What is blockchain management malaysia?

blockchain management malaysia

A blockchain is a decentralised database that is shared among computer network nodes. A blockchain acts as a database, storing information in a digital format. Blockchains are well known for their critical function in keeping a secure and decentralised record of transactions in cryptocurrency systems like Bitcoin. Blockchain’s novelty is that it ensures the accuracy and security of a data record while also generating trust without the requirement for a trusted third party.

The structure of data in a blockchain differs significantly from that of a traditional database. A blockchain is a digital ledger that accumulates data in the form of blocks, which contain sets of data. When a block is full, it is closed and linked to the preceding one, producing a data chain known as the blockchain. All additional data that comes after that newly added block is compiled into a new block, which is then added to the chain once it’s full.

A database organises data into tables, whereas a blockchain organises data into blocks that are strung together, as the name implies. When implemented in a decentralised manner, this data structure inherently creates an irreversible data timeline. When a block is filled, it becomes a permanent part of the timeline. When a new block is added to the chain, it is given a precise time stamp.

 

How does it work?

blockchain management malaysia

The purpose of blockchain is to enable the recording and distribution of digital data without the ability to modify it. In this approach, a blockchain serves as the foundation for immutable ledgers, or transaction records that can’t be changed, erased, or destroyed. Blockchains are also known as distributed ledger technology because of this (DLT).

 

Is it safe?

Assume a hacker who also manages a node on a blockchain network wants to change a blockchain and steal cryptocurrency from everyone else. If they changed their single copy, it would no longer match the copy of everyone else. When everyone else compares their copies, they’ll notice that this one stands out, and that hacker’s version of the chain will be discarded as invalid. It would be incredibly difficult to pull off such a feat successfully. Succeeding would require incurring costs that would total the amount stolen. 

 

Who uses it?

blockchain management malaysia

Bitcoin’s blockchain stores data about monetary transactions in blocks, as we already know. Over 10,000 different cryptocurrency systems are now running on the blockchain. However, it has been discovered that blockchain can also be used to store data about other types of transactions.

Walmart, Pfizer, AIG, Siemens, Unilever, and a slew of other corporations have already integrated blockchain technology. IBM, for example, developed the Food Trust blockchain to track the path that food goods travel to reach their destinations. 

As we approach the third decade of blockchain, the question is no longer whether legacy organisations will adopt the technology, but rather when. Today, we are seeing a rise in NFTs and asset tokenization. The next few decades will be a critical phase for blockchain development.