Cryptocurrencies and Blockchain Technology Applications

CHAPTER 9APPLICATIONS WITH BLOCKCHAIN TECHNIQUE

L. Godlin Atlas, C. Magesh Kumar, Rajakumari, P. Hamsagayathi

Department of Computer Science and Engineering, Sri Shakthi Institute of Engineering and Technology, Coimbatore, Tamil Nadu, India

AbstractBlockchain technologies can be used to develop a lot of applications which are similar to the internet. The information recorded on a blockchain can take on any form, whether it is denoting a transfer of money, ownership, a transaction, someone’s identity, an agreement between two parties, or even how much electricity a light bulb has used. It can be done by getting conformation from several devices, such as a computer, on the network. No one can remove or alter the data without the knowledge and permission of those who made that record, as well as the wider community. Rather than keeping information in one central point, as is done by traditional recording methods, multiple copies of the same data are stored in different locations and on different devices on the network, such as computers or printers, which is called a peer-to-peer network. If one point of storage is damaged or lost, multiple copies remain safe and secure elsewhere, and if one piece of information is changed without the agreement of the rightful owners, there are countless other examples in existence where the information is true, making the false record obsolete.

Blockchain owes its name to the manner in which it works and how data is stored, which means the information ...