Tuesday, September 1, 2020

Here's how to put one together for use with block-chain technology

Here's how to put one together for use with blockchain technology

 You may have been hearing about blockchain. But very little is known about it. Blockchain is basically a kind of technology that helps to move Bitcoin and other basic services from one person to another.

It can also be called a cryptocurrency wallet. It also provides data charts and market information for Bitcoin. For example, if a person wants to send money from Nepal to another person in London, a trusted third party is required, e.g. Bank, Western Union, Paypal, etc.

Also, some amount may be charged. But with blockchain technology, anyone can send money in a matter of minutes. And the transaction fee is also very low.

Blockchain was invented by Satoshi Nakamoto in 2008. He invented it for the Bitcoin service. Blockchain is a technology that can be used to transfer money from anywhere in the world to anyone without using a bank or payment service.

Blockchain was first introduced for Bitcoin. But now many other alternative coins have also come under it. Blockchain is an open laser. In this, all the people in any one network know who is paying whom and how much.

Also, the members of the network can decide whether the transaction is valid or not. The database of your transactions is stored on thousands of computers.

Blockchain is hard to hack. For this, the hacker has to hack several computers at once. That is why blockchain is considered safe.

Blockchain was first used in 2008 when the digital currency Bitcoin was invented. It is a decentralized cryptocurrency. Which is not under the control of any country or bank.

The use of blockchain began with cryptocurrency. However, preparations are being made to use it in public and government bodies as well. Since the blockchain will be public, there is no possibility of scam in it and since it will be fault-tolerant, there is no fear of losing data from it.

If the hard disk or RAM of the computer is bad, nothing will work. But with blockchain technology running on multiple computers at once, a business can never stop. Today, cryptocurrency is working on blockchain technology.

In the coming days, the banking sector will also work on blockchain technology because it is easy and secure. Blockchain technology is a distributor database. These data do not reside in one or two computers. These thousands, millions live on computers.

Each blockchain computer keeps track of the history of each business and is completely confidential. Setting a new record requires the approval of many partners. It is used to secure any digital information.

Now all the departments are gradually starting to use this technology. Whether it is a university degree or a passport, no one can hack or copy it.

If according to the government's scheme, any poor person has to be given money or someone has to be given relief, it can be delivered directly through mobile through blockchain without the help of any third party.

- With the help of the agency

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