Blockchain for Decentralization |
Author(s): |
| Komal Pardeshi , Walchand Institute of Technology; Dr. Sharada K. A., HKBK College of Engineering Bangalore |
Keywords: |
| Blockchain, Decentralization, Disintermediation, Contest-Driven Decentralization, Online Money Transfer System |
Abstract |
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Blockchain is an emerging technology, based on decentralization. Centralized system has a drawback of single point of failure as control is given to a single machine. Decentralization exists with distributed system. In distributed system numbers of nodes which are located at different locations are connected with each other via communication network. In Decentralization there is no central-entity, the basic idea is to distribute control and authority to various nodes involved in the network, instead of a single node. Decentralization provides trustless environment means it is not necessary to know or trust anyone else in the network. Each member in the network has same copy of data in the form of distributed ledger. The objective of this paper is to introduce with various blockchain schemes for decentralization, level of decentralization. This paper also discusses about online money transfer system using blockchain. |
Other Details |
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Paper ID: IJSRDV10I50140 Published in: Volume : 10, Issue : 5 Publication Date: 01/08/2022 Page(s): 78-81 |
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