Bitcoin was designed on blockchain technology by using a specific type of database called a blockchain. Blockchain technology’s core characteristics include decentralization, transparency, immutability, and automation
Pic Courtesy/ PR
What is Blockchain Technology?
Blockchain is a system of recording information in a way that makes it difficult or impossible to manipulate, hack, or cheat the system. Blockchain technology is broader than finance. It can be applied to any multi-step transaction where traceability and visibility is required.
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Bitcoin was designed on blockchain technology by using a specific type of database called a blockchain. Blockchain technology’s core characteristics include decentralization, transparency, immutability, and automation
Blockchain Technology is one of the most popular technology which has the capability to eliminate the requirement of third party to validate the transactions over the (P2P) Peer-to-Peer network. There is no need for any middle man.
Key elements of a blockchain
Distributed ledger technology (DLT)
All network participants have access to the distributed ledger and its immutable record of transactions. Distributed ledger technologies, like blockchain, are peer-to-peer networks that enable multiple members to maintain their own copy of a shared ledger records.
Faster Settlement
Traditional banking systems are quite slow some mostly institution doesn’t work in holiday or weekend. Sometimes it can take days to process a transaction after finalizing all settlements. It also can be corrupted quite easily because all data stored in centralized database however, they keep backups. Blockchain offers a faster settlement compared to traditional banking systems. This way a user can transfer money faster, sometime international payment 2-3 working days but with help of blockchain this can be settled in 1-30 minutes.
Immutable records
No one can change or tamper with a transaction after it’s been recorded to the shared ledger. If a transaction record includes an error, a new transaction must be added to reverse the error, and both transactions are then visible. Miners play very important role in verifying transactions
Smart contracts
A smart contract is a computer program or a transaction protocol which is intended to automatically execute. A smart contract is widely used in Defi .
Now a days blockchain widely using In
- Cryptocurrencies like BTC, ETH,LTC,SOL
- e-Governance
- Defi (Decentralized finance)
- NFT marketplaces (Recently Amitabh Bachchan has lunched own NFT).
- Supply chain
- Cross-border payments.
- Insurance
- Personal identity security.
- Anti-money laundering tracking system.
- Voting mechanism
- Original content creation
Many countries are devising a better regulatory framework for crypto transactions, instilling user trust and confidence in these platforms. Recently Indian Bollywood actors also showing interest in NFTs.
How blockchain and crypto hype started?
Now a days almost everyone talking about Bitcoin, Doge Coin after Elon musk and Twitter CEO (Jack Dorsey) tweets. Twitter is also enabling tip system on bitcoin, El Salvador Just Became the First Country to Accept Bitcoin as Legal Tender
Peoples are buying crypto and meme tokens. Now a days big institutions also entered in crypto
Blockchain technology is popular because of cryptocurrencies. Blockchain is the backbone of bitcoin and others cryptos.
India Prime Minister Mr. Narendra Modi has highlighted many times protentional of Blockchain technology “Disruptive technologies such as Block-chain and the Internet of Things, will have a profound impact in the way we live and work. They will require rapid adaptation in our workplaces”
Tweet Link: https://twitter.com/pmoindia/status/965463114367033344?lang=en
Blockchain technology go far beyond cryptocurrency and bitcoin. With its ability to create more transparency and fairness.
Pushpendra Singh
Pushpendra Singh is a founder of SmartViewAi.com focusing on decentralized finance awareness and blockchain application and their respective markets. Coming from the world of IT, Pushpendra Singh understands and is familiar with the importance of blockchain technology/Defi. He has over 10 years of software development experience in industries ranging from supply chain management, centralized finance system and cryptocurrency market. In his spare time, he enjoys making blockchain awareness YouTube live videos in Hindi. His channel has Millions of views monthly
Twitter https://twitter.com/pushpendrakum
YouTube https://www.youtube.com/c/PUSHPENDRASINGHDIGITAL
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