The world is running after new and efficient technologies which can save the time of human beings.
Internet was the biggest revolution of the 20th century and it continued to evolve in the 21st century. However, in the 21st century, the biggest challenge is data management. There has been a specific way in which data has been managed and transferred. For all kind of transfer of important data, the system requires approval from various intermediaries and it is called centralised system.
Blockchain is a new concept which is called a distributed database or a ledger which is connected with chunks or blocks and the same is validated by ‘Hash’. In simple word, blockchain is a decentralised ledger and it does not require powerful intermediaries to approve the transfer of data. The data can be cryptocurrency as well which does not require specific approval (e.g.approval of Bank while transfer of money).
Blockchain is the digital and decentralized ledger that records all transactions. Every time someone buys digital coins on a decentralized exchange, sells coins, transfers coins, or buys a good or service with virtual coins, a ledger records that transaction, often in an encrypted fashion, to protect it from cybercriminals. These transactions are also recorded and processed without a third-party provider, which is usually a bank.
So this is an extraordinary thing. An immutable, unhackable distributed database of digital assets. This is a platform for truth and it’s a platform for trust. The implications are staggering, not just for the financial-services industry but also right across virtually every aspect of society.
Bitcoins to Blockchain is like gmail to Internet. Blockchain will definitely change the way we work by using technology. Interesting times ahead…