Blockchain Basics
If you have seen the famous Hollywood film "Catch Me If You Can", then you will know how a fraudster named Frank Abagale took advantage of the loopholes of Bank checks. The US government certainly caught him but did not let his talent go. Eventually, control of cheque fraudulent could also be brought under the help of this Frank Abagnale. I mean to say that if any mind or skill is used in the right direction, then it does not take any time to reverse the results.
The same thing applies to the blockchain technology used in cryptocurrency like bitcoin. In fact, Blockchain Technology became infamous in the round of cryptocurrency. But in many countries, this technology is not only used for better governance, so industries around the world are pressuring their government to use this technology.
We all know that bitcoin has betrayed the large population of the world overnight, and all this was possible through its basic technology. It is likely that blockchain technology will be revolutionary for the future economy.
Blockchain is a technology that helps to transfer bitcoin or some other services from one individual to another. For example, if a person “A” needs to send money from Dhaka to a person “B” in London, and if this is done via a trusted third party or a bank, it can take upto 1 to 2 days for reaching from person "A" to person "B". But in blockchain technology, we can send money instantly and anywhere directly, and for this, it takes only a few minutes. In this, transaction fees are also deficient.
Blockchain technology was created in 2008. Satoshi Nakamoto invented this technology to provide service to bitcoins. There is no need of banking sector to send money from blockchain. The blockchain was made for bitcoins, but now many more cryptocurrency has come in it.
In this chain, people are connected to each other. All the people who live in blockchain's network, they know who is paying, and how much is paying. Therefore, there can be no unethical transaction in this network.
Hackers also cannot hack blockchain technology, because to hack this technology, they have to hack thousands of computers simultaneously. That is why blockchain is considered to be a secured technology. In the future blockchain technology can be used for election voting, banking, necessary paperwork. This technology can also come handy in the future to keep Digital Data, Digital Information secured.
The same thing applies to the blockchain technology used in cryptocurrency like bitcoin. In fact, Blockchain Technology became infamous in the round of cryptocurrency. But in many countries, this technology is not only used for better governance, so industries around the world are pressuring their government to use this technology.
We all know that bitcoin has betrayed the large population of the world overnight, and all this was possible through its basic technology. It is likely that blockchain technology will be revolutionary for the future economy.
Blockchain is a technology that helps to transfer bitcoin or some other services from one individual to another. For example, if a person “A” needs to send money from Dhaka to a person “B” in London, and if this is done via a trusted third party or a bank, it can take upto 1 to 2 days for reaching from person "A" to person "B". But in blockchain technology, we can send money instantly and anywhere directly, and for this, it takes only a few minutes. In this, transaction fees are also deficient.
Blockchain technology was created in 2008. Satoshi Nakamoto invented this technology to provide service to bitcoins. There is no need of banking sector to send money from blockchain. The blockchain was made for bitcoins, but now many more cryptocurrency has come in it.
In this chain, people are connected to each other. All the people who live in blockchain's network, they know who is paying, and how much is paying. Therefore, there can be no unethical transaction in this network.
Hackers also cannot hack blockchain technology, because to hack this technology, they have to hack thousands of computers simultaneously. That is why blockchain is considered to be a secured technology. In the future blockchain technology can be used for election voting, banking, necessary paperwork. This technology can also come handy in the future to keep Digital Data, Digital Information secured.
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