Supporting Technologies for Blockchain
March 5, 2018
Blockchain’s decentralized control provides an assurance that data is legitimate. However, in order for blockchain to do that, there’s a set of supporting technology behind it as well as the technologies that make use of it. These technologies help blockchain to provide the best service possible.
There’s this thing called “node” that makes up the blockchain technology. According to Blockgeeks.com, it refers to each computer connected to the blockchain network that performs the task of validating and relaying transactions. When there are many computers connected, together they create a powerful second-level network. Each of this node works as an “administrator” of the blockchain and joins the network voluntarily.
Cloud computing technologies are the forerunners to blockchain. A secured cloud environment enables private blockchain networks to run well, which plays a significant role in the blockchain deployments. What’s better is that both cloud technologies and blockchain have security protection systems, allowing data to be fully encrypted, hence they are resistant to cybercrime.
Blockchain has a strong guarantee of security as it is safe from data tampering and censoring. It is a decentralized system, meaning there is no central control over it, unless at least 51% of the validators’ power belongs to a single person or a particular group. However, gaining control over a blockchain network would be unreasonably expensive and next to impossible. Even then, in the case of the so-called 51%-attack, an invader can only alter his own transactions in the recent blocks – perform double operations and censor his transactions. Yet, he won’t be able to forge other people’s operations or gain control over their funds.
So, there you go. You can find out more about the supporting technologies for blockchain and other blockchain updates in CTI IT Summit Infrastructure, March 7, 2018. See the agenda and register here See you there!