Blockchain Technology has the Ability to Change the Face of New Business

Dr. Ravikumar, Omprathap Velu

Abstract: Block chain Technology first emerged as the system underpinning bit coin, it is also known as distributed ledger technology (DLT), a shared record of information that is maintained and updated by a network of computers rather than a central authority. It is protected and secured by advanced cryptography. At basic level block chain is a digital platform for recording and verifying transactions. User A wants to send money online to user B this transaction is called a block, this block is broadcasted across the transaction network for verification by Peers, the peer-verified blocked is added to an unbreakable, un-hack able chain of other verified block. This chain provides a transparent record of transactions, now that the transaction is verified and recorded, the money moves from user A to user B. This paper will help you understand the technology and visualize its business implication in the present & future.

Keywords: Block chain, Block, Bit coin, DLT and Cryptography