IMPACT OF BLOCK CHAIN IN COMMUNICATION AND NETWORK

Abstract

A block chain network is a technical infrastructure that provides ledger and smart contract (chain code) services to applications. Primarily, smart contracts are used to generate transactions which are subsequently distributed to every peer node in the network where they are immutably recorded on their copy of the ledger. The users of applications might be end users using client applications or block chain network administrators. First and foremost, block chain is a public electronic ledger built around a P2P system that can be openly shared among disparate users to create an unchangeable record of transactions, each time-stamped and linked to the previous one. Every time a set of transactions is added, that data becomes another block in the chain.