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Blockchain is the magic and this is what it’s all about- Not Bitcoin, NFTs, Ethereum

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Vandana Mrigwani Follow

INDIA

Apr, 20 2021

Apr, 20 2021

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India’s decision to not prohibit cryptocurrency is wise as other countries are annoying to mix it in their economy to challenge the US dollar. 

 

Below, we shall also part of India’s unease with the blockchain and cryptocurrency and why it must be persuaded to embrace it. 

 

What is a blockchain? 

 

blockchain is a single database, after the technology that powers cryptocurrency like Bitcoin. 

 

The blockchain database provisions information inversely from a typical database. As the name proposes, data is kept in groups or blocks which are then attached. It is called a blockchain as the latest transaction block will cover details of the previous transaction block. 


New data arrives fresh blocks and once that block is shaped; it is devoted to the chain chronologically. 

 

Different information can be kept in a Blockchain, but it is typically used as a ‘ledger’ for transactions. It is a sort of distributed ledger technology (DLT). It is named a ‘ledger’ as it keeps track of all that is happening, just as a ledger does. 

 

Information once kept cannot be changed or altered even though everyone has contact with the records. This is because they are in an extremely coded form. 

 

If Blockchains ruled, this is what would occur — a world of no credit cards, no rupees, no digital payment gateways, and no banks! 

 

Who conceptualized blockchain? 

 

The blockchain idea was launched by a pseudonymous individual or group called ‘Satoshi Nakamoto’ whom no one has ever seen. 

 

Australian entrepreneur cum computer expert Craig Wright has requested to be Nakamoto, but that is disputed. 

 

Nakamoto unrestricted a white paper in October 2008 on Bitcoin (not blockchain) called ‘Bitcoin: A Peer-to-Peer Electronic Cash System‘. It emphasized how blockchain could be the software infrastructure that permissible Bitcoin transactions. 


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Vandana Mrigwani

CBW - External Analyst

INDIA

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