The term cryptocurrency has become very popular these days, thanks to the blockchain technology itself. The popularity of cryptocurrency is proving the usefulness of blockchain in finance. It is a database keeping records of financial transactions without any financial intermediation basis. It is a system that helps in keeping information recorded. The information in this system is recorded in such a way that no one can hack it or make any changes in it. Blockchain is a specific type of database that stores every transaction.The blocks that are there store the data of monetary transactions.Why was it named Blockchain?Just as the Internet started by connecting thousands of computers together, in the same way, data blocks were started by doing blockchain, in this technology data is stored in blocks which form a chain of data. and these blocks are connected to each other that is why it is named Blockchain.
How secure is blockchain?
Blockchain technology works on a de-centralized system.Decentralized system means that it is not controlled by any person or particular person.The cryptographic system makes the transaction irreversible – which cannot be changed in any way, when a transaction occurs, its copy is available with the whole network.That is, each block holds the hash ID of the block behind it. If one part of blockchain technology is hacked, it doesn’t affect other parts! OthersIn words, a block once created on the chain cannot be changed. It has millions of nodes around the world which keep a track record of all the transactions on the system. An example of this can be seen below.
Blockchain use in various fields-
Banking Sector – Blockchain technology provides a secure and affordable way to send payments that reduces the need for third party verification and beats the processing time for traditional bank transfers. Through blockchain technology, money can be sent within a few minutes in the country or abroad. Blockchain can simplify banking and lending services, reducing counterparty risk. certified documents andKYC/AML data can greatly accelerate the process of real-time verification of financial documents, reducing operational risks.
For Voting- Blockchain can be applied for voting and counting in elections. This year, it took a week for the US elections to be counted. blockchainThis process can be made easier through technology. In the future it may be possible to further strengthen all this using blockchain technology, but for thisIt is necessary to take the right steps in the right direction at the right time.Non-Fungible Tokens (NFTs): NFTs are a form of digital tokens that are assigned to real things, ie paintings, games, music, memes, cards, etc.Any creative person can create and sell their NFTs. Recently Salman Khan has started selling his own NFTs in the market.
Education: Blockchain technology can bring a big change in the field of education as well. Any university can store all the records of its students on the blockchain. Recently CBSE board has used Blockchain. In such a situation, fake documents and degrees can be prevented by using blockchain.Blockchain in Economy and Governance – The Prime Minister of India has always promoted Digital India, he has also tweeted about Blockchain technology many times. EconomyBlockchain technology can be used to promote digital transactions in the
Pushpendra Singh
Pushpendra Singh is the founder of SmartViewAi.com which is making people aware of crypto and blockchain technology inside India through his YouTube channel (PUSHPENDRA SINGH DIGITAL). Coming from the world of IT, Pushpendra Singh understands and is familiar with the importance of blockchain technology/DeFi. He has over 10 years of experience in software development ranging from the blockchain and cryptocurrency markets. In his spare time, he enjoys making Blockchain Awareness YouTube Live Videos in Hindi. His channel gets millions of views every month.
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