What is block chain, what is its uses
Right now there is a lot of craze among the people about digital currency all over the world, yes digital currency means crypto currencies and every country is making its own crypto currencies. Currently a lot of crypto currencies have come into trend in the world market and in the world of this crypto currencies another crypto currency has made a spectacular and explosive entry. Yes, Dubai has launched its first crypto currency called Dubai Coin. The special feature of this crypto currency is that it is trading on select exchanges based on the currency public block chain. When the currency was launched, its original price was $ 0.17. That was around Rs. 12.75 in Indian Rupees which increased to $ 1.13 in just 24 hours of launching, in which people can generate their own DBIX.
So there is also a question in the mind of many people that
what is this block chain, today in this video also we are going to talk about
what is block chain, so let's start.
So friends block chain is such a technology that works to
reach digital services or digital money such as bit coin and other digital
currency like bit coin from one person to another. See, if you want to send
money to a friend or relative from India in any other country, then for this
you need a reliable third party organization, this can be your bank or it can be
WESTRON UNION and PAYPAL. It can take from one day to three days to send or ask
for money from this type of system and for this your bank also takes some
charges like WESTRON UNION or PAYPAL but any person from any country in the
world with block chain system or technology Or can send money directly to the
place, it takes only a few minutes and transaction fees are also very low.
The block chain system was born in 2008,
developed by Satoshi Nakamoto in 2008 as a public transaction
ledger for bitcoin crypto currency.
So Block Chain is such a technology in which a person is
used to send money to anyone in any corner of the world without using the
banking sector, that is, in this technology any organization even the
government. There is no control.
Although block chain was initially introduced for bitcoin,
now a lot of crypto currency is also using this technology.
So block chain is an open ledger. Yes, it is an open account
in which people connected to any one network can see the account of everyone.
That is, all the people who live in a network know that who is paying whom and
how much is paying. Everyone connected in the network in the system can know
whether the transaction is valid or not and if you do some transactions, its
database is on thousands of computers.
Block chain is a technology that is very difficult to hack
because hacker will have to hack not thousands of computers together but only
then he will be able to hack and hacking thousands of computers together is
very difficult. That is why Block chain is considered a secure system all over
the world and the whole world has accepted this system.
Block chain was invented when digital currency bit coin was
introduced for the first time in the world. Bitcoin is a currency which is not
subject to any country or bank.
Although block chain was invented for bitcoin, now many
countries are thinking of using block chain for government and public sector
slowly, Like what is the legal document of someone's house. Obviously the registry
of that house which is done by the public register which is a proof that the
owner of this house or property is this person. Now it can happen that this public
register will do this block chain because the documents registered in the block
chain will be as valid as the public register and since this block chain is
public, there is no chance of scam in it.
The most important feature of block chain is that there is
no chance of losing data, such as hard disk RAM in the computer or if something
is bad, nothing can be done in the computer. You must have heard many times in
the bank, the server is not working, but there are millions of computers
working simultaneously in the block chain, out of which the transaction does
not stop even if it goes bad simultaneously.
There is no doubt that block chain is being used in crypto
currency today. In the coming times, block chain technology will also work in
the banking sector because it is fast and easy and it is more secure than the
technology currently used in banking.
Block chain technology is a distributor data base. This data
does not reside on one or two computers but thousands of computers are stored
on the computer, moreover, every single computer in the block chain network
keeps the complete history of all records in detail. The data kept on the block chain
will be completely confidential. To save any data, the approval of any network
partner is required.
So in the coming time, every department will start adopting
block chain technology to save any digital information, now whether your degree
or passport is recorded on the block chain, the chances of getting hacked are
zero and fake It will not be possible to make at all.
If the government has to give some money to a poor person or
to give scholarship money to someone or to give a donation to someone in a
disaster, that money will be directly passed on to that person without any
intermediary. During the Corona period, people are sending aid money using this
block chain, due to which things like withholding money or eating by the
intermediary will end completely, then this technology will also work directly
in the interest of the country.
Hope you liked this article, leave your comments.
✍: Narendra Agarwal ✍
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