BLOCKCHAIN: AN ANALYSIS ON NEXT-GENERATION INTERNET

Abstract

The blockchain is a peer to peer technology that protects the integrity of a digital piece of information. It can serve as a digital decentralized distributed ledger that can record sharing of information between two parties in a permanent way. All the information is stored in a network of personal computers. Each computer has memory records called blocks and each block has a time stamp and a link to the previous block as a hash pointer. All the records are secured using cryptography. Timestamp keeps the track of creation of the record. Once the record is created no one can manipulate the records, not even the owner. It keeps the proof and exact time at which that data exists. A hash function is a mathematical algorithm and algorithm is made is in such a way that is it a one-way function that means the process cannot be rolled back. Next generation of the Internet will be using in FITS.