International Journal of Research in Circuits, Devices and Systems
2022, Vol. 3, Issue 1, Part B
Application of cryptocurrency in industrial field: Storing and recording
Author(s): Ismaheel Faheem
Abstract: Blockchain has the potential to change the face of manufacturing industries. Blockchain which is associated with cryptocurrencies can be used to store and record transactions. This paper is trying to discuss about how people in the industrial field keep track of and store these kinds of things. A cryptocurrency is an encrypted, decentralised digital currency that allows people to exchange value by exchanging crypto tokens. Cryptocurrencies are used to buy and sell goods and services. The public ledger is a record-keeping system that keeps track of people's identities and cryptocurrency balances in a safe and (pseudo-) anonymous way, as well as a record of all real transactions between network participants. The two people who were involved in the transaction can check and look up the transaction details on a cryptocurrency public ledger. However, no one in the network can know the identities of the people who are in the network. Transactions are only allowed and recorded if the sender can be proven to be able to pay. Otherwise, they are thrown away. All of the important information is stored and recorded in a safe way. Everyone else, except the people who made the transactions, can't see them. The public ledger method is a simple way to store and keep track of cryptocurrency for things like logistics in the industrial field.
Pages: 92-97 | Views: 382 | Downloads: 200
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How to cite this article:
Ismaheel Faheem. Application of cryptocurrency in industrial field: Storing and recording. Int J Res Circuits Devices Syst 2022;3(1):92-97.