Blockchain: Wheels of the New Internet

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Blockchain: Wheels of the New Internet

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Dolly Pandey, Om Vadnere, Vivek Pathak,

Computer Department,

Saraswati College of Engineering, Kharghar, India.

Abstract: We are on the threshold of Internet revolution. Blockchain will be backbone of this new generation of Internet or Internet 3.0. Internet as we know for now i.e Internet 2.0 is highly flawed because of its centralized nature. Due to centralization, few tech giants control most the Internet. Insufficient Authentication Controls, Cross Site Scripting, Phishing attacks, information leaks, security breaches, etc are some of the major shortcomings of current Internet. Blockchain powered internet endeavours to outstrip this shortfalls via its decentralized, neutral, auditable and transnational nature. A blockchain is basically a time- stamped series of entrenched records of data. This data is superintended by bunch of computers which is not administered by a single entity. Blockchain, its future and its applications has started becoming more apparent after the introduction of technology in field of cryptocurrency. Blockchain has proven to have numerous applications in fields of finance, health, data storage, privacy and security, supply chain monitoring, real estate and education. Currently, interoperability and scaling are major milestones needed to be overcome by this wheels of the new internet. This paper attempts to explain the newfangled technology, explore its architecture, recent advancements and applications. At the end, we made an attempt to conclude our findings and research data.

Keywords Blockchain Technology, Decentralized, Cryptography

I. INTRODUCTION

The concept of blockchain is gaining popularity due to its advantages over traditional methods we use today in many fields where network connection or security is important. In a blockchain based application all records ie. Data are licked with each other using cryptography.

A blockchain-like protocol was first proposed by David Chaum in his 1982 dissertation "Computer Systems Established, Maintained, and Trusted by Mutually Suspicious Groups."

In todays day and age we all relay on internet for a lot of things, having a more secure, encrypted, reliable internet is a benefit for all. The blockchain technology has characteristics, like decentralization, immutability, and transparency it helps for achieving greater growth potential in various fields.

The internet as we know today is decentralized but still many aspects in system depends on large centralized databases. The traditional Internet service has three groups: users, big corporations and the centralized database. Using blockchain based applications and services truly decentralizes every aspect in the system.

Parts of Blockchain:

1.Node – user in the blockchain based system 2.Transaction – building block of a blockchain based system.

3.Block – structure of data to keep tranctions in well distributed fashion

4.Chain – sequence of blocks in required order

Key Characteristics of Blockchain:

A. Decentralization

B. Persistency

C. Anonymity

D. Auditability

Applications:

The maximum attention given by media and news towards this technology is about development of cryptocurrencies. There are also blockchain-based applications in industry and the public sector like crowdfunding, tracking of goods in supply chains.

Here are a few more applications:

a) Decentralized naming systems

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