GOVERNANCE WITHOUT GOVERNMENT – A BLOCKCHAIN IMPROVISED PDS

Abstract

A Blockchain is a digital, immutable, distributed ledger that chronologically records transactions (Value and hash to previous node) in near real time. The prerequisite for each subsequent transaction to be added to the ledger is the respective consensus of the network participants (called nodes), thereby creating a continuous mechanism of control in terms manipulation, errors, and data quality.” Simply put, Blockchain is a protocol to exchange value over the internet without any intermediation. CurrentThe cryptographic security in Blockchain is due to binary data structure with hash pointers. Merkle tree, or hash tree, is a distributed data structure in which data blocks are grouped in pairs and the hash of each of these blocks is stored in a parent node. This grouping of hash codes is done till the root node making it immutable and temper free. Tampering of any block will lead to tampering of all the preceding hashes till the root node which is tamper proof. The other advantage of Merkle tree is the proof of membership/ownership as if you know the root member you can know all the members in the tree and hence hash tree gives faster processing of data as compared to traditional binary tree. Hence Merkle Tree is the basis of the Blockchain Technology.