Operations of Blockchain – Research Paper – SIDDHARTH MENON
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Operations of Blockchain
Operations of blockchain – Blockchain – It is a distributed/decentralized ledger, which allows all the stakeholders in a network to interact, which is enabled through a global network of consensus eliminating the need of middlemen for parties to conduct transactions or exchange information. It also poses a threat to entities such as banks and credit providing companies as it allows the stakeholders in the blockchain to send money and information through blockchain as soon as it is tokenized or gets a value in the digital world. The transactions on the chain are verified in moments and the data is stored in blocks, which is linked to the previous block and so on, which creates a chain. Each block though should refer to the previous block in order to be validated or to be considered as valid. It is a constantly growing ledger that keeps a permanent record of all the transactions that have taken place, in a secure, chronological and immutable way. The basic work of Blockchain heavily relies on Cryptography – it refers to the study and application of techniques used to transmit, protect and store information communications in a secure and private way, in order to avoid being intercepted by third party ledgers.Cryptography further has 2 components which are -: Encryption – process of converting information into unintelligible code to protect it. Decryption – process of converting encrypted information back into unencrypted form. The most basic cyphering technique used in Blockchain is CEASER CYPHER, a type of substitution cypher in which each letter in the plain text is replaced by a letter, some fixed number of positions down the alphabet.

INSERT THE PICTURE AND CREATE A TABLE HERE The texts need a key in order to be encrypted and decrypted by a party, and the most extensive form of cryptography used in blockchain is Public key cryptography. It is a cryptographic system that uses two keys, a public key which allows anyone to encrypt a message and can be shared with everyone, and a private key known only to the recipient of the message, in this way no matter who tries to hack the transmission of the message, and even if they do have the public key, he would not be able to decipher the message as the private key has already been transferred to the recipient in advance to decipher the message. The same is also used to generate digital signatures to validate the authenticity of data. Transactions in a blockchain are grouped into BLOCKS which are assembled chronologically, these blocks are linked together using cryptographic hash. If anyone tries to make a modification to any information in the blockchain, it will change the cryptographic hashes in the chain making it visible that the information has been tampered with. A Cryptographic hash is a function that takes input (i.e any message) of any length and returns a fixed size alpha-numeric string called a “hash value”. This hash value serves as a digital fingerprint of the message. There are several functions of the same -:

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(2019, 06). Operations of Blockchain. EssaysForStudent.com. Retrieved 06, 2019, from
“Operations of Blockchain” EssaysForStudent.com. 06 2019. 2019. 06 2019 < "Operations of Blockchain." EssaysForStudent.com. EssaysForStudent.com, 06 2019. Web. 06 2019. < "Operations of Blockchain." EssaysForStudent.com. 06, 2019. Accessed 06, 2019. Essay Preview By: SIDDHARTH MENON Submitted: June 26, 2019 Essay Length: 811 Words / 4 Pages Paper type: Research Paper Views: 188 Report this essay Tweet Related Essays Computer Operating System Introduction An operating system (OS) is a program that acts an intermediary between a user of a computer and the computer hardware. The purpose of 961 Words  |  4 Pages Development of Popular Operating Systems Technology of a computer fully relies on its operating System. I believe that the operating system pushes the companies to develop better hardware to catch 1,987 Words  |  8 Pages Operation Overlord Operation Overlord By 1944 World War II had lasted nearly four and a half years. The entire war now depended on the success or failure 2,681 Words  |  11 Pages Kudler Operations Management Operations Management In today’s market companies are searching for a competitive edge. Society today consumers are asking for healthier, more environmentally friendly foods. Kudler Fine 978 Words  |  4 Pages Similar Topics Luxury Fashion Markets Operate Greener Netflix Operations Management Report Get Access to 89,000+ Essays and Term Papers Join 209,000+ Other Students High Quality Essays and Documents Sign up © 2008–2020 EssaysForStudent.comFree Essays, Book Reports, Term Papers and Research Papers Essays Sign up Sign in Contact us Site Map Privacy Policy Terms of Service Facebook Twitter

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Operations Of Blockchain And Public Key Cryptography. (July 20, 2021). Retrieved from https://www.freeessays.education/operations-of-blockchain-and-public-key-cryptography-essay/