WHAT IS BLOCKCHAIN TECHNOLOGY|blockchain tutorial|blockchain developer
Updated: May 8, 2020
In this article we will discuss about behind the technology of BLOCKCHAIN, the reason behind the importance of blockchain technology because this is very futuristic technology
and blockchain technology solved issues in our current banking systems like security issues and transaction issues. In upcoming years we will use Apps based on blockchain technology
in different areas .so today we will discuss about this topic.
we are divided this discussion in three agendas:
1- Issues with current banking system
2- How blockchain technology solved thus issues
3- Detail analysis on blockchain technology
Issues with current banking system
a- high transaction fees
suppose you have to transfer 10000 rupees and transaction charge is 2 percent ,you not feel affected but organisations have minimum 50-100 transaction in very high volumes every day in this scenario high transaction charges becomes an issue.
b- Restriction in Rules and Regulations
this is compulsory that we have to follow rules and regulations of third party [banks and other transaction platforms] like transaction of limited amount, time restrictions and transaction according third party ,many times our credit and debit cards not acceptable on particular websites and bunch problem a particular person are facing in current banking system.
c- Net banking fraud
our card details are taken by third party and we face fraud calls and many more but
whenever we do a transaction we go through a server where our details get stored imagine if the server get hacked what can will happen? but blockchain technology solved this problem this is a major advantage of blockchain technology where information not stored at server. banks and third party platforms will also get huge benefits from blockchain technology . banks invest a good amount of money to make a server but they are not properly secured that because banks thinking about use blockchain technology.
How blockchain technology solved the issues?
a- decentralized power
In current banking system third party have all the power of a transaction means if we are doing a transaction we cant do without the help of our bank or a third party. blockchain will remove this centralized system. decentralized system means the powers between a transaction is distributes in equal amount.
b - public ledger
blockchain is a type of public ledger where every transaction is public, everybody knows after transaction happens mean everybody involved in this.
c- immutable hacks
blockchain technology is safe from hacks. blockchain is technology which has virtual chain which is very hard to hack. Today bank system is not that strong which nobody can hacker are able to hack servers.
Detail analysis on Blockchain technology
>Many of you may familiar with bitcoin, A type of currency that operates independently from a central bank.but the technology behind that system most people are not familiar with is blockchain.
>There are many type of blockchain public and private and they allow every to send value anywhere in the world where the block site can be accessed. Think of each chain as an online database stored in a distributed peer to peer fashion.
> The storage devices for the database are not all connected to a common processor and each block ,ordered records has timestamp and a link to previous block.
what is blockchain technology ?
the blockchain is an internet based , distributed,public database where transactions can only be added once they are validated through a complex mathematics that proves authenticity of the data. the blockchain is a public ledger of all transactions that have ever been executed.