Tuesday, August 21, 2018

Blockchain; The future Technology, a positive study

What is blockchain?

    Blockchain, we all hear this term since 2018. The blockchain is a commonly distributed ledger to control the cryptocurrency. It is a chain of blocks which contain data. It is a very secure process blockchain is the backbone of digital transactions of cryptocurrency. It is a method of a long rope, where many systems are bounded for a record so that no one can individually change anything. 

      Actually, we can say that it is not a new method,. It is a mixer of three methods -----

     1. Internet
     2. Cryptography
     3. Protocol system

     The first blockchain was introduced in 2008 for dealing cryptocurrency from Nakamoto by a man or a group of men.

Positive Sides
      As we know it is used in cryptocurrency so it is a very secure system. Nowadays many central banks start researching in blockchain system to make digital currency system. Because through this currency digitization can be securely run. Though it is a public ledger, so anyone can acquire the knowledge of the current economy but no one can change it. And also users are get updated in real time without wasting time. Blockchain ends the third party system and establishes a one-on-one system between people. 

      For example, if we have to send money to you then we have to go to the band and send money. The transaction is made through banks and the bank recorded all the data. But in Blockchain technology, we can directly send money to you and records are kept in blocks. (In simple words) In general, a bank manage all the transaction and they have the authority but in the blockchain, authority comes to your hand and transaction can be performed with your permission only. Hence every user of the chain can get the information of the transaction but no one can do it without the permission of the specific authority (That is you or the user of that transaction). But this is not only the process. Other user or a specific group of the user should validate your transaction to be true and perfect. So no out of source transaction can be made.
        Where blockchain can be uses in a good manner to develop our society -
     1. Legal prospects of health sectors.
     2. Notary and individual storage.
     3  Subsidy distribution and land record system.
     4. Book keeping of Government development policies.
     5. Digital identification, e-procurement system, and digital voting system. 


          Though it is always emphasized for its illegal uses, this technology can be use in many positive ways in near future.  Positively using blockchain technology will make a huge revolution towards development of human culture.


Post a Comment