- Blockchains are a new data structure that is secure, cryptography-based, and distributed across a network. The technology supports cryptocurrencies such as Bitcoin, and the transfer of any data or digital asset.
It’s an encrypted database of agreements, so to speak. This means once a “deal” is made, neither party can go back and rewrite the terms. Smart Contracts––a blockchain based contract that holds both parties accountable by only completing the terms of the agreement once both parties have fulfilled their end of the bargain––is a perfect example.
:In 2016, ICICI Bank announced that it successfully executed transactions in international trade finance and remittances using Blockchain technology in partnership with a Dubai based bank Emirates NBD.
:In 2008, a cryptographer who goes by the pseudonym Satoshi Nakamoto created a crypto-currency called bitcoin. Bitcoin is digital currency that allows you to perform peer-to-peer transactions without the help of a third party such as banks.
: Last year,in India Andhra Pradesh to become first state to deploy blockchain technology across the administration..
Blockchain serves as a auditing platform or ledger that is incorruptible, enforces transparency, and bypasses censorship. By tackling issues of financial, political and institutional corruption, this has the capability to create massive social change and greatly protect the human rights of every individual.
WORKING OF BLOCKCHAIN
In fact, blockchain can be configured to work in a number of ways that use different techniques to achieve agreement on transactions and, in particular, to define known participants in the chain and exclude everyone else. The largest example of blockchain in use, Bitcoin, employs an incognito public ledger in which anyone can participate. For more private uses of blockchain among a smaller number of known actors, many organizations are deploying permissioned blockchains to control who participates in transaction activity.
Comments
Post a Comment