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ARTICLE · 28 SEPTEMBER 2018

Smart IP: Blockchain Technology In China

Khurana & Khurana, Advocates and IP Attorneys
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Blockchain is open ledger of information where people can record and track transactions which can be exchanged and confirmed on a peer-to-peer network.

GlobalTechnology
Deepika Sharma
Deepika Sharma
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What is blockchain?

Blockchain is open ledger of information where people can record and track transactions which can be exchanged and confirmed on a peer-to-peer network. It allows multiple users to verify the transaction & control how record of information is amended and updated. Administrator keeps control of database and further provides access and permission for modification of information. Each and every transaction is transmitted to all the participants in the network and must be verified by each participant that hosts the blockchain, this eradicates the need of a central authority and middlemen. Once data is recorded in a blockchain-based ledger, it cannot be altered.

Potentials for applications and their usage

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