Blockchain technology 1

Blockchain Technology

The national blockchain strategy was recently proposed by the Ministry of Electronics and IT.

The strategy has adopted a multi-institutional approach it involves NIC (National Informatics Centre) C-DAC(Centre for Development of Advanced Computing) and NICS(National Informatics Centre Services) for offering blockchain services.

The national blockchain strategy has kept cryptocurrency out of the ambit of its framework. However, the government of India had listed a bill called "The cryptocurrency and Regulations of official digital currency bill 2021.

The bill provides a framework for the creation of official digital currency. Also, the RBI is to create digital money.

What are Blockchains?

Blockchain is a new data structure that is secure cryptocurrency-based and distributed across a network. The technology supports cryptocurrency such as Bitcoin and the transfer of any data or digital assets.

Spearheaded by Bitcoin, blockchain achieves consensus among distributed nodes allowing the transfer of digital goods without the need for centralized authorization of the transaction.

The present blockchain ecosystem is like the early Internet a permissionless innovation environment in which email, www, Napster, and uber were built.

Benefits of blockchain technology

* As a public ledger system blockchain records and validate each and every transaction mode which makes it secure and reliable.

* All the transactions made are authorized by miners which make the transaction immutable and prevents it from the threat of hacking.

The blockchain is a mechanism to bring everyone to the highest degree of accountability. No more missed transaction human or machine error or an exchange that was not done with the consent of the parties involved.

The most critical area where blockchain help is to guarantee the validity of a transaction by recording it not only on the main register but a connected distributed system of register all of which are connected through secure validation mechanisms.

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