76
Blockchain Technology
5.2.4 Chronological and Timestamped
The chronological order is the order in which the process of listing, discussing or
describing the event is based on its occurrence with respect to time. Blockchain uses
timestamping methods, through which a timestamp will be recorded for each and
every activity over the document (Yapicioglu et.al, 2020). This makes blockchain
work in a secured way, as it allows the user to track all the transactions right from the
creation to the modification of the data/document. Since the timestamp is attached
to each activity it is possible for the owner to check which event occurred first and
what happened later.
5.2.5 Sealed with Cryptography
The blocks that are created in the blockchain will be cryptographically sealed so that
it becomes impossible for the user to modify, copy or delete the blocks that are cre
ated over the network. This enables a higher level of robustness as well as trust over
the data in the blockchain. Further, the decentralized model makes the blockchain
failover resilient;a failure happening with a large number of networks might not have
an impact on the data, as this model eliminates single point failure. Also, the data
stored in the blockchain is immutable (Zheng et.al, 2018).
5.2.6 Irreversible as Well as Auditable
The blockchain has an irreversible property, as a record that is stored in the database
over the transaction cannot be reverted back or altered. The records of a single transac
tion will be linked to every other transaction, which resembles the structure of a chain.
It is auditable; as the data is stored with the proper timestamps, each and every process
can be audited easily for finding deviations or fraud that occurred over the data.
5.2.7 Transparency
The blockchain is transparent in nature, as every transaction with its associated value
can be viewed by the allowed users of the network. Each user or node will have a
unique alphanumeric address, which uniquely identifies the user or node. Users have
the possibility to remain anonymous or can show their identity to others as a proof.
Hence, all transactions will occur between different addresses of the blockchain.
5.2.8 Limited Third Parties
It is acknowledged that blockchain practises fair information,i.e., implementsa set of
principles that are related to user concerns and privacy policies. All the transactions
can be controlled by the respective user; therefore, the data can be secured through
the usage of private and public keys. Since the process is completely secured, it
reduces the need forthird-party intermediaries that may misuse the data. Since
everything depends on the rules and policies for access, the third party cannot access
the data until the owner provides the proper permission.