What is Blockchain technology? - Letsdiskuss
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Priya Gupta

Working with holistic nutrition.. | Updated 06 Aug, 2018 |

What is Blockchain technology?

Dominic Gopinko

Broker | Posted 19 Aug, 2019

Blockchain is connected with cryptocurrencies like bitcoin and ethereum. This technique gains the attention of investors now-a-days. It is important to know that blockchain is not a part of any cryptocurrencies but it is a separate technology and a secured database. For more information browse cryptocurrency news today and gain more knowledge about it from this feed.

Dazzling Dazzler

Student | Posted 25 Feb, 2019

The blockchain is a system in which records of transactions are made in bitcoin or another cryptocurrency. It is maintained among several computers that are linked together in a well-formed network. This technology is like an internet which has built-in robustness.

The blockchain technology cannot be controlled by a single entity and it has no single point of failure.

Preeti Taneja

Entrepreneur | Posted 07 Jan, 2018

Agreed Rohan. In coming months, the blockchain technology won't only be limited to crypto-currencies, banks but also to government. Don't be astonished if EVM data collated in next elections, use blockchain technology to be more transparent and upright. 

Rohan Chauhan

Financial analyst (Mudra finance company) | Posted 02 Jan, 2018

If you have heard of Bitcoin (which you probably have), you must have also heard of Blockchain Technology. Many people are calling this revolutionary and many top institutions are already employing this technology. But what it really is?

Blockchain is a digital decentralized public ledger where transactions are recorded. The individual transactions – also called blocks – are recorded and added to the ledger in chronological order. There isn’t any central institute that handles the bookkeeping. It is completely independent.

The block or recent transactions are recorded through cryptography. And once it is recorded, it goes to the blockchain as a permanent database, which can never be altered. Each block usually contains a cryptographic hash pointer as a link to previous block. It’s actually what its name says, a chain of blocks.

This whole database – that is continuously growing – is created by a technology known as blockchain technology.

The main reason why blockchain technology came into existence and became so popular is because of the transparency and meddle-proofing in recording transactions it brings. Also, transactions recorded on digital ledger are much cheaper and quicker. This is the biggest reason why many tech companies and organizations in financial sector are taking up this sector.

India’s largest bank SBI (State Bank of India) has already announced that it soon will be using blockchain for smart contracts and KYC. Expect more joining this bandwagon as this technology matures