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You may have heard of bitcoin, a digital currency that is shaking up the financial world by making it possible for parties in a transaction to exchange money without the need for intermediaries like banks or credit card processors.
However, it's less likely you've heard of blockchain, the technology that underlies bitcoin. Blockchain is an important technology for records management professionals to understand because it has broad implications for securing and authenticating intellectual property at lower cost and higher efficiency. Here's what you need to know.
There are many ways to store files in cloud. But there is always a problem present in digital form. Files in digital form can be modified and copied with no one being the wiser. That makes them difficult to trust. There are many products and services that provide secure and verified document management, but they can be expensive and often require the involvement of a third party.
Blockchain is a digital mechanism that enables people who don't know each other to engage in trusted transactions with full confidence in the integrity of the assets being exchanged.
This new mechanism for storing data on a decentralized network makes use of the unused space on people’s devices across the world to store files. And the blockchain engine is as such technology developed in sulonya technologies.
the blockchain engine stores all the data of any format (strings, files of any format etc.) in the blockchain across varies blockchain servers, basically the data is distributed across the network, this network is also known as decentralized network. Blockchain engine doesn't allow the user to modify or delete the data in the blockchain. rather user can only create a new copy of it, in turn this process creates a new block. each uploading or saving process is considered as a transaction. and each of this transactions is free of any transaction fee. with no hidden charges for saving or fetching data from the blockchain engine.
the blockchain engine maintains user accounts with PKI system. it makes use of Elliptic Curve Cryptography (ECC) technique to encrypt the data in the blockchain. Every transaction in the blockchain engine is encrypted with users public key. user can share their data to any user in the same network with receivers public key.
This system has Byzantine Fault Tolerance (BFT) when it can keep functioning correctly as long as two-thirds of the network agree or reaches consensus. BFT is a property or characteristic of a system that can resist up to one-third of the nodes failing or acting maliciously.
All decentralized blockchains run on consensus protocol or rules that all the nodes in the blockchain must follow in order to participate. Consensus protocols such as Proof of Work are Byzantine Fault Tolerant and are thus able to resist up to one-third of the nodes disagreeing.
ADVANTAGES OF BLOCKCHAIN
Blockchain has several unique advantages. One is anonymity. Parties who come to a blockchain can engage in trusted exchanges without revealing their identities, which cuts down on time. Another is blockchain's distributed structure. Any two or more people can create a blockchain without going through the process of registering with a central authority. They can even create private blockchains that have different custom security definitions that limit what participants in the chain can do. In all cases, the parties to the blockchain decide what the rules are.
It's important to note that blockchain doesn't apply just to documents. It can be used with any kind of digital asset, such as images, video files and email backups. Blockchain is becoming particularly popular in intellectual property businesses. For example, professional photographers can use it to manage licensing rights to their creations and even to enable royalty payments.
WHY IT MATTERS
Here are some reasons Blockchain Engine become familiar with blockchain:
Cost savings - This is the most obvious benefit. Because blockchain transactions don't require intermediaries, processes can be made more efficient and less expensive. There's no need for auditors or legal professionals to validate the authenticity of information, so those costs come out of the process.
Efficiency - Fewer people means faster turnaround. Transactions that might take days waiting for multiple sign-offs can be concluded in seconds.
Security - The fewer participants there are in a transaction, less risk there is that something could go wrong. Handoff points are a prime vulnerability, and blockchain effectively eliminates them.
Flexibility - Any digital asset can use blockchain, including difficult-to-protect items like multimedia and email records.
Competitive advantage - Companies in the intellectual property space – such as law firms and stock photo agencies – can consider using blockchain to offer new services that benefit both buyers and content creators.
*Data in this context - string (letter, word or statement) example “sulonya technologies”.
Documents – All Microsoft Office. example - pptx, docx, xlsx etc. , other formats pdf,txt,png,jpeg etc
Files - file of any format with any extensions. example - .rar, .exe etc
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