Techno Savy

BlockChain – I really amused why it is called as blockchain because it is really a chain of records which is connected to form a ledger of events in a singular communication network. This is how I see it.

This architecture defends or blocks security threats from hijacking the confidential information from the transmission. But on what cost, Every transaction on the network is added to the chain by hashing the last hashed value in the blockchain.

Why with the last hashed value?
This is the selling point of Blockchain, that means no one can introduce a false data in the chain without knowing or breaking the hashing algorithm and the chain of data together. But the real concern arises here….

For a single given day, there are millions of digital transactions happening in internet. If an institution introduces blockchain as their security measure, then the amount of data the server which preforms this task is huge in the model of chain. Consider the example of a train, the pulling power of the Engine has to equal to the total weight of the coaches it has in its chain.

In a multinational bank were billions of transactions performed by its users and if this data is maintained in the ledger with blockchain, Imagine the processing power and memory it needs to hold this chain intact without losing data and its hasing value every millisecond a transaction is performed.

This technology may be working presently for cryptocurreny or NFT transactions where a limited group of people or nodes are involved. But to bring this security control to a mainstream institutions are not realistic in my point of view.

More research has to go into this direction to make blockchain a reality for all the institutions with less investments

What is your view? Please add in the comments.