What is block chain technology? List down advantage and application of the technology

[amazon_link asins=’9353160855,9353160863,9386146827,9313164620′ template=’ProductCarousel’ store=’myupsc61-21′ marketplace=’IN’ link_id=’67aa7fba-cecb-11e8-af90-db16c95e867a’]A block chain is a digitized, decentralized, public ledger of all cryptocurrency transactions. Constantly growing as ‘completed’ blocks (the most recent transactions) are recorded and added to it in chronological order; it allows market participants to keep track of digital currency transactions without central record keeping. Each node (a computer connected to the network) gets a copy of the block chain, which is downloaded automatically.

Advantage:

  • High security is the feature of block chain technology.
  • Decentralized form of data. As a result there is no single point of failure of block chain technology.
  • High quality data is produced in block chain technology.

Application:

  • Health care: repository of electronic health record. Exchange of electronic health record, putting all medical licenses on a block chain, fraudulent doctors can be prevented from practicing.
  • Education: student records, faulty records and educational certificate can be maintained. It cans simply the process of attestation.
  • Food processing: Will help to keep a track on food item from agricultural land to consumers. Whether the Good manufacturing practices, hygiene and health standards are followed or not. Recording of agricultural records.
  • Civil registration: birth, death, marriage, property certificate and records can be put up in blockchain. This can help make citizen records tamper-proof, resilient, secure and private, thus providing wide-ranging benefits for a variety of stake holder.
  • Banking sector: to make transaction hack proof.

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