blockchain explained

What is Blockchain || blockchain explained in simple language

What is Blockchain? blockchain explained

The technology, which was invented in 2008 to power Bitcoin when it launched a year later It is used as public ledger for cryptocurrency for all economic or public transactions that can be programmed to record not just financial transactions. A block is the ‘current’ part of a blockchain, which records some or all of the recent transactions. Once completed, a block goes into the blockchain as a permanent database.

Each time a block gets completed, a new one is generated. There is a countless number of such blocks in the blockchain. As Publicly-accessible ledgers, blockchains can make all kinds of record-keeping more efficient.Blockchain technology enables the buying and selling of the renewable energy generated by neighborhood microgrids.

Example of Blockchain :-

If you send Bitcoin to a friend, or sell it, that information is publicly available on the blockchain.

Other people may not know your identity, but they know exactly how much value has been transferred from one person to another.

image : Medium

Specifically, a blockchain is needed for Bitcoin because:

1. Bitcoin is a public ledger of bitcoin transactions.
2. There are untrusted nodes recording transactions on the Bitcoin ledger.
3. Bitcoin does not want to trust a third party to administer the ledger.

How does the blockchain work?

The blockchain technology is probably the best invention since the internet itself.For example:-
Imagine you and I bet $50 on tomorrow’s weather in India. I bet it will be Cloudy, you that it will be Sunny. Today we have three options to manage this transaction:

1. We can trust each other. Rainy or sunny, the losing one will give $50 to the winner. If we are
friends, this could be a good way of managing it.

2. We can turn the bet into a contract.

3. We can involve a neutral third party. Each of us gives $50 to a third party, He/She then will
give the total amount to the winner. But He/She could also run away with our money. So we
have only two options First and Second..

image : google

 

How Banks are using blockchain?

Banks are using some ways to using blockchain are given below:-

1. Clearing and Settlement

A common example would be a bank agreeing to purchase a specific amount of stock for a
specific cash price from another. This process, often cumbersome and slow, takes up to several
days and incurs the risk that one party may default or renege on the agreement. This period of
time, known as settlement.

2. Payments

Even though blockchain is new technology, its potential to reduce fraud in the financial world
is getting a lot of attention since 45% of financial intermediaries such as stock exchanges and
money transfer services suffer from economic crime every year.

3. Trade finance

Trade partners can interact with greater trust, increasing the efficiency with which companies
can access funding as well as saving time and costs throughout the trade process. There’s no
doubt that the risk of operational errors and fraud would be dramatically reduced.

Link : what is Bitcoin

4. Identity

For banks and financial institutions, ensuring Know Your Customer (KYC) compliance is an
important step in preventing inappropriate or criminal use of funds and services. This process
involves establishing the identity of the customer using various documentation

5. Syndicated loans

Using blockchain’s distributed ledger technology, Capgemini can help banks better track
activities and meet compliance requirements for syndicated loans..

What are the Pros and Cons of Blockchain?

Pros:-

1. Transactions are verifiable by a avst, peer to peer global network.
2. Blockchain transactions can reduce transaction times to minutes are processed 24*7.
3. Blockchain data is complete, consistent, timely, accurate and widely available.
4. Users can trust that transaction will be executed exactly as the protocol commands removing
the need for a trusted third party.
5. Electronic ledgers are much cheaper to maintain than traditional accounting systems.

Cons:-

1. Peoples and other seedy characters can use the anonymity to their advantage to do evil.
2. Hacks and manipulation can still occur.
3. Transactions are irreversible
4. Resolving challenges such as transaction speed, the verification process and data limit will be
important in making blockchain widely applicable.

What will be the Future of Bitcoin and cryptocurrency in India

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