Blockchains are today being used by government as well as corporate agencies because of the security, integrity and privacy they offer. These security features are provided by decentralised applications and smart contracts. Important applications of blockchain include cryptocurrencies, non-fungible tokens (NFTs), financial transactions, logistics management, e-governance, and many others.
Transaction logs associated with blockchain-based applications are secure and have no scope for hacking. Each and every record in the blockchain is linked to dynamic cryptography, enabling all transactions to be encrypted, thus eliminating the risk of sniffing or hacking.
The distributed ledger in a blockchain is a digital asset that has been copied, synced, and shared across several devices and locations to prevent manipulation by third parties. For instance, a bank can offer a better level of security if it uses distributed ledger technology. The records of the transactions will be kept on one million devices if that bank has a million customers. So instead of just one server, the hacker will have to break into one million devices simultaneously. This is the main benefit of utilising decentralised blockchain technology.
If hackers gain access to a bank’s server using a centralised application, they can copy all the customer information and data. That is the primary factor driving the decentralisation of webbased applications by government organisations.
Decentralised applications can be used to safeguard government servers that host land registry records, citizens’ data (including Aadhaar in India), permanent account numbers (PAN), and so on.
This story is from the March 2023 edition of Open Source For You.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the March 2023 edition of Open Source For You.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber? Sign In
The Crucial Role of Open Source in Advancing Blockchain Technology
Open source and blockchain technology are like soulmates, forging connections, building bridges, and working together to create a future that is more open, inclusive, and equitable.
Why Open Source Dependencies Must be Managed
Unmanaged reliance on open source software may result in a Support crisis over a project’s life span, as well as financial loss for the organisation. Planned and regular upgrades of open source software components are a must.
Why Cloud Security Alone is Not Enough for Enterprises
Traditional and off-the-shelf security tools for the cloud may lull organisations into a false sense of being safe from cyber threats. This first article in the two-part series explains why organisations must develop an enterprise cloud security governance strategy’.
Openchain: Revolutionising Supply Chain Management
Openchain’s unique features cater specifically to enhancing supply chain management. This distributed ledger technology is helping to build a future where supply chains are more transparent, efficient, and secure.
Open Source, Private and Public Blockchain Platforms: What They Offer
Open source platforms play a crucial role in driving innovation and democratising access to blockchain technology. These platforms promise to have a significant impact on the future of society by offering a range of benefits.
Why Choose Hyperledger Sawtooth?
Hyperledger Sawtooth has earned a formidable reputation as a champion of modularity in the realm of enterprise blockchains. We delve into its components and functionalities, as well as the advantages it offers businesses seeking custom-crafted blockchain solutions.
Hyperledger Fabric: What You Should Know and Why
Understanding the essential features of Hyperledger Fabric is crucial for anyone looking to develop blockchain applications for enterprise use. These features provide the foundation for building secure, scalable, and privacy-focused applications, and can be leveraged to create innovative solutions that address real-world business challenges.
The Metaverse and Blockchain Technology: What the Future Holds
The integration of the metaverse with blockchain technology has opened exciting possibilities for managing digital assets in virtual environments. As virtual worlds become increasingly immersive and interconnected, the need for secure and efficient asset management solutions has never been greater.
Machine Learning Basics for a Newbie
Machine learning is a vast and rapidly evolving field, and this article serves as a stepping stone for those new to the domain. Explore the fundamental concepts of machine learning, from understanding the differences between traditional programming and ML to delving into various types of machine learning algorithms.
Human-AI Collaboration is the Future
Al-augmented decision making is making a transformative impact across various fields, benefiting a range of industries.