Blockchain
Blockchain is exactly what it says it is: a decentralized collection of computer records or transactions put in a ‘box’ and linked together with a ‘chain’. Each box of data where multiple transactions or records are stored is called a block and they are linked to each other by encrypted chains of code.
Every block has a unique identity code that is generated based on an algorithm acting on the previous block’s data. This unique code is called the block’s hash and the process of encrypting and generating the code is called hashing.
What makes it so secure?
Backtracking the algorithm protecting/encrypting the data is an extremely difficult task by itself. Each user has a (online or offline) copy of the entire blockchain which makes it an easily accountable, transparent and decentralized system:
1. Accountability
Backtracking the algorithm protecting/encrypting the data is an extremely difficult task by itself. Each user has a (online or offline) copy of the entire blockchain which makes it an easily accountable, transparent and decentralized system:
2. Decentralized
Since every user has a copy of the blockchain, it creates a scenario for easy verification and decentralizes the data flow. This helps improve security as well as the speed of transactions.
Traditional systems are centralized on a bank server or a company server, on which targeted attacks are easier making centralized data more vulnerable.
3. Security
Since every block has a unique hash, tampering with its data will lead to tampering with the next block’s hash which will then cause a discrepancy in chain verification between two users. In case of a discrepancy, the chain is said to be ‘broken’ and the accountable user can easily be identified from the chain due to their unique ID.
The system of clear accountability, transparency, and immutability blockchain technology has set up provides a higher level of security than traditional upload/download security solutions, since these systems work on the basis of centralized information flow.
Future in blockchain
Blockchain is currently utilized in record-keeping of cryptocurrency transfers. However, worldwide implementation of blockchain can cause a major upheaval in the economy. Transaction fees, a major source of bank income, would become obsolete in favour of a decentralized system of money transfer. Users can leverage the transparency of blockchain systems to look into the workings of previously (unreasonably) obscure records of some institutions.
Supra in Blockchain
With special attention to all emerging fields of Deep Tech, we at Supra recognize the fundamental ways in which Blockchain can revamp the entire scenario of online security and record-sharing. Combining trained professionals and an adequate infrastructure to support your security requirements, Supra provides a powerful Blockchain portfolio to evolve your security infrastructure; special expertise in scaling enables us to cater to businesses of all sizes.
