Probably, those who are reading this article must have heard of blockchain somewhere or the other. Blockchain is the technology behind the digital tokens like Bitcoin, Ethereum, Litecoin etc. It’s the medium through which wealth can be transferred directly between person to person without the need of any third party processor like banks or financial institutions.
In today’s economy, let’s discuss where Blockchain can find it’s potential applications and also we will have a look at some of the most recent news and media coverage for blockchain.
First of all let me ask you a question !
What comes to your mind when I ask you about Blockchain?
Well, to answer that question you can imagine Blockchain as some kind of global data spreadsheet that runs across millions of computers each having an exact copy of that data. In fact, it’s all open sourced which allows anyone to see what’s underneath the code and what’s going on. It’s so much powerful that it needs no intermediaries to authenticate or to verify the transactions and in turn it can save millions of dollars in transaction fees for merchants and people.
How Blockchain Works !
It uses Cryptography to manage this global distributed database that can record any transaction which are made through. It’s not only restricted to storing details of who paid whom but also who owns this land, who lives where etc. It can also be termed with storing any data that’s structured. Talking of it’s application, banks won’t be able to settle millions or billions or trillions of transactions each second but in future era of Internet of Things we will need Blockchain to store this type of data.
How Blockchain is Secure
In this extraordinary thing, many people ask of it’s security. Let’s take example of the Bitcoin Blockchain for instance as it’s the biggest as of today. For starters, Google’s entire computing power would be around 5 percent of this blockchain computing power for Bitcoin.
It’s immutable, unhackable distributed database of virtual assets. If someone wants to hack the Bitcoin Network, he/she would have to spend billions of dollars to go through and in the end even if that gets successful, the news alone of Bitcoin being hacked will make it loose it’s entire value and it would be worth nothing.
Let’s take an instance of how this network prevents double spending. Let’s say I owe you $50. Now, in the Bitcoin Network there are Miners who have a powerful computing rig. Bitcoin is just a bunch of code, so if I wanted I could have sent that same $50 to you and also to someone else right ! It would be a huge problem in an economy where double spending is possible. Now to solve that issue, Miners compete among each other to verify the transaction first and one who does that fastest get’s rewarded by the network in BTC. We have an article on how this entire process of mining works, which you can find here.
Now let’s have a look at the most recent media coverages for Bitcoin and how you can buy some of it.
How to Trade Bitcoin in India
- Download the WazirX app or visit the website. Then hit the Sign Up button
- Fill in your email address (one that you use frequently), and your desired password
- Click on the Terms of Service checkbox, but go through it once before checking
- Then press the Sign Up button
- You will be sent a verification email after hitting the sign-up button. If you have received it, click on Verify Email to complete the process.. If you haven’t, check your spam folder. Or hit Resend Here.
Lastly, if you want any more help regarding this, drop a comment and we will get back to you.
Thanks for Reading 🙌🏻