Human & Human Interaction everywhere, Keen monitoring and Care.These are Closed centralized systemsPRESENT
Partly automated and less Human Interaction, Decision Making is still with Human, Delay in processing and balances on Trust. most centralized system are open and beingFUTURE
New technology based on consensus schemes, Distributed Trust, allows services and process to be carried out automatically, involving logic and primitive cognitive decision making.
This Future technology is Blockchain technology.
Blockchain combines the security of cryptography, the storage and transmission of data in coded form, with peer-to-peer networks to create a shared database of transactions that is trusted, yet controlled by no one. (i.e, Decentralized Ledger).
Blockchain also known as Distributed Ledger Technology (DLT) is a distributed database peer network where all the entities in the network share the same ledger. Identical copies of the ledger are distributed to all nodes and kept in sync by the technology. It eliminates the need for interim approvers and speeds up the transaction time
In traditional systems, there is a settlement process for every transaction which is time consuming and to be carried-on by only trust worthy parties. Blockchain's flavour of transacting data is unique, algorithm driven and avoids intermediary, a block containing the transaction data is created only after all parties agree on the transaction.
Each node maintains the ledger in the form of a continuously-growing list of ordered records called blocks. After a transaction is complete, a new block is added to the chain and is distributed to all the peers in the network. This ensures the ledger in every node has the same data.Each block, in addition to its business content, contains a timestamp, a cryptographic hash derived from its contents and a link to its previous and next blocks. By design, blockchains are immutable i.e. once written, the data in a block cannot be changed
Consensus ensures that the shared ledgers are exact copies. Cryptographic hashes, such as the SHA256 computational algorithm, make certain that any alteration to transaction input results in a different hash value, which indicates compromised transaction input.
The four key compenents to opt for a DLT are •Privacy - Ensuring appropriate visibility; transactions are secure, authenticated and verifiable •Shared Ledger - Append-only distributed system of record shared across business networks • Smart Contract - Business terms embedded in a transaction database and executed with transactions • Consensus - All parties agree to network verified transaction
Blockchain minimizes the risk of collusion, tampering, and unintentional exposure of information. KE TECHIES chooses Hyperledger, a popular general purpose Blockchain platform for its Blockchain solutions. It is an open source project, being developed under the Linux Foundation. KE TECHIES offers Hyperledger Fabric deployment and Hyperledger Sawtooth as SaaS. The focus of Hyperledger is to build a Blockchain platform for business, with prime focus on security, scalability and privacy. KE TECHIES's Blockchain implementations are highly secure and scalable with access privelages restricted to all by default, and access provided only on need basis with design rules, Rest APIs and strict records.
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