Today will try to explain about Blockchain with few Examples and how it works.
Through Smartphone you directly contact with Person.
But, While buying online on Smartphone a third party (BANK) is needed. So seller gets guarantee that he has received his amount. In return, we have to give some commission to Bank to transfer the amount.
Is it Possible that Buyer and Seller can directly have a deal between them without Third-Party.
So, here comes BLOCKCHAIN Technology who eliminates the Third-Party(BANK).
How does this happen?
Image Source - Business Insider
• BLOCKCHAIN is a distributed database and Encrypted it means "Decentralized".
Not Hackable because Hackers have to hack thousands of Computer at One time.
• BLOCKCHAIN is Fault Tolerant if any system gets damage still it works with very Ease.
• BLOCKCHAIN every transaction is recorded on Distrubted and Public Ledger.
Founded -
• BLOCKCHAIN had started in 2008 when a digital currency "Bitcoin" was invented. Bitcoin Currency is not control or handle by any Bank and Country.
• Apart from Cash transfer Blockchain can also be used where Trust and Guarantee is required which are done by Third Party.
Example -
• Government can directly Help Poor People's of their Country by Blockchain Technology by cutting the middleman and eliminating Corruption.
Image Source - BlogSaays
• In Education also BLOCKCHAIN can be used instead of giving Paper Certificates one can give Certificates with the help of Blockchain which will eliminate cases of Fake Certificates.
• BLOCKCHAIN is used to eliminate third party / middlemen on valuable things like Money, Good, Property or Even Votes
• Blockchains promises to bring significant efficiencies to global supply chains, financial transactions, asset ledgers and decentralized social networking.
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