Warangal: The experts who gathered on Friday as part of the five-day Faculty Development Program (FDP) jointly organized by the AICTE Academy for Education and Learning (Atal) and the Department of CSE of the Kakatiya Institute for Technology and Science in Warangal discussed at length about ‘blockchain technology’. It can be mentioned here that blockchain technology is a decentralized ledger that records transactions over a peer-to-peer network. It enables participants from across the network to confirm their transaction without the need for a central authority.
During the Valedictory, KITS Director Prof. K Ashoka Reddy said that 134 attendees, including faculties, researchers, postgraduates and industries from across South India, have used the FDP, which provided hands-on experience with blockchain technology.
The head of the CSE department, Prof. V Shankar, said blockchain is a database that is shared over a computer network. Once a record has been added to the chain, it is very difficult to change it. The network carries out constant checks to ensure that all copies of the database are identical.
Blockchains were used to underpin the digital currency (Bitcoin, Litecoin, Ethereum). With this technology, digital information can be distributed, but not copied. This means that each individual data element can only have one owner. Blockchain uses cryptography to keep exchanges secure and provides a decentralized database or “digital ledger” of transactions that anyone on the network can see.
The Dean of Research and Development, Professor P Niranjan, said that this network is essentially a chain of computers that must all be approved before it can be verified and recorded. The information is constantly compared in the database, which is stored in several locations and updated immediately. This means that the records are public and verifiable. Since there is no central location, it’s hard to hack. Blockchain isn’t just used for currencies and transactions, he added.