Blockchain Technology: Structure, Pillars, and Importance

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BLOCKCHAIN TECHNOLOGY
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Table of Contents
Abstract............................................................................................................................................3
Blockchain Technologies.................................................................................................................3
Structure of blockchain technology.................................................................................................5
Pillars of Technology of Blockchain...............................................................................................7
1st pillar: Decentralization............................................................................................................8
2nd Pillar: Transparency..............................................................................................................10
3rd Pillar: Immutability..............................................................................................................10
Importance of blockchain technology...........................................................................................11
Improve accountability..............................................................................................................12
Improve security and efficiency of transactions........................................................................13
Other advantages...........................................................................................................................14
Conclusion.....................................................................................................................................15
Bibliographies................................................................................................................................16
Abstract
The 21st century is all concerned with the usage of technology. With the improvement in
desire for modernization in daily operations, individuals are open to accepting new technologies.

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A blockchain is useful in the distributed records of the database or shared ledger of all dealings
or digital actions that have been performed as well as common among joined parties. Every
operation in the unrestricted ledger is established by agreement of the popular of the contestants
in the scheme. Besides, once data is inserted it can never be removed. Blockchain comprises the
particular and provable evidence of every solitary operation ever completed. Bitcoin,
decentralized friend-to-peer digital exchange is the most common instance that utilizes the
technology of blockchain. The digital exchange bitcoin is very controversial, although the
essential skill of blockchain has worked perfectly and established various functions in both fiscal
alongside the non-economy globe. From the use of remote for scheming devices to utilizing
accent notes for offering several authorities, modern skill has created space in an individual’s
regular lives. There has been a shared misconception among individuals that Bitcoin and
Blockchain are a common element. However, that is not the case as development of
cryptocurrencies is one of the applications of Blockchain technology along with other than
Bitcoin. There exist several applications that are being created based on blockchain technology.
Therefore, this research paper aims to examine blockchain by focusing on its applications and its
current uses and future uses, and how it works. This paper also addresses the structure and pillars
of Blockchain technology.
Blockchain Technologies
Blockchain had been established as a blockchain that refers to the rising list of a report
known as blocks linked together by the use of cryptography. Every block comprises of a hash of
cryptographic of the subsequent block, the time brand, together with transactional information1.
1 Mueller, Paul. 2018. "Application Of Blockchain Technology". It - Information Technology 60 (5-6): 249-251.
doi:10.1515/itit-2018-0035.

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Blockchain refers to the system that deals with the process of distributing database that acts as
the “open ledger” utilized for management as well as storage of various operations of
transactions within a business. Each record within the database is described to be the block. The
block in most cases consists of details that include transaction timestamp together with the
connection to the past block. Such activities make the concept of blockchain to be impossible for
each person to change data that relates to the records retrospectively2. Besides, blockchains that
consist of immutable, encrypted, along with decentralization ledger posses the prospect of
creating each centralized organization, procedures, together with an activity completely
autonomous.
In the simplest idea, Blockchain can be described as the structure of data that holds
transactional records towards the idea of ensuring transparency, security, together with
decentralization. It is always linked with Bitcoin together with other cryptocurrencies, but that is
just the tip of the iceberg3. According to the perception of various individuals, they think that
blockchain could end up transforming the number of essential corporations’ right from politics to
the wellbeing of individuals. Moreover, Blockchain has various effects on Big Data, some of the
essential effects comprise of the elimination of trusted third parties, improved application of
cloud, and it will create Big Data go far away from the international society of information
technology. Blockchain skills a fairly new idea and rapidly rising piece of initial technology
such as cloud computing alongside the internet. Common structures of information had been
2 Kane, Ethan. 2017. "Is Blockchain A General Purpose Technology?". SSRN Electronic Journal.
doi:10.2139/ssrn.2932585.
3 Carlin, Tyrone. 2018. "Blockchain And The Journey Beyond Double Entry". Australian Accounting Review.
doi:10.1111/auar.12273.