Blockchain

Blockchain

  • The internet changed our life in many ways. Before 15-20 years ago we are not aware of what exactly the internet is but now the internet is an integral part of our life. In the future there is a technology called Blockchain will make a huge impact in our life, so let's see what exactly the blockchain is : 

Definition of blockchain

  • Blockchain is a technology that creates decentralized digital public records of transactions that are secure, anonymous, tamper-proof, unchangeable. Or simply, we can define it as "By using mathematics and cryptography blockchain provides an open decentralized database of any transactions involving values".

How blockchain works

  • Consider a single block in a bitcoin chain. It stores detail of the sender, receiver, and hash.
  • Hash represents the content present in the block. It is created by a hashing algorithm and it is unique for every block.
  • Everyblock contains a hash of the previous block this leads to the creation of a chain and makes it secure.
  • In the end, bitcoin is received by the verified user.


This is a simple example of the bitcoin blockchain.
How blockchain can transform India
1. Using blockchain we can digitize agriculture. Some states of India started implementing blockchain.
2. Using blockchain we can implement precision forming. This can make a huge impact on agriculture. 
3. We can use blockchain to conduct elections. 
4. Using blockchain we can reduce corruption in India.
Areas where blockchain can be implanted: 
1. Banking.
2. Cybersecurity. 
3. Supply chain management.
4. Forecasting. 
5. Networking & IoT.
6. Online data storage. 
7. Voting.
8. Healthcare. 
9. Energy management. 
10. Private transport. 

  •  The blockchain is an idea that initially disrupts, and over time it could promote the development of a larger ecosystem that includes both the old way and the innovation. Blockchain mainly involves creating a decentralized ecosystem. In future days it would be the game-changer.
  • The adoption of blockchain will solve major problems we are facing in the centralized ecosystem.
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