BLOCKCHAIN – AWESOME TECHNOLOGY

WHAT IS BLOCKCHAIN?

Blockchain is similar to a shared database but the data cannot be changed or hacked.The data is stored in blocks and the blocks are connected to each other by cryptography.

Example: Cryptocurrencies like bitcoin utilizes blockchain technology.

USE CASES OF BLOCKCHAIN :

MONEY TRANSFER – It helps in transferring the money at lightning speed across the world.It does not charge any transaction fees as done by the banks and other financial companies.

EDUCATION –  Educational information like certificates and degrees must be kept secured.

The data can be added to each block but cannot be overwritten. The changes made to the data are visible to everyone .

VOTING SYSTEMS -The people can vote at different locations thereby saving time and money.Each vote will be monitored and it cannot be changed thereby preventing illegal and fraudulent activities during an election.

NON – FUNGIBLE TOKENS – It is a unique token that represents the ownership of an item.For example, a ten rupee note can be exchanged for  2 five rupee coins which is fungible.But the original painting of Mona Lisa cannot be exchanged with other paintings due to its uniqueness which is not fungible.