    share their medical records securely.

    Financial institutions are exploring block chain for faster and more secure cross-border
    payments, smart contracts execution, and tokenization of assets such as real estate and
    securities. Moreover, block chain-based decentralized finance (DeFi) platforms are
    revolutionizing lending, borrowing, and trading of digital assets in a permission less and
    transparent ecosystem.

    Smart contracts, self-executing contracts with predefined conditions written in code,


    automate and enforce contractual agreements on the block chain without intermediaries,
    streamlining processes and reducing costs in various industries.

    Despite its potential, block chain technology faces challenges such as scalability, regulatory
    uncertainties, energy consumption in proof-of-work consensus mechanisms, and
    interoperability among different block chain platforms. However, on-going research,
    development of new consensus algorithms (e.g., proof-of-stake), and collaborations among
    industry players and regulators aim to address these challenges and unlock the full potential
    of block chain technology in the global economy. As block chain continues to evolve, its
    impact on business models, governance structures, and societal interactions is poised to be
    profound, paving the way for a more transparent, efficient, and decentralized future.

    You might also like