Block Chain Technology: Its Applications and Benefits

Abstract:

Data security is very important in the data and information management system. Many industries and organizations have devised many ways of storing the data and protecting it against unauthorized access. Intrusion can occur whenever there are lapses in the security measures put in place. Most dynamic and static intrusion focus on any simple occurrence of insecurity. Block chain technology is a decentralized and distributed ledger system used to record transactions across many computers so that any involved record cannot be altered retroactively meaning that any changes made will not be allowed to affects the past, hence all subsequent blocks can not be altered. This
allows the participants to verify and audit transactions independently. This research work highlights Distributed Ledger as one of the
technologies of block chain, its applications into various sectors, challenges of block chain, its effect on economy and hence the adoption of Block chain technology which dynamically detects any intrusion or modification into any database. We intend to implement a system where document timestamps could not be tampered with thereby securing the integrity of the document.

Keywords: block chain, distributed, digital ledger, time-stamping, concurrently.