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Author Topic: What is block-chain technology and why is it safe for Invest?  (Read 63 times)

sheenarustomji

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What is block-chain technology and why is it safe for Invest?
« on: October 05, 2019, 06:10:01 PM »
Blockchain is a type of technology that has been developed as a program to store the record of Financial Transaction. It works like a digital system. The program is designed to be very difficult to hack. Because Hacker has to hack several thousands of computers simultaneously to hack the database, which is not impossible. It is said to be a safe and simple technology to invest. Blockchain Technology keeps a similar information block on its network.

Blockchain Technology has the potential to spread digital databases. That means its program works like a Distributed Network. Not all records in Blockchain Database are stored in a computer but are sold to 1000 Computers or millions of Computers. Every computer in Blockchain Technology can tell the entire history of every record. It has a Database Encrypted and is secretly Entered.

Blockchain is also a fault tolerant, i.e. even if a computer fails in this technology, its system continues to work. If anything new is to be record, it will require the approval of multiple partners.

Blockchain was first used in 2008 when a digital currency called Bitcoin was created. Blockchain can be used not only for Bitcoin, but anywhere where a middleman is needed for trust and guarantee. Well, Bitcoin is a best example of Blockchain Technology.

Looking at the Security Features of Blockchain, you can say that cybercrime and hacking can't spoil it at all. Blockchain Technology has been introduced in India as a pilot project in the state of Andhra Pradesh and Telangana.

In fact, Blockchain Technology can also be used in education. Students can be given certificates created by Blockchain in place of paper certificates. This can avoid the problem of fake certificates.

Blockchain technology can also be used in these areas:
  • department of education
  • Information Technology and Data Management
  • Gaming System
  • Stock Markets and Commodities
  • Government and Organizational Administration
  • Social Networks
  • Real Estate
  • Digital identity and authentication
  • community service
  • Media & Markets
  • Network Infrastructure
  • e-voting

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