The SCMS Cochin School OF Business, PGDM students and faculties were delighted to interact with R.K.Pillai, IT and Management Consultant, USA
The session started with R.K.Pillai describing about the block chain technology, how it is going to revolutionize all the existing technologies and the various advantages of block chain technology. Block Chain is a new internet protocol and system architecture. It is an idea for certain type of online business applications. Block chain technology was originally designed to support bitcoin network operations.
In his talk, he also mentioned that block chain technology uses cryptographic algorithms for data security and data access and it is tamper proof as it uses two types of keys, the private key and the public key. Both the keys are of 32 characters and it should be entered correctly in order to enter into the system. Block chain technology is also hacker proof, as its dual key structure is very complex. Block chain supports distributive and peer -to -peer architecture.
Block chain are stored in ledger in-group of blocks, which contains a chain of encrypted records, and each record refers to its predecessor and successor in the chain. The entire ledger will be shared to every user in system.
He concluded the session by talking about the various advantages of block chain technology such as:
• It has a smart contract capability.
• Impeded code and data encapsulated transactions.
• Pre-fabricated department framework.
• Internet based public and trusted private network, etc.
• Block chain technology has helped in growth of telecommunication also.
“Technology has advanced due to innovation and telecommunication is one among those technologies that has grown rapidly than any other technology. “
-A report by Ms. Rosmy Peter (PGDM 26 Batch)