Open AccessAn Overview on Blockchain
Author(s) -
Mrinal Paliwal,
Pankaj Saraswat
Publication year - 2021
Publication title -
international journal of innovative research in computer science and technology
Language(s) - English
Resource type - Journals
ISSN - 2347-5552
DOI - 10.55524/ijircst.2021.9.6.29
Subject(s) - blockchain , database transaction , immutability , computer security , transparency (behavior) , cryptocurrency , computer science , smart contract , key (lock) , database
Blockchain is a decentralized technology. When it comes to resolving business issues, it wields considerable power. Every transaction on the blockchain is encrypted, and each transaction is linked to a previous transaction or record. Blockchain transactions are validated by algorithms running on nodes. A single entity cannot start a transaction. Eventually, blockchain provides transparency by allowing any participant to view transactions at any moment. Smart contracts provide secure transactions, minimizing the risk of third-party interruptions. Ethereum is a decentralized platform based on smart contracts. It enables developers to create markets that transfer money according to the instructions given years ago. Blockchain is distinguished by two key characteristics: immutability and decentralization. Deals are completed faster; Transactions and authentication are completed in a matter of seconds, and much more.