BLOCK CHAIN

In olden times we used to have ledgers to keep track of all the data , weather it can be a bank or a hotel or any other firm which deals with large number of data. People also used to authenticate the data by signing in front of the transaction they initiated. This method of handling transactions built a sense of trust among all the people in the network.

As technology improved people thought of decentralizing the authority in simple words if we are making any financial transactions then banks act as authority to initialise , verify , validate and complete the transactions and payments we make , in this way bank becomes the central authority to conduct all these . If this process can be handled by different people in the network , no one being the central authority then the system becomes decentralised this is where Block chain comes into picture.

There are four fundamental things when we are using a Block chain network

1. Transparency - All the transactions taking place are transparent to all the people in the network , only time and transactions are made transparent personal info is private.

2. Data integrity - when a transaction happens it shouldn't be tampered with middle men or external agents like hackers the data should be secure.

3. Data authentication - Every transaction should be authenticated with respect to sender and receiver ,so that the right person get the money sent by the corresponding person.

4. Decentralised system - no central authority should be taking charge , all transactions should be decentralised among many people in the network.

In this way Block chain is driven by four pillars and in the recent times it has been implemented in various fields like crypto currency , Industrial management etc, this technology has a very good contribution in the future.