Aug 4, 2018 at 12:09
Aug 4, 2018 at 12:09 UTC
A Layman’s Introduction To Blockchain Technology
BTC Wires: Technology has brought about paramount developments in the world we live in. It has become an indisputable part of our lives and we remain beholden to its very service. From watching movies to ordering food online, we have grown to commend the comfort that technology has provided us with. Investing money online has also been taken to, in the recent years. And given that people have always been hesitant in investing their money anywhere, except banks, it is most surprising to notice a slight shift from the archetypal investment to a more digitized one.
The rise of Blockchain has made online investment easier for the masses. It possesses the potential to disrupt nearly every industry. Blockchain, whether public or private, are a real-time ledger of records stored in a distributed peer-to-peer fashion free from any central authority. The fact that every record is encrypted and time-stamped and users can only access and edit the block they ‘own’ through a private key, is what makes it highly secured and trustworthy. Every block is linked to the prior and the subsequent block, and whenever a change is made, the entire chain is updated. Blockchain helps secure and streamline transactions efficiently without requiring intermediaries to manage the process. It is a revolutionary technology that has made record keeping and document tracking efficient in every way.
Banks and financial institution the world over are trying to incorporate blockchain technology in daily operations. Blockchain allows consumers and suppliers to connect directly, without a prying third party. And since the technology helps transfer value while shunning out the middle-men, startups and banks are beginning to rely and use it for a range of operations. Today in India, the most common uses of this technology are in fund transfer, digital identity and payment infrastructure. A plethora of banks all over the world have begun using this technology.
However, momentum on that front is still in the process and has a long way to go. But, as the understanding of Blockchain seeps in and increase, it will surely be celebrated at a greater scale. For the Indian ecosystem, a green signal from the Reserve Bank of India, saying that Blockchain is going to be of immense help in the banking sector, remains the testimony of its viability.