BLOCKCHAIN TECHNOLOGY
BLOCKCHAIN TECHNOLOGY
- Current development of blockchain technology.
- facebook has launched its own Cryptocurrency named as “libra”.
- Telangana Government has declared its Hyderabad District as Block chain District.
- Coffee board of India has developed blockchain based e-market place
- to connect coffee growers directly with the buyers.
- Concept of Blockchain Technology and Bitcoin
- It was given by SATOSHI NAKAMOTO.
- Basically it is still myth and unidenifed name.
- Satoshi Nakamoto is unknown person had given the concept of bItcoin.
- I am describing first bitcoin then comes on Blockchain Techonolgy.
- Bitcoin is based on the concept of number of bit in the computing system.
- Since there are only 2^218 Bits.
- Each bit is considered as Bitcoin.
- Since bitcoin is exist in virtual form therefore It can not be created can not be destroyed.
- The transformation of bitcoin through blockchain therefor each and every transaction is listed in it.
- Blockchainhas demand and supply formula integrated in it therefore it is used to decide the value of bitcoin in terms of dollar based on demand and supply.
- Blockchain is very is very safe technology.
- It is impossible to hack it.
- Some countries banned it because some people misuse for making
- Drug transaction through it.
Smaller version of Bitcoin is launched called satoshi and
1 SATOSHI = 0.00000001BITCOIN
CORE CONCEPT OF BLOCKCHIAN TECHNOLOGY:
- Blockchian technology is based on peer to peer Network where each and every block is directly connected to all other blocks.
- Therefore it is a decentralized system unlike internet. As for example we do transaction on paytm then we pay to the paytm
- company then paytm do as a centralized centrelised system and the approve the transition and then send to the seller
- account the seller receive his money after long time becuased it is centeralised system.
- But incase of blockchain there is no central body to regulate it.
- Beacaus peer to peer connection directly seller connected to all buyers and also with all member of this chain.
- Blockchain is unhackable it require infinite hashpower that cannot be achieved practicaly
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| CURRENT WORKING SYSTEM LIKE INTERNET |
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