Block chain technology

Why in News?

The West Bengal government is planning to introduce the block chain technology to protect its documents from cyber attacks.

 

FACTS FOR PRELIMS

Background

In recent times with the increase in dependence on technology, such as maintenance of online records etc. the cybersecurity threat has also been aggravated.

In light of this, the West Bengal government has proposed the establishment of a “Cyber Security Centre of Excellence” which would be entrusted to execute the new ‘block chain’ mechanism at various departments.

The cyber security centre will bring the best in academic, law enforcement and other sections under one roof for the best practices to counter cyber crimes.

It will also conduct research and development on cyber crimes for which the state government will partner with private firms.

What is Block chain?

i) The block chain is an online ledger of digitally recorded transactions which is encrypted in the form of blocks, each of which is connected by a network of computers.

ii)A bank’s ledger is connected to a centralised network. However, a block chain is anonymous, protecting the identities of the users. This makes block chain a more secure way to carry out transactions.

iii) The algorithm used in block chain reduces the dependence on people to verify the transactions.

 

 

Source-The Economic Times.