Blockchain: A technology of Transformation

BLOCKCHAIN has the potential to change almost every facet of life and is the underlying technology behind cryptocurrency.

An unknown name Satoshi Nakamoto made us wake up to an era where “ownership” and “authenticity” have received a new dimension. He asked this question - “If I give 100 rupees to my friend then, is it possible, that details of it be made public, instead of making the bank its owner?”. Digital Currency became the answer.

Gone were the days when a bank used to record the transaction details between you and your friend. As blockchain has intervened in the scene it has ruled out the role of banks.

A blockchain is based on distributed ledger technology which allows keeping records across multiple computers network, known as “nodes.” Any user of the blockchain can be a node, but it takes a lot of computer power to operate. Nodes verify, approve, and store data within the ledger. This is different from traditional record-keeping methods which store data in a central place, such as a computer server.?

The most significant dimension that blockchain provides is non-erasability and non - manipulation of the data stored.

Nowadays, blockchain is being accepted widely as the most important technology to handle public data, not only in finance but also in other sectors like education, and health. Though cost, operations, scalability, integration, and high energy consumptions are some of the listed cons. However, if well managed this technology has the potential to pave the way for more possibilities in the future.