A Digital Magazine from IT Department

Rahul Koul(2012)

Assistant Manager,Deloitte ,Mumbai

What Is a Blockchain?

A blockchain is a distributed database that is shared among the nodes of a computer network. As a database, a blockchain stores information electronically in digital format. Blockchains are best known for their crucial role in cryptocurrency systems, such as Bitcoin, for maintaining a secure and decentralized record of transactions. The innovation with a blockchain is that it guarantees the fidelity and security of a record of data and generates trust without the need for a trusted third party.

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.

MECHANISM OF BLOCKCHAIN


ADVANTAGES OF BLOCKCHAIN

Online voting
Real estate
Personal data storage
Trade Smart contracts
Internet of things
Health care
….and many more