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Blockchain Technology In India 2021- Application, Advantage & Disadvantages to the Society.
Blockchain Technology in India is a very common term among the newbie earners, who follows the different investment options including cryptocurrency over the last few years. In India, many people know BlockChain Technology, only as a record-keeping Technology for cryptocurrency like Bitcoin transaction.
In this article, we will cover the basic details about blockchain technology and its practical applications and its relationship with Bitcoin, its advantages, and disadvantages, and the current status of blockchain technology in India as per the Ministry of Electronics and Information Technology in India.
Following are the topics covered.
What is Blockchain technology?
What is the relation between cryptocurrencies like Bitcoin and Blockchain?
Practical application of Blockchain Technology in India.
Advantages and Disadvantages of Blockchain Technology in India.
Future of BlockChain technology in India.
Blockchain Technology:
Blockchain technology is a specific type of database, where data are stored in blocks, that are then chained together, for easy access for any member of the network.
When new data comes into the network, it creates a fresh block and when the block is filled, it is chained onto the previous block, and entire data blocks chained together in chronological order in the network. Currently, Blockchain technology in India is most commonly used for storing the ledger of transactions in the decentralized way of cryptocurrency like Bitcoin.
Data entered into the Blockchain are irreversible, hence it is immutable, I.e transactions are permanently recorded and viewable to anyone from anywhere, hence it is much more secure than a normal bank transaction in India.
Concept of Blockchain Technology?
Basically, blockchain is a type of database (Electronically stored collection of information) to store a large amount of data. The key difference between a blockchain and a normal database is the way the data is structured.
Blockchain technology, the structure of the database is designed in such a way that, a set of information stored together in groups, called blocks. Once each block is filled with data, these blocks chained onto the previously filled block, forming a chain of data blocks, hence it is named “BlockChain.” Each data block in the chain has an exact timestamp of when each block is added to the chain and all the blocks are linked in chronological order.
Blockchain consists of hundreds of thousands of computers, to hold data called blocks, which are in different geographical locations, and these blocks are linked over the network and operated by separate individuals. When new data is added or modified in a block, all other blocks in the Chain will verify the accuracy of data.
A new block needs to get the confirmation of the majority of blocks in the Chain, to add it to the blockchain, hence the data will be correct and it will be difficult for someone to manipulate individuality, without having the support of the majority (More than 50% ) in the chain. This cross-reference verification ensures that whatever changes occurred in the block, are in the best interests of the majority of the blocks.
As data is continuously cross verified by the other blocks, the accuracy of the data will be 100%.
A normal database is designed to store larger amounts of information in a structured way in table format which can be filtered and accessed quickly and easily by any number of users at once. Large databases built using hundreds or thousands of computers having high computational and storage capacity to handle the data and it is owned by a business or by an individual with complete control over the data and its operations.