BLOCKCHAIN-TheLATEST TECHNOLOGY

What is Blockchain Technology?

Blockchain is a new invented technology.It was created in 2008 by Satoshi Nakamoto. He invented the block chain technology and also its first application i.e. the digital currency BITCOIN. Bitcoin is also known as cryptocurrency.

                Cryptocurrency is a online currency that allow people to pay for anything in any part of world, without any use of authentic currencies like rupees, dollar, euro. It is like science fiction. This currency is not for any particular country, it is accepted globally.Bitcoin is 100% digital. It is faster, cheaper and more secure mode of transaction.

NOW LET US  KNOW MORE ABOUT BLOCKCHAIN.

Blockchain and Bitcoin both were invented together. But Bitcoin was the first application of Blockchain technology. It is very simple and user friendly technology.

Blockchain Technology is an internet based distributed and public database where transaction can only be added once they are validated through complex mathematical algorithms that prove the  authenticity of the data. Blockchain is a public ledger of all transaction that has ever been executed.

     Impact of Block chain on Banking Sector

The blockchain is a technology that gave us new way to safely manage and send money any where in any part of world,without use of banks.

This technology is an alternative to banking sector because this help in eliminating the current flaws of the banking system.

This is all happen due to removing of middlemen, because by removing the middlemen, there is no charge on transaction.

This technology is not easy to hack. To hack this technology hacker needs to hack thousands of computers at a time.  It is very difficult task for hacker to do so.Hence, it is very safe and secure technology.

There is some disadvantage: -on removing the middlemen our system will change and this will result in loss of jobs in banking sector which will affect the economic condition of banking  professionals but at the same time, it helps  to save the time and money.

Some latest & Future use of this technology:-

At first blockchain technology had not been accepted by gov.sector.

Our current minister of finance of India – “Arun Jaitely”, said in Budget – 2019 that blockchain is best technology and we also need to work on this technology.

Now-a-days, research is going on this for use in public or government sector. This technology also helps in control over corruption. Those government who

usethis technology that is safe from corruption.

^{“Cloud Computing is not only the Future of Computing, but the Present and the Entire Past of Computing.}

^{-Larry Ellison}

^{Cloud Computing is the most commonly term used by people. We heard the term Cloud Computing many a times infact we use it in our daily life too but the problem is that we don’t know the proper meaning or the exact meaning. What actually Cloud Computing mean? How we are using it in our daily Life? Why do we need Cloud Computing?}

^{So, here we are going to discuss about Cloud Computing. And at the end we will be able to answer the question which we mentioned above.}

^{What is Cloud Computing?}

^{Let’s take an example to understand this.}

^{Suppose you want to host a website. And here we are not using Cloud Computing. What all things you should keep in mind to host a website is that.}

• ^{Buy a stack of server.}
• ^{Keep peak traffic in mind , buy more server.}
• ^{Continuously monitoring and maintaining your servers because you don’t want your website to experience downtime.}

^{Problem arises when we were not using cloud computing.}

• ^{The setup is expensive as you are buying them and servers are very expensive}
• ^{Troubleshooting problems can be tedious and may conflict with your business goals. If you have someone to maintain your server than you can focus on work if not them most of the time you are worried about that.}
• ^{Since the traffic is varying, your server will be idle most of the time}

^{Now the problem is solved by Cloud Computing. Let’s see how.}

• ^{Now we don’t buy server any more, we just rent them from cloud provider.}
• ^{Scalibility! Your server capacity will vary according to traffic.}
• ^{When we rent server we don’t have to manage our server anymore. It’s the responsibility of person from whom we are renting. so now you are tension free.}

^{And its cheap also. So from this we understood why do we need cloud computing. Let’s go on and understand what is cloud computing exactly mean.}

^{now take the word}

^{CLOUD : cloud is different name used for internet. It can be used anywhere, anytime.}

^{COMPUTING : computing related to computer and computer is that which compute with processor and storage.}

^{So it can be anywhere anytime storage. That’s what cloud computing is, you can store and access your data anywhere anytime.}

  ^{Cloud Computing is the use of remote server on the internet to store, manage and process data rather than a local server or your personal computer. For example : all the bank application you are using come under cloud computing.}

^{You first used cloud computing when you created your first Gmail ID in last decades.}

^USES:

1. ^{social media is most popular and moostly visited applicayion of cloud computing. eg: Facebook, LinkedIn, Twitter.}
2. ^{Big data analytics: without cloud it is hard to collect and analyze data i real time. Hadoop, Cassandra  etc. are open souce big data tools based on clouds.}
3. ^{Communication:}

^{WhatsApp, Skype are also based on clouds. All of your messages are stored on provider’s hardware so that you can access your information from anywhere via internet.}

^Pros

1. ^{Lower costs of Businesses:} 

^{As we don’t buy server infact we take them on rent so through this we can make profit in our business. If we purchase server it will be very expensive for us.}

• ^{Easier Management:} 

^{If we buy server then we need people to maintain and monitor them. and if we rent them then its the responsibility of company from whom we are taking on rent.}

• ^{Accessibility:   you can access your data from anywhere at anytime in the world. Especially important for those who are trying to  spread influence globally.}

^Cons

1. ^{Reliant on Internet Connectivity – until and unless  you have a good connection its great to have your business on cloud.  sometimes due to connectivity problem even the best cloud computing provider experience downtime.}
2. ^{Issues related to security – If  you are placing your business data on cloud then you are trusting the third party to keep your data safe.}
3. ^{Limited Control – You can only manage the front end of the applications. Cloud service providers are responsible for managing backend server. In short you have a very limited control over it.}

^Conclusion:

^{In this blog  we learned what actually cloud computing mean, How it is useful to us. What are the limitations of using cloud computing. We also discussed the uses of cloud computing}. ^{thanks for spending time reading this blog. If you have any query or feedback then feel free to comment.}

^References

1.   ^{https://youtu.be/VzkHFu6iCVI}
2. ^{https://www.alvareztg.com/}
3. ^{https://youtu.be/kQnNd-DyrpA}
4. ^{https://www.google.com/url?sa=t&source=web&rct=j&url=https://www.newgenapps.com/blog/top-10-cloud-computing-examples-and-uses%3Fhs_amp%3Dtrue&ved=2ahUKEwikl9zIv7ThAhU963MBHVvpD90QFjARegQIBBAB&usg=AOvVaw2vvtXWYROLivcFzuRhKXp2&ampcf=1}