WHAT IS BLOCKCHAIN?
Blockchain is a technology that helps bitcoin or other services in transferring from one individual to another individual.
For example, person A from India wants to transfer money to person B in the US then person A has to take help from a trusted third party like Bank, western union, or Paypal which usually takes 2-3 days and also includes time charges.
But from the system of blockchain system person, A can directly transfer the money to another person anywhere in the world which takes a very less amount of time and also fewer transaction charges.
Blockchain was invented in 2008 by Satoshi Nakamoto for the service of bitcoin. Blockchain is a type of technology that helps in transferring money to anywhere in the world without taking the help of any banking sectors.
Blockchain was basically invented for the only bitcoin but now there are many altcoins come and combine in the blockchain technology. Blockchain is an open ledger in which all the persons in a network know who is transferring to whom and how much amount has been transferring so there is no chance of any unethical transferring. And also there all the persons can decide that the transferring is valid or not. And if you do some transactions then the database will be stored in thousands of computers.
It was difficult to hack the blockchain, that’s why all the hackers have thousands of computers at the same time and for only this reason, blockchain is considered to be a safe and secure technology.
Blockchain was first to use in 2008 when bitcoin was introduced. Bitcoin is a decentralized cryptocurrency which is not present under any of the country or any of the bank.
Blockchain used has been started from cryptocurrency but now these are also using for in research of government and public sector. Like a document that is legally registered on account of a person, which is proof that the owner of this property is a particular person and now there is a possibility that the work of a public register will be done by the blockchain system.
Because the document which was registered in blockchain has the same authorization or importance as the public register. And as the system of blockchain is public so there is no chance of fraud in the data. Blockchain is a fault warrant in which there is no chance of loss of data. Like if a computer hard disk or another part will damage, then the system will not run. but in blockchain, lakhs of computers run together, and if one, two, or a hundred systems will damage then also transaction never been stopped.
In today’s era, cryptocurrency is used in blockchain but in the upcoming era, the banking sector will also work on blockchain technology because it is easy, safe, and secure to work upon.
Blockchain technology is a distributor database in which the data not only stored in 1 or 2 computers but instead in thousands of computers and includes all the history, details, and records. And this data is so much secured that for only storing a new particular record, a person needs to take the approval of different partners.
All the departments will definitely accept blockchain technology in the future as per the research.