The blockchain proposed by Satoshi Nakamoto is distributed-decentralized ledger that records data. It focuses on distributed platform rather than centralized, which allows digital information to be shared on distributed network. Initially, blockchain devised for crypto-currency known as bitcoin. In present scenario, lot of research is going on to build trust within the distributed and decentralized transaction ledger. There are various versions of block chain applications and architecture as per industrial and business requirements. Block chain is facilitating cross-border business and speeding up business automation. In order to build trust, prime feature in block chain is smart contract, which is a coded self-executable digital contract to build trust in the system.
Block chain supports various applications, like in insurance sector, automation for claim processing and settlements; and in banking sector, automation and optimization for all backend operations leading to loan approval quicker. Block chain in e-voting, as a service, proof-of-existence and proof-of-work, would be the revolution in the technology era.
The benefits of block chain technology are reduction in overhead and intermediary costs, transparent process, fostered time effectiveness, and high security. Keeping advances in current-edge technologies, JK Lakshmipat University is committed to provide vast exposure to undergraduate students in upgrading their professional and domain specific skills. In its commitment of academic excellence, JK Lakshmipat University is bringing world-class education at the door step of Jaipur and Rajasthan. This makes JKLU the best engineering university in the academic landscape of Rajasthan, which welcomes students to experience innovative technology and modern thinking.
Kavita Choudhary, Institute of Engineering & Technology, JKLU