Digitalizing financial transactions has so far been the best revolution that the economic world came across. To imagine a cashless world, where E-Wallets and Crypto-Currencies rule over the business finances around us. Cool! isn't it? But even at the peaks of technological development, the dangers of falling lingers around. Most of the time, sending money is risky. If you want to pay your rent or invest in the stock market or even send somebody Rs10 for a snack bar in a phone app, there isn't a lot to stop a hacker from taking that money for himself. To say the other side of the coin does exist.(always).

Talking about it, let us take another step into the technology that runs behind every digital transaction.

To begin with, let me consider e-wallets (like PayTM or PayPal). They work on the basic principle of virtualization of fiat money i.e. 'Virtual Currency'. Virtual Currency is “a type of unregulated, digital money, which is issued and usually controlled by its developers, and used and accepted among the members of a specific virtual community.” For example, PayTM is developer which issues and controls digital money and we as users of PayTM, become the members of it's virtual community. Here every transaction that you make runs through a centralized regulatory institutional authority.But the disadvantages of such centralized services such as PayTM and PayPal and their current business models are painfully obvious.

First, the use of fiat currency in online transactions leaves the service vulnerable to the inflationary tendencies that are inevitable with such currency.

Second,the clearing of transactions is subject to heavy regulatory scrutiny, making it difficult to use, for some customers.

Third, the entire burden of transaction validation and record-keeping, along with KYC implementation, falls upon the single authority as it is the sole centralized service provider.

Hence, there isn't a lot to stop a hacker from taking the money under transaction, for himself. All it takes is a weak link in that centralized institution's security to leave your finances and personal information up for grabs.

Yet, in a smoother transition with constant development brought about in this field, the rise of the crypto-economy, riding on the back of currency revolutions such as Bitcoin, seems to have spelt a doom for such centralized services such as PayTM and PayPal, which rely on the virtualization of fiat currency in order to sustain their business models.

what is block chain?

At its core, Bitcoin is nothing more than a digital file that lists every transaction that has ever happened in the network in its version of a general ledger called the “block chain.”

The difference between traditional finance transactions and blockchain exchanges is sort of like the difference between a Microsoft Excel spreadsheet and a Google Sheets spreadsheet.

Interesting?

Indeed. You can send an Excel spreadsheet to a friend to make changes, but you have to wait until they save their work and send it back before you can make any more changes yourself. That's how banks work right now. One bank locks access to the balance being transferred until the recipient bank confirms they've received it. All that coordination and synchronization takes a lot of time and effort.

On the contrary, if you want to edit a shared Google Sheets spreadsheet, both people have access at the same time and can always see the changes being made. Now just multiply that to many thousands of home computers. Huge right? Well you just realized what a Blockchain ledger is.

It is an open, distributed network of individual computers, or "nodes," that each hold bundles of records known as "blocks." Those blocks are visible everywhere on the network, but they're kept safe using a kind of math called cryptography. Whenever you request a transaction, it's sent over the network where it's visible to all of the computers or 'nodes'. When the Bitcoin network collects all the transactions made during a set period of time (usually every 10 minutes) into a 'block', miners confirm these blocks of transactions and write them into the block chain. Thus making it permanent and unalterable. The fact that all the process is visible to every node makes it virtually impossible to cheat!

There's one more important part to the Blockchain : Mining

Bitcoins are not printed like fiat money, but instead are “mined” using computation in a distributed global network of volunteer software developers.

It takes a lot of computing power to verify a transaction, so other nodes in the network have an incentive to help out. Verifying a transaction involves shuffling through many blocks in the chain, which requires racing with other nodes to solve difficult computing problems. Thus miners compete against each other to solve complex mathematical calculations. When one node beats the others to the solution, it is rewarded with 25 digital coins (Bitcoins). This is how bitcoins are mined.

Owners of the nodes can use those coins in their own transactions, thereby putting more digital currency into circulation. Every four years, this reward is halved so that the total number of Bitcoins will never exceed 21 million.

As the value of Bitcoin and other crypto-currencies continues to skyrocket, more and more entrepreneurs are opening "mines".A big reason to why the blockchain is readily acceptable is because it's democratic. Anyone can pitch in to ensure the network's security — and get some money for the effort.

Getting any ideas?....Yes! U can be a miner too!

With the advent of blockchain technology, financial transactions are becoming fast, secure, and difficult to hack. Blockchain is especially a boon to people in less developed areas, where big banks are hard to come by. It can also be used to secure contracts, patents, file storage, Internet of Things devices, and even elections. With trust baked into the transaction instead of money transfer using a middleman, virtually everything could be fairer and more secure.

So this definitely brings us to the point where we can know what will be the probable outcome of this competition between two powerful technological developments in the field of digital transactions. The technology is still new, but its widespread adoption is all but inevitable.

