About Blockchain Technology
Certainly, blockchain technology is being prevalent in the modern IT world due to its multifarious benefits in different domains such as banking, power management, automobile, risk management, etc., however, on the flip side, it has also been criticized for the security, privacy and trust challenges. As it is important to consider the security and privacy concerns to deal with the innovation of technology.
There are many studies conducted in the domain regarding the lethal change’s technology is introducing but the technical and application perspectives, but it is also risking the private lives of their individuals at risk. The main positive of the blockchain technology is that individuals are trusting the blockchain architecture rather than any central entity, a strong distributed consensus and authentication system is used in order to manage the security of the complete system.
Security of blockchain
There are a lot of different security functions in the information and communication technology, which become a necessary prerequisite to successfully implement the blockchain technology. The first and foremost is to implement a robust and strong peer to peer network that stands to include the right number of nodes and resources in the network so that accurate bandwidth can be established among the devices.
Therefore, as a final two elementary things are required i.e. distrusted delivery management system and the crypto-agility system will be required to complete the trustworthy project. From the term crypto agility, it is explained that right environment is established for the implementation of crypto algorithm such as RSA, hash functions, signatures, etc. Moreover, an additional remote function system will be required which can fulfill the remote validation of the individual data in the peer to peer connection. The user interface to the network in the form of a wallet or any other application will act as the trust-building element for the technology.
Blockchain technology beholds various business opportunities and applications that will have the potential to change the complete ecosystem of the businesses altogether. Thus, distributed ledger technology is one such great example of blockchain technology, which allows business administrates to manage the changes and automatically handle the traditional transactions in trusted and automatic manners. This process will simplify leads to save time, money and effort of the business individuals.
Distributed Ledger Technology
The Distributed Ledger Technology or DLT is one of the first kind of the blockchain-based ledger system that involves independent computers from different geographical locations to communicate in order to store, share and synchronize the digital transactions of the business. The future scope of the Distributed Ledger Technology is to introduce them to the real-world business in an incremental manner because it will make the technology more sustainable and make the tracking province easier for the technicians of the technology. The domains which can be further explored for the applications of blockchain can be unbanked population sectors so that the subsequent sales and financing issues can be dealt with in an effective and optimal manner in the near future.