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T. Paul and S. Rakshit

Fig. 3 A new verified block (block-4) is added to everyone’s ledger on the network

with a Blockchain, someone will need to tamper with all blocks on the chain, repeat

the proof-of-work for each block and take control of more than 50% of the peer-to-

peer network. Only then will the tampered block become accepted by everyone else.

That is almost impossible to do [15].

2.6

Miners

These databases or ledgers are run by different individuals, often called “miners”, and

sometimes “nodes” or “validators”. Some of the nodes may be “partial” (as opposed

to full function), of course, and some of the miners may be in a “mining pool” [29].

Users will trust the public ledger system stored globally on multiple different

decentralized nodes operated by “miner-accountants” in contrast to establishing and

maintaining trust with the transaction counterpart (another person) or a third-party

intermediary (like a bank). The main breakthrough is the Blockchain as the archi-

tecture for a modern scheme of open, trustless transactions. On a global scale, the

Blockchain permits the disintermediation and decentralization of all transactions of

some sort between all parties [22].

3

Benefits of Using Blockchain

The Blockchain is an easy but innovative way to move information fully auto-

mated and secure from point-A to point-B. Blockchain Technology’s key proper-

ties that have helped it achieve widespread acclaim are as follows: decentralization,

transparency, immutability, and Abstraction [14].

Decentralization: Blockchain technology operates on the idea of a shared

database where several machines contain these databases, and each copy of this

database is identical. The world had been more used to centralized networks before