The use of the advanced technology has improved the business situation of the different industries. However, the advanced use of the information technology is happening in every sector of the industry. Some of the emerging technologies are coming into the limelight (Peter and Moser 2017). The main objective of this paper is to discuss about the contemporary technology and issues related to the technology.
One of the contemporary use of the information technology is the use of the block chain for security purpose. Block chain is initially used for the keeping of the records of the transaction of the transaction of the bitcoin (Anderson 2017). This technology is implemented for the security purpose of the various filed. The main characteristic of this block chain technology is that the nature of this technology is decentralized. Each blocks contains the hash value of the previous block along with the timestamp and the transaction data.
The block time mentioned is defined by the time needed for the system to generate the extra block. Ad-hoc message passing and the distributed networking are often done by the decentralized block chain technology.
There are certain advantages and disadvantages of using the technology regarding block chain for the security .
Advantages of block chain technology:
Main advantage of the block chain is its decentralized nature of operation. In this case the database can be shared without the supervision of the central authority if it is necessary. In this case each transaction in the block chain technology has its own authorization and the validity necessary for the operation.
On the other hand the block chain technology maintains the transparency during the transaction. In case if any changes is made in the public ledger , it can be viewed by all the parties present in the transaction. Apart from that using the block chain as the medium of the transaction will make the transaction faster. It also helps to reduce the overhead cost per transaction as the third party in the transaction is not involved and the overhead cost for exchanging the assets is eliminated in the process.
Disadvantages of using the block chain as security purpose:
There are certain advantages of using block chain technology. However, there are some issues or the problems present in the usage of the block chain. Some of these are-
The main feature of the block chain technology is that each of the transactions are verified by the signature through public-private cryptography (Strobel, Castelló Ferrer and Dorigo 2018). The signature is important to prove the authenticity as the transaction is done in peer to peer fashion. In this case the process of this digital signature is complex.
Another issue regarding the usage of the block chain is the redundancy problem. The performance of the block chain is not about the performance of the individual node, but all the nodes of the block chain. In the centralized database the transaction may take place for one or two times (Janowicz et al.2018). However, in case of the block chain technology the transaction is needed to be occurred for the each block.
Anderson, J.C., 2017. Blockchain: Ultimate Beginner's Guide to Learn and Understand Blockchain Technology.
Janowicz, K., Regalia, B., Hitzler, P., Mai, G., Delbecque, S., Fröhlich, M., Martinent, P. and Lazarus, T., 2018. On the prospects of blockchain and distributed ledger technologies for open science and academic publishing. Semantic Web, (Preprint), pp.1-11.
Peter, H. and Moser, A., 2017. Blockchain-Applications in Banking & Payment Transactions: Results of a Survey. European Financial Systems 2017, p.141.
Strobel, V., Castelló Ferrer, E. and Dorigo, M., 2018, July. Managing byzantine robots via blockchain technology in a swarm robotics collective decision making scenario. In Proceedings of the 17th International Conference on Autonomous Agents and MultiAgent Systems (pp. 541-549). International Foundation for Autonomous Agents and Multiagent Systems.