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Myths, Realities and Future

technology have appeared recently. The most common involves the safe transfer of

items such as cash, property, contracts, etc.

By evading censorship, Blockchain promises to make our systems more equitable.

In traditional or conventional systems, the clearing control systems are centralized,

and thus, there was a high probability of security risks. Various traditional technolo­

gies were introduced as security measures, such as cryptography, number generator,

physical unclonable functions, etc. These security measures failed to counteract the

effects of stealthy (secretive) attacks during the runtime or testing phase as well

as the effects of uncertainties during real-time cases. However, in Blockchain, the

blocks are distributed and decentralized in the whole network, which makes it more

secure than the traditional systems. And if properly implemented, it could make our

systems more reliable and secure. Blockchain spreads its processes across a net­

work of computers, allowing Bitcoin and other cryptocurrencies to function without

a central authority and thereby decreasing risk and removing the processing and

transaction fees.

10.2  BLOCKCHAIN

Blockchain is a way to store, share and securely distribute data. Blockchain is a digi­

tal record file that preserves online transactions safely. In general terms, a Blockchain

is best thought of as a shared digital record on which each transaction is logged.

It can be described as an archive of fixed sequence data distributed and managed

by a device or computer group. It can also be termed an irreversible timestamped

sequence of data archives, which is decentralized and administered by a device or a

computer group. The technique timestamps the digital documents, not allowing any­

one to backdate them or tamper with them. Blockchain maintains constantly increas­

ing data logs. It is in dispersed form, i.e., no main computer possesses the complete

sequence. Instead, the contributing links have a duplicate of the sequence. The main

difference between a Blockchain and a typical database is the method of structuring

data. A database uses a table structure for data, while a Blockchain structures its

data into blocks or chunks that are attached together. It gathers information in clus­

ters called blocks that contain information sets. Blocks contain definite repository

volumes and when filled, are attached to the previously filled block, making a data

chain called the Blockchain. The essential idea when discussing Blockchain is that

it is open source, meaning that anybody with a computer and adequate free storage

space can download it. The objective is to resolve the issues of duplicate records

without making use of a central server. It focuses on safe transfer of things such

as money, assets, bonds, agreements, etc. without requiring an arbitrator such as a

government or bank. Blockchains use cryptography to secure and protect transac­

tions. Once data is embedded within Blockchain, it is very difficult to modify it. It is

a software protocol (similar to SMTP email). But, distributed networks comprise a

number of computers in different sites that share a data connection; there is no direct

data connection among them (Guru99, 2020).

Blockchain is distributed, i.e. there is no centralized control that can authorize

the transactions or rule set to approve or accept transactions. This signifies that an