Blockchain Technology: An Overview on Its Working Applications

Year : 2024 | Volume : 11 | Issue : 02 | Page : 33 39
    By

    Kartikeyan Balla,

  • Kalyani Alisetty,

  1. Student, Department of Management, Sinhgad Institute of Business Administration and Research, Pune, Maharashtra, India
  2. Assistant Professor, MCA, Sinhgad Institute of Business Administration and Research, Pune, Maharashtra, India

Abstract

Blockchain technology is one of the enhanced technologies in this era, operating as a structural database that accumulates and stores information in discrete blocks. These blocks are interconnected, forming a chain where data is securely stored. Blockchain employs enhanced security measures to protect against tampering, manipulation, or hacking attempts. A main aspect of blockchain is its decentralized system. When a transaction occurs, approval from authorities within the business network is required for recording. This decentralized approach ensures that data cannot be easily modified without authorized consent. Furthermore, blockchain technology is highly efficient, aiding faster transaction processing within business networks. The data is chronologically immutable, ordered by time, facilitating quicker audit processes and efficient transaction recording for enterprises. This technology is usually used for recording transactional records between parties, creating a chain of interconnected blocks. Its impact is particularly notable in payment processing and financial transactions, including the realm of cryptocurrency. Moreover, cryptocurrency, a digital currency facilitated by blockchain technology, operates worldwide through a decentralized system enabled by cryptography. Transactions, including buying and selling of instruments like Bitcoin or Ethereum, must occur transparently, a feat achieved through blockchain’s secure processing and recording mechanisms. Hence, blockchain technology streamlines processes, enhances data security and automates transaction recording with authorized oversight, making it an essential advancement in today’s digital world.

Keywords: Blockchain technology, transactions, network, cryptocurrency, database, security, distributed network, decentralized system, applications

[This article belongs to Journal of Mobile Computing, Communications & Mobile Networks ]

How to cite this article:
Kartikeyan Balla, Kalyani Alisetty. Blockchain Technology: An Overview on Its Working Applications. Journal of Mobile Computing, Communications & Mobile Networks. 2024; 11(02):33-39.
How to cite this URL:
Kartikeyan Balla, Kalyani Alisetty. Blockchain Technology: An Overview on Its Working Applications. Journal of Mobile Computing, Communications & Mobile Networks. 2024; 11(02):33-39. Available from: https://journals.stmjournals.com/jomccmn/article=2024/view=155392


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Regular Issue Subscription Original Research
Volume 11
Issue 02
Received 04/06/2024
Accepted 29/06/2024
Published 05/07/2024
662

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