Question

Master thesis on :

Blockchain technology and its uses on today's on today's business life. [at least 4000 word ]

Answer 1

Block chain is nothing but it is a system of recording the information. There are so many other methods to record the information, block chain method offers more security to the data comparable to others.Here it is impossible to change the data so that hackers can't attack the data.

As the name implies it is actually a chain of blocks.Here the block refers to the digital information and chain refers to the public database.Blocks mainly consists of the following informations: information about the transaction,information about the participant in the transaction and unique information about the block which will helps the block to distinguish from others.

When the new information is added to a block, it will be added to the block chain.A particular block is added in the block chain after the following operations:

1. A transaction must have to occur.
2. After the transaction must be verified.
3. Then the transaction must be stored in the block.
4. A hash must be given to the block.This will actually helps to uniquely identify the block.

After the hashing , block can be added to block chain.

Every computer in the network of block chain will contain the copy of block chain.It may be thousands of copies so that it is very difficult for the hacker to attack since they have to manipulate every copy of the block chain. This is why we are calling the block chain as a distributive ledger.

Coming to the application,bitcoin network is one of the important field using the block chain technology.The technology allows the crypto currencies to operate without any central authority.Many processing and transaction fees can be reduced and also the risk can be reduced.Many business including banking,investments,medical fields etc can be using the technology now a days.In insurance schemes,for claims processing this technology can use.Smart contract can also be implement in block chain.Smart contarct is actually a computer code used to verify the contract agreement.Users are actually makes some agreements and if those conditions are met the terms of the agreement are automatically carried out. Block chain can be used in healthcare so that when a patient refers to multiple hospitals it is very easy to access his/her records in a single tip. Any one can see the data in a block chain and can add the data,but impossible to modify the same.The technology have great impact in applications like IoT,smart appliances,payment schemes etc.