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Blockchain will change the way banking and transactions after UPI, know what is this technology and its benefits

Highlights:

  • What is blockchain technology
  • Advantages of blockchain
  • System more secure

The campaign of Digital India started in India only after the country’s Prime Minister Narendra Modi introduced demonetisation in 2016 and after that UPI transaction started in the country. It is seen as a major revolution in the country. Now we have been hearing about blockchain technology for the last few years. Much has been revealed about blockchain and cryptocurrency on internet for a long time, but nothing is clear from anywhere. It is believed that their arrival can go a long way in making more advancements in information technology and banking systems.

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What is blockchain technology?
Blockchain technology is also known as distributed laser technology (DLT). It is a system that helps to record information. In this system, the information is recorded in such a way that neither one can hack it nor there is a possibility of any kind of theft in it. This technology makes the system more transparent and non-changeable.

Advantages of Blockchain: Blockchain makes it difficult to hack the system. Even if the same block has been tampered with, it will be known that the hacker is hacking the system. If a hacker wants to hack the system, he has to catch all the blocks, which is impossible.

Blockchain is a digital ledger of system transactions with a network of computer systems and servers. Transactions made in all blocks are tracked and included in every new transaction laser. The database is thus managed by many participants. The system uses hash cryptographic signatures to record every transaction and includes every new block created in the block. If someone wants to hack it, it is difficult to hack it.
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Blockchain technology is used to work in Bitcoin or other digital currencies. As more people use digital currency, the number of blocks will increase and the system will become more secure. The system is quite easy and there is no transaction cost which makes this system more economical.

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