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European Journal of Business &
Social Sciences
Available at https://ejbss.org/
ISSN: 2235-767X
Volume 06 Issue 05
May 2018
Available online: https://journals.eduindex.org P a g e | 1854
Security using BlockChain Technology
Ch.Jaya Bharathi 1
, S.Sirisha 2
1, Asst.Professor (CSE) Vignan Institute of Technology & Science, Hyderabad,Telangana, India.
Chintalapatij@gmail.com
2. Asst.Professor (CSE) Vignan Institute of Technology & Science, Hyderabad,Telangana, India.
Singireddysiri@gmail.com
Abstract: The technology behind the Bitcoin crypto-currency system is Blockchain (BC), is
considered to be both powerful, attractive and critical for ensuring enhanced security and privacy
for applications in many other domains - including in the Internet of Things (IoT) eco- system.But in some implementations, it is not traceable. It is currently being conducted in both
academics and industry applying the Blockchain technology in applications. We can give
Ensuring for BC security by maintaining a digital ledger of transactions in Proof-of-Work
(PoW), a cryptographic puzzle plays a vital rôle.so that it is to be incorruptible. Furthermore, BC
uses a changeable Public Key (PK) to record the users’ identity, which provides an extra layer of
privacy, so that BC provides more security. BC has been implemented Not only in
cryptocurrency but also used in systems such as in: distributed storage systems, proof-of- location, healthcare, decentralized, voting, banking, business etc. Recent research articles and
applications were surveyed to assess the implementation of BC for enhanced security, to identify
associated challenges and to propose solutions for BC enabled enhanced security systems.
Key Words: BC-BlockChain, IOT-Internet of Things, PoW-Proof of Work
I. I. Introduction:
BlockChain:
BlockChain is originally block chain, i.e
growing list of records called blocks. All
these are linked using cryptography and
each block maintains previous block as a
timestamp and a transaction data. Fig 1: BlockChain Application
Image result for blockchain technology pictures
Page 2 of 6
European Journal of Business &
Social Sciences
Available at https://ejbss.org/
ISSN: 2235-767X
Volume 06 Issue 05
May 2018
Available online: https://journals.eduindex.org P a g e | 1855
History of Blockchain:
Before 1979, it was never used in
cryptocurrency. But now it is beginning as a
concept in computer science particularly
cryptography and data structures.
Initially the blockchain was the hash tree,
also known as a Merkle tree. It was patented
by Ralph Merkle in 1979, and functioned by
verifying, securing and handling data
between computer systems. In peer-to-peer
network systems, validation of data
was important to make sure nothing was
altered or changed during transfer. Here we
can ensure that false data was not sent. And
it is also used to maintain and prove the
integrity of data being shared in between
computers.
Fig 2: Hash table Structure
II. Blockchain Working:
Blockchain works based on following
features
1. It maintains all data in the form of
Record used for exchanging— this record
is called as a “ledger” in the cryptocurrency
world and each data exchange is a
“transaction“. In ledger, “Block” is used for
storing all verified transactions.
2. BlockChain uses a distributed system
to verify each transaction —in a peer-to- peer network of nodes
, once signed and verified, the new
transactions are added to the blockchain
and it can’t be changed.
Here we are using 2 cryptographic keys,
we get a unique identity. Those keys are
the Private Key and Public Key, and
together they are combined to give us a
digital signature. Public key is used how
others are able to identify us. Private key
used for digitally sign and authorize
different actions on behalf of this digital
identity when used with our public key.
III. Advantages of BlockChain:
https://cdn.investinblockchain.com/wp-content/uploads/2017/09/hash.png
Page 3 of 6
European Journal of Business &
Social Sciences
Available at https://ejbss.org/
ISSN: 2235-767X
Volume 06 Issue 05
May 2018
Available online: https://journals.eduindex.org P a g e | 1856
Now a day’s Blockchain technology is used
in multiple areas. The primary use of
blockchains today is distributed
ledger for cryptocurrencies, most
notably bitcoin. Without blockchain digital
currencies can’t be exist.
Blockchain technology is also used
for –
● Reduce the cost
● Trusted transaction
● No third party involvement
● Real time tracking, security
● No single point of failure
● Accuracy
● Decentralization
● Efficiency
● Privacy
● Security
● Transparency
● File Storage
● Registering Information
● Personal Identity
● Governance
● Tracking Distribution
● Stock Trading
● Blockchain Sharing
● Ethical Consumerism
● Basic Transactions
● Banking etc.
fig 3: Applications of Blockchain Technology
IV. Related work:
The Pillars of Blockchain Technology
There are 3 main pillars of BlockChain
technology, those are:
1. Decentralization
2. Transparency
3. Immutability
1: Decentralization
Mostly we are using centralized services. So
that can interact with any other entity to get
the information.
Mostly we are using centralized system in
banks. They store all your money, and can
pay someone is by going through the bank.
The traditional client-server model is a
perfect example of this centralized service:
Image result for blockchain technology pictures
