BLOCKCHAIN TECHNOLOGY & THE INFINITE POSSIBILITIES...

Blockchain technology refers to a distributed database for all the digital transactions, which eliminates the need for the third party to authenticate the transactions.

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

Bitcoin a 'dangerous speculative bubble ,is it?

Mo n e y is a m a tt er o f f a ith, Bits of paper and computer bytes change hands billions of times a day as a measure of value because we trust the promise that they represent .in today's era of fiat money ,those promises rest ultimately on a guarantee by governments that they are valuable . that guarantee , as we have seen , is being questioned as the willingness of governments to live up to the promises of fiat currencies is called into question by the deterioration in public finances We often discuss the ways that new technologies and techniques are being used to improve the digital scenario consecutively To t r e at the debate about the f ut u re of mo ne y as a battle between econo m i c truths is to mi s und e r stand the nature of money itself. ...

Will it be possible that if Blockchain Technology can remould Global Payments System?

Payments are synonymous with a transaction that is guaranteed by a central authority which can be a bank, a payment wallet or an escrow service. Keeping the chronological timeline under consideration blockchain happens to be at the helm of technological advancement in the financial domain. A block is the ‘current’ part of a blockchain, which records some or all of the recent transactions. Once completed, a block goes into the blockchain as a permanent database. Each time a block gets completed, a new one is generated. “Blockchain technology continues to redefine not only how the exchange sector operates, but the global financial economy as a whole.” The core value of a blockchain is that it enables a database to be directly shared without a central administrator. Rather than having some centralized application logic, blockchain transactions have their own proof of validity and authorization to enforce the constraints. Hence, with the blockchain acting as a consensus ...

IMPACT OF BITCOIN IN INDIA

Crypto currency exchange operators remain untaxed of RBI warning that beware of Bitcoin " if India had to ban virtual currencies they would have done by now. in last 3 years, the RBI 's statement has been the same: they are uncomfortable with it and people should invest at their own risk . But tell me who is at risk everyone who has invested in it are making money and richer now.crypto currency is reality of the power of digital currencies which fast gaining popularity in India & world wide. It is now almost a decade since the first crypto currency, BITCOIN was developed in 2008 by Satoshi Nakamoto, but still, it is believed that we are in the nascent stages of crypto currency and block chain technology. It’s either gifted as an economic saviour of mankind or a complete annihilator of fiat currency. so visit the following links for more expert opinion of bitcoin. In the last couple of years there has been significant growth in the trading...

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