Blockchain Technology

The blockchain is a technology that has been programmed to record Financial Transaction. This is a digital system, in which Internet technology has the underlying strength which can store blocks of identical information on its network.

Importance

Block-chain has the flexibility to distribute digital info, meaning that it acts like a distributed network.

Not all records within the info area unit keep during a pc but distributed in 1000 computers or millions of computers. Each pc within the blockchain will describe the complete history of every record. This info is encrypted and entered during a confidential manner.

The blockchain is also faulting tolerant, that is, if a computer gets damaged in this system then this system keeps working.

If any new agreement or record is needed to be recorded in it, then it requires the approval of many partners (computers).

Use Case

The first use of Blockchain was in 2008. When a digital currency called Bitcoin was invented. The use of the blockchain cannot be used only for bitcoins, but can also be done where there is a need for a middleman for trust, guaranteed.

Block-Chain technology can be used in all these areas : -

• In the Information Technology and Data Management;

• In government and organizational administration;

• In education;

• In the gaming system;

• In the stock market and commodities;

• In social networks;

• In digital recognition and authentication;

• In real estate;

• In community service;

• In Network Infrastructure;

• Media and market

• In e-voting etc.

• Blockchain can be used in education too; students can be given blockchain-built degree instead of a paper degree. This can solve the problem of forged degree.

Highly Secured

It is very difficult to hack because hackers will have to hack many thousands of computers simultaneously to hack the database.

This is why block-chain technology may be a safe and straightforward technology.

If a poor person needs government earnings, then the govt. will send that earnings through Block Chain to his mobile.

In case of disaster, the houses, crops etc. are destroyed and if the government wants to help them, then the block can send the government aid amount directly to their mobile, this will reduce the corruption.

Principles of Blockchain

• Distributed database

The info is that the Blockchain and every node on a Blockchain have access to the entire Blockchain.

No one node or pc regulates the knowledge it contains. Every node is in a position to validate the records of the Blockchain. This is all to steer clear off one or many intermediaries as a fit of everything.

• Peer-to-peer (P2P) transmission