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What is Blockchain Technology?


Block chain is a decentralized method of keeping records in an open and sequential manner where the current record will include a hash code from their previous record, thus making up the chain.

The records are kept on decentralized servers, rescued by cryptography. The three features that constitute a block chain area:

  1. Blocks

  2. Decentralization

  3. Openness 


Bitcoin is the example of the most popular form of Block chain


Applications of Bitcoin:

 1. Smart contracts: Completely serves self-executing contracts on major platforms

  • Ethereum Smart Contracts

  • Cardano

  • Qtum


 2. Ethical business practices: Transactions can be traced to the beneficiary. So the “loot and scoot” will completely stop. Money misused can be traced.


 3. Electoral Frauds: Transparent voting deters any kind of electoral fraud the block chain is corruptible.


 4. Direct transfer to the beneficiary: The cryptocurrency transaction can be traced completely so that no intermediaries dare pocket any money in the age of block chain


 5. Authenticated Documents: Passports, Certificates, Degrees, E- Residency, Digital Products, Record Keeping, Identity Documents, Know Your Customer (KYC documents)


 6. Securities Trading: The distributed lodger of block chain not only brings transparency in trading but also strict implementation of regulatory compliance


 7. Distributed Cloud Storage: From the current centralized cloud storage to the scene distributed, cloud storage. Multiple players already in this sector will disrupt the current market. Disaster recovery will look different in a next couple of years.


 8. Micro Payments Across Borders: Using cryptocurrency, the migrants can send money home without the hefty fee being today.


 9. Supply Chain Management: Clear visibility to all the stakeholders, inventory management, lens paperwork, reduced flows, lower freight, supply chain finance and payments


 10. Cryptocurrency: And finally, the most popular Cryptocurrency mania about Bitcoins are Ehereum, Ripple, Litecoin, DASH, NEM and many others based on block chain.


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