Blockchain technology is an application for the creation of a distributed database. It is not the first database system that has come into existence but it is currently the most utilized one. It is used extensively in the financial sector and other fields.
The concept behind blockchain is that each user keeps private keys and transmits them only to other users. These can be changed only when there is a consensus among the users. Therefore, the entire database is tamper-proof. Because of this, security and accuracy cannot be compromised.
For securing information, there are four types of access control. First is a two-tier access control, which enables users to perform certain operations. Second tier access controls allows users to perform operations on a single page.
The second type of access control is access control by delegation. A user can delegate a function to another user who is authorized to perform the function. The last type of access control is to block chain-based access control.
As mentioned earlier, these four types of access control pertain to different aspects of block chain technology. In order to create a secure database, one needs to employ the right types of access control. Let us look at what the different types of access control mean. When it comes to private key management, only those users who have the ability to use a private key can perform the operations.
When access control is done through delegation, users can delegate functions but they need to provide some kind of authorization mechanism. An example of this is Smart cards. The access token is capable of unlocking a computer and can be used to access programs. This is important to prevent users from becoming lazy about keeping track of their privileges.
To achieve efficiency, blockchain users also employ access controlby delegation. The basic idea is that users can delegate functions to other users, but they should be able to get all the data that they need to perform a certain function. The users should not be required to run any complicated algorithms in order to do so. This also serves as a safeguard against failure due to bugs.
The next thing that users need to implement when they use a block chain system is revocation. To demonstrate how revocation works, let us take the example of having a server. After a user signs the blockchain transaction and transfers a certain amount of money to a particular user, he or she needs to show a certain level of proof that the transfer was in fact legitimate.
The data regarding the revocation needs to be stored in a database for users to verify later. As much as possible, this should be maintained online. After the transaction is finished, users should see the proof that the transfer was successful.
Distributed database systems are very useful in the fields of finance, real estate, and medical records. To make sure that users can perform their tasks with ease, the database should be a distributed one. But what is a distributed database? Let us look at it in more detail.
Each user is represented by a node. The nodes come together and perform a distributed transaction called a hash. The data is then passed to each node to determine whether the transaction is valid or not. If the data can be verified, it is valid. Otherwise, it is invalid.
This whole process is based on security. Blocks can’t be tampered with. And the result is a verifiable transaction. Therefore, with a blockchain, users can have transactions done with ease.