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Bank Data Certification and Repurposing Using Blockchain
Abstract
Privacy protection is one of the basic needs for supporting a good interaction in a globally interconnected society. It is important not just for business and government but also to a huge and increasing body of electronic or online societies. In such situations, a traditional digital ledger storage systems seems more centralized. Security of traditional digital ledger system has always been a greater concern when considered for implementing at a huge scale. When such sensitive data is at stake, there should be nothing doubtable about the system's strength to secure data and withhold itself against any potential attacks. Blockchain is one way through which such potential security issues can be solved. A blockchain, actually block chain, is basically a continuously increasing list of records, which are called blocks; these blocks are linked and secured mainly using cryptography. Every block typically has a cryptographic hash of the block previous to it, along with a timestamp and data of the transaction.
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