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.
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