Working with holistic nutrition.. | Posted on | Science-Technology
What is Blockchain technology?
Financial analyst (Mudra finance company) | Posted on
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
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Entrepreneur | Posted on
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Student | Posted on
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.
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Digital Marketing Executive | Posted on
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| Posted on
Blockchain has been hailed by many as the next frontier of technology, creating a new form of digital currency that's not controlled by any country or government. It's very secure and transparent, making it a perfect tool for all kinds of transactions.
The people behind blockchain say it will change the world but an impactful one is yet to be seen. For now, companies like Apple and Microsoft are eyeing blockchain as an input into their own products and services. The technology will likely have widespread use in just a few years with widespread implications afterward if its uses continue to expand in the future.
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