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  1. #1
    Join Date
    Sep 2010

    Blockchain technology explained: Here are its top features

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    Everyone is talking about the blockchain technology which is expected to change the socio-economic landscape of the world in the near future.

    The technology is mostly known for its connection with Bitcoin, the popular cryptocurrency which has seen a meteoric rise in valuation in the recent months. But blockchain is not just about Bitcoin. Its applications are beyond the cryptocurrencies, ranging from governance to preventing financial frauds.

    Unsurprisingly, major technology firms across the world such as Microsoft, IBM and Intel are hopping onto the blockchain bandwagon. And it’s not just the West that’s excited about blockchain. India is seriously considering the integration of blockchain into the country’s digital economy.

    Finance minister Arun Jaitely while presenting the Union Budget 2018-19 said that the government was willing to explore the use of blockchain technology.

    “The Government does not consider crypto-currencies legal tender or coin and will take all measures to eliminate use of these crypto-assets in financing illegitimate activities or as part of the payment system. The government will explore use of block chain technology proactively for ushering in digital economy,” he said.

    What is blockchain technology?

    Blockchain technology was originally developed to facilitate the digital currency Bitcoin. But these are two separate technologies. While bitcoin is an encrypted currency, blockchain is the platform for peer-to-peer payment, supply chain tracking, and lots more. Consider this as an operating system for applications such as bitcoins and ethereum to function.

    In the simplest words, blockchain technology is a shared and open ledger that keeps a record of the transactions and cannot be modified. And as the name implies, blockchain includes an ever-increasing blocks of data with each block containing transaction information.

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  2. #2
    Join Date
    Nov 2013

    0 Not allowed!
    Nice post, Mr Prasad. Very easy to get an idea about the topic.. Thanks
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