general knowledge refresher

general knowledge refresher

general knowledge refresher Published this article page no  66 Decentralised mechanism: Blockchain technology provides efficient distributed ledger storage mechanism with appropriate authentication and authorization thereby eliminating the need for a third party to validate the transactions. Bringing transparency and efficiency: Any tangible or intangible asset of value can be represented and tracked on a Blockchain network, which brings transparency, increases processing speed and reduces cost. Fraud prevention: A system that is based on data stored in a number of places is immune to hackers. It is not that easy to get access to it, and if so, any piece of information can be easily recovered. Enabling trust in the digital world: Features like transparency, efficiency, security and accountability fosters trust in digital arena. Applicability in diverse domains: Blockchain can be used in both Permissioned and Permission-less models. These models have applications in various domains such as education, governance, finance & banking, healthcare, logistics, cyber security, media, legal, power sector, etc. Examples of potential applications E-Governance: This technology can effectively be used in situations where multiple organizations or departments are involved in a particular workflow which not only makes the underlying system more efficient but also brings trust, transparency and accountability in the system. o This includes Property Record Management, Digital birth, death and education certificates Management etc. Blockchain Models Public/Permissonless Private/Permissioned Anyone can join, read, write and commit Only authorized participants can write and commit All are allowed to participate in consensus and anonymous resilient Authorized nodes only can participate in consensus Truly decentralized because of participation of unknown actors Partially decentralized because of participation of known actors Finality of transaction could take longer time due to more number of participants Finality of transactions could be better in this model due to less number of participants 83o For eg: UAE through Smart Dubai initiative, aims to become the first city fully powered by Blockchain by 2021 and enhance everything from healthcare and education to environmental sustainability. o Keyless Signature Infrastructure (KSI) technology is used in Estonian government to prove the authenticity of the electronic records. Banking: Blockchain can help in avoiding risk of payment losses involved in banking transactions, reduces cross-borders transaction fees, corporate payments and remittances current gk buy.

general knowledge refresher