Blockchain will change banking and transaction mode after UPI ?
We have been hearing about blockchain technology for a few years. blockchain and crypto currency have been discussed on the internet for a long time, but nothing clear was ever known about it.
so let's see what is blockchain and what are its benefits:-
The campaign of digital india started and UPI transaction started after the implementation of demonetization by the prime minister of our country 'shri narendra modiji from 2016, but after that we have hearing about blockchain technology for the last few years.
Now we see what is blockchain technology .
What is blockchain technology
Blockchain technology is also called distributed laser technology.
It is a system that help in recording and keeping information related to banking and transactions.
No one can hack or steal the information recorded in this system. This blockchain technology makes the system transparent and unchangeable.
Blockchain is more complicated, but its concept is really very simple. A blockchain is a database. before understand blockchain you need to understand database. A database is a collection of any information which stored electronically on a computer system(server). Information or data in databases is store in table format for easier searching and filtering for any specific information. let's know difference between if someone using a spreadsheet to store their information or someone using a database to store information? Spreadsheets can be used by one person, or by few people to store limited amounts of information, but database used by many people for store larger amount of information.
Large database made by powerful computer and sometimes it built using hundreds or thousands of computers because user need lot of storage or speed for accessing database.
how does blockchain different from database?
A blockchain collects the information in groups, because of these it known as as blocks which hold many of information. Blocks have some storage capacities because when filled new data then the previously filled data save into old block which is called 'blockchain' and new data will added into new block.
A database structures is like data into tables whereas blockchain structures like blocks that are chained together. by this we can told that all blockchains are databases but all databases are not blockchains.
Attributes of Cryptocurrency
Benefits of blockchain
Blockchain technology makes it very difficult to hack, even if molestation is done with a single block in the system, it is also known that some one is trying to hacking the system.
If hacker wants to hack the system then the hacker will have to catch all the blocks which is impossible.
Blockchain is a digital laser used for system transactions with a network of computers and servers.
Whenever the transaction information is received in the block then every new transaction is included in the laser. Similarly the database is managed by many participants.
Blockchain system uses hash cryptography signature to record every transaction, if some one wants to hack in such a situation then it will be difficult to hack.
May be you will know than blockchain technology is used to work in bitcoin or other digital currency.
As more people use digital currency, the number of blocks will increase and the system will be more and more secure.
Transfer with blockchain technology is very easy and no transaction cost has to be given in it.