A two-day blockchain hackathon will be held in Bengaluru on the 5th and 6th of next month. This heathen has been named Building Future Cities. The hackathon is being organized by the crypto investing app CoinSwitch. The event will also be supported by 'Startup Karnataka', an initiative of the Government of Karnataka, and Tejasvi Surya, MP from Bengaluru South and Sequoia India. The organizers of the event have stated that the purpose of this hackathon is to provide a platform to those working on it, along with discussing the use and possibilities of blockchain in India. During this hackathon, the winners will also be given a prize of up to Rs 3 lakh.
Blockchain has been a topic of discussion all over the world in recent times. Blockchain has come into more limelight since the era of cryptocurrencies because cryptocurrencies work on the technology of blockchain itself. As the use of cryptocurrencies or NFTs (Non-Fungible Tokens) is increasing all over the world, the importance of blockchain technology is also increasing. Blockchain technology is now taking its toll on the lives of the common man as well. The services we use in our everyday life may be based on the technology of blockchain but we are not aware of it. In such a situation, it is important to be aware of what is blockchain in today's time and how our lives are related to it.
What is Blockchain?
We can call blockchain a series of different blocks, information is hidden in these blocks. The purpose of using blockchain is to fix the time stamp of digital documents so that backdating or tampering with them is not possible. Blockchain technology can also help us overcome the problem of two records without using a central server.
Using blockchain technology, commodities like money, property, agreements, etc. can be easily exchanged without the need for a bank, government, or third-party intermediation. The specialty of this technology is that once data is entered inside a blockchain, it is not only difficult but almost impossible to change.
With a simple example, understand what is blockchain?
Suppose you are shopping in a mall. As soon as you go to pay for your purchases at the counter, you find that your debit or credit card is not working. You receive a notice that due to a fault in your bank's server, your card cannot be used by any customer of that bank, including you. What will you do then? If you ever get stuck in such a situation then you will be in trouble.
Now consider another aspect. Suppose the mall you're shopping at has access to a data or ledger that can update every transaction on your debit and credit cards, whether the bank's server is working or not. If this happens, you will be able to use your cards even if your bank's server is down. Because the mall will update your purchase amount in its data and when your bank's server gets fixed it will be updated there as well. In such a situation, you will be able to make purchases without any problem even in case the server is down. That's what blockchain technology is all about.
Which example of blockchain do we use?
Most of us have used Google Spreadsheets at some point or another. If we think carefully, we will find that the Google spreadsheet we are using is a document or ledger that can be shared on every computer in the world and is connected to the Internet. If we make any changes to this spreadsheet, it gets recorded in one row of it.
Anyone using a mobile device or computer can connect to this spreadsheet and access its data via the Internet. Anyone connected to the Internet can view the data entered in this spreadsheet, but cannot change the data already in it. That's what a blockchain is all about. The only difference is that the data is stored in separate rows in the spreadsheet and the data is stored in different blocks in the blockchain.
So we can conclude that a block of a blockchain is a collection of data in which smaller blocks containing data or information are linked chronologically one after the other. When many blocks are joined together to form a chain of blocks, it is called a blockchain.
What is the relationship between blockchain and cryptocurrency?
Cryptocurrencies around the world whether it is bitcoin or Ethereum all use the technology of blockchain. The first and most famous application based on blockchain is bitcoin, the world's most famous peer-to-peer digital currency. Bitcoin is created and controlled by the technology of blockchain itself. Unlike traditional currency, you can send bitcoins based on blockchain technology to anyone and anywhere without the need for permission from banks or governments.
Blockchain-based cryptocurrencies like Bitcoin or Ethereum do not even care whether you are a human or a machine. Based on blockchain technology, thousands of bitcoins at the same time are capable of simultaneously verifying the validity of the payment, so its operation does not require banks or any third-party intermediaries.
In Bitcoin's blockchain, there exist 1MB blocks that contain peer-to-peer transactions. These blocks are added every 10 minutes after being verified by crypto miners with the help of an inbuilt consensus mechanism. Each entry in these blocks is secured using cryptographic maths that makes it immutable.
What will be the role of blockchain in the launch of RBI's digital rupee?
Let us tell you that India's Finance Minister Nirmala Sitharaman announced during the budget speech for the year 2022 that in the coming financial year the government will develop a Central Bank Digital Currency (CBDC). Reserve Bank of India will launch this CBDC which will be based on the technology of Blockchains like any cryptocurrency like Bitcoin or Ethereum. CBDC or Digital Currency will be a legal tender issued by RBI in digital form.
What is the bad side of blockchain?
The fundamental problem of blockchain technology is to control it. Any central bank has complete control over the currency because the nature of blockchain is decentralized. In such a situation, if RBI comes up with digital