To Know more about BlockChain/BlockChain Info/BlockChain tech visit:

blockchain.com

Keywords:

   blockchain   bitcoins rate   what is block chain   blockchain info   bitcoin rate today   but coin   wallet bitcoin   blockchain wallet   block chain technology   blockchain login   bitcoin live price   liza coin wallet   bitcoins address   bitcoin pricing   bitcoin blockchain   black chain   blockchain explorer   bitcoin transaction   unconfirmed transaction bitcoin   bitcoins price in usd   blockchain transactions   bitcoin explorer   blockchain company   bitcoin blockchain wallet   btc address   blockchain unconfirmed transactions   block explorer   www blockchain info   bitclub network   bitcoin wallet address   track bitcoin transaction   bitcoin block explorer   blockchain phone number   blockchain support number   bitcoin info   btc explorer   check bitcoin transaction   pirated bay   bitcoin status   hashrate   blockchain wallet login   blockchain support   bitcoin current rate   blockchain sign up   bitcoin block   bitcoin transaction status   blockchain software   bitcoin account   block chain miner   bitcoins wallet india   what is blockchain technology   what is bitcoin blockchain   blockchain information   blockchain account   blockhain info   bitcoin transaction time   bitcoin ledger   blockchain info login   bitcoin number   log in bitcoin   bitcoin price today in dollars   blockchain info wallet   bitcoin wallet creation   check bitcoin address   blockchain address   blockchain btc rate   blockchain bitcoin price   blockchain website   current bitcoin block   bitcoin rate usd   today btc rate   bitcoin current price in dollars   blockchain careers   blockchain founder   bitcoin transfer   download blockchain   btc hashrate   bitcoin hashrate   bitcoin blockchain explorer   blockchain wallet address   bitcoin total value   btc wallet address   online bitcoin wallet   block bitcoin   online wallets bitcoin   genesis block   create bitcoin wallet   bitcoin price rate   bitcoin transaction confirmation   blochain info   blockchain payment   btc address example   btc tracker   check bitcoin balance   bitcoin difficulty   blockchain white paper   bitcoins website   rate of bitcoin today   btc address check   btc hack   blockchain transaction status   how to check bitcoin transaction   blockchain blocks   bitcoin in circulation   unconfirmed transaction   blockchain exchange   blockchain pending transactions   slushpool   bitcoin statistics   bitcoin wallet sign up   blockchain customer service number   stellar xlm   create blockchain account   blockchain documentation   blockchain tracking   blockchain bitcoin generator   generate bitcoin address   bitcoin login account   stellar lumens   blockchain for enterprise   blockchain wallet download   bitcoins official website   what is bitcoin block   bitcoin wallet hacker   blockchain wallet support number   total bitcoins mined   bitcoin withdrawal   bitcoin confirmation time   buy bitcoin on blockchain   bitcoin public ledger   bitcoin address blockchain   blockchain address check   blockchain wallet sign up   how to buy bitcoin on blockchain   bitcoin hashrate distribution   hashrate distribution   create bitcoin wallet   airdrops   ethereum blockchain   blockchain tech wiki   signup bitcoin   btc price usd   bitcoincharts   blockchain sign up   blockchain wallet app   bitcoin mining difficulty   mining pool bitcoin   what is bitcoin address   bit chain   btc info   bitcoin database   blockchain check transaction   blockchain symbol   black chain bitcoin wallet   blockchain sign in   btc scan   blockchain mining pool   create blockchain wallet   bitcoin search   bitcoin transactions per second   blockchain mining network   blockchain payment gateway   bitcoin registry   what is blockchain wallet   xpub   tx time   how to create bitcoin account   bitcoin difficulty chart   how many bitcoins have been mined   how create bitcoin wallet   stellar wallet   current bitcoin price   blockchain luxembourg   block wallet   blockchain official website   bitcoin mining hashrate   blockchain browser   peter smith blockchain   bitcoin stats graph   blockchain register   blockchain distribution   blockchain history   peter smith   hashing power   coin block   international bitcoin wallet   bitcoin wallet balance   blockchain contact number   bitcoins mined so far   bitcoin web wallet   how to create blockchain wallet   blockchain statistics   transaction   cryptocurrency blockchain   blockchain customer service   free bitcoins wallet   one btc to usd   bitcoin address login   how to add money to blockchain wallet   bitcoin wallet address example   bitcoin genesis block   check bitcoin address balance   blockchain registration   blockchain privacy   verify bitcoin transaction   bitcoin example   global btc   blockchain management   bitcoin price dollar   bitcoin address with balance   apple blockchain login   mining difficulty   how to hack someones bitcoin wallet   check bitcoin wallet balance   block height   blockchain account login   blockchain android app   blockchain mobile app   create a wallet   wallet id   official bitcoin wallet   bitcoin supply   satoshi nakamoto bitcoin address   bitcoin volume chart   crypto company   bitcoin wikipedia   bitcoin market capitalization   login btc world   bitcoin wallet download   bitcoin total supply   bitcoin volume   freebits   lock box   bitcoin qr code   blockchain info in hindi   bitcoin account sign up   whitepaper blockchain   bitcoin monitor   blockchain wallet number   bitcoin wallet account   bitcoin account number   bitcoin network status   bitcoin blockchain login   bitcoin wallet qr code   blockchain block chain   how to use blockchain wallet   bitcoin wallet example   bitcoin mining chart   ethereum basics   blockchain currency   what is bitcoin wallet address   actual bitcoin price   btc wallet generator   search block   how to use blockchain    
1



  1

Profile of Once In A While Jainil Undefined
Once In A While Jainil Undefined  •  4y  •  Reply
Very useful Thanks keep it up...
Profile of Kalgi Sheth
Kalgi Sheth  •  4y  •  Reply
Thanks