System for managing data

A system for managing data, the system comprising at least one processor configured to:

• receive a source dataset as an input;
• transmute the source dataset into an intermediate dataset, wherein the intermediate dataset comprises hash values obtained by transmuting data strings in the source dataset continue transmuting the immediate transmuted intermediate dataset to a subsequent intermediate dataset until obtaining a root dataset, wherein the system is configured to use one or more functions among a plurality of functions to obtain the intermediary datasets and the root dataset;
• choose a different function among the plurality of functions, if a hash value for a first data string obtained by using a first function among the plurality of functions, is same as an existing hash value obtained using the first function, that represents a second data string;
• and
• add reference bits to the intermediary datasets, wherein the reference bits enable identification of one or more functions, wherein the identified one or more functions enables obtaining a dataset from which the intermediary dataset comprising the reference bits was obtained while converting the source dataset to the root dataset.