Due to the constantly evolving nature of the digital world, there is a need to ensure that engineering information systems are protected. Traditional methods, as a rule, do not allow for the prevention of information leakage and hacking. But the contemporary world has seen the emergence of the blockchain as the ultimate solution that offers the highest levels of security, openness, and velocity. Through data decentralization and cryptographic techniques, blockchain provides the means for data integrity in engineering systems thereby making information unalterable and easily auditable. This technology not only addresses the issues of risk associated with centralized data repositories but also improves the functionality of traceability and accountability to different sectors such as finance, healthcare, etc. With organizations searching for a solution, blockchain is ready to step up and take its place as the future of secure engineering information systems.
Blockchain Architecture
In its primitive form, blockchain can be defined as a distributed and decentralized database. Data is aligned in blocks and each block is linked to the next one and that chain like structure cannot be altered. Each block contains the hash of the previous block, and this makes the record of transactions or data entries very secure and almost impossible to interfere with. This architecture contributes to the creation of trust and the level of openness because all the participants can verify and approve the transactions without the involvement of a third party. Blockchain technology is aimed at making it difficult to manipulate data to enhance the reliability of transactions and interactions in various sectors including the financial sector, supply chain sector, and many others.
“The Blockchain is promising. Transferring to a Blockchain system would definitely speedup services like worldwide payments, equity clearing, trade finance, and loans”, says Anoop Gala, Global Head Financial Services, Orion Innovation.
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