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?
Storage structure
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.
Transaction process
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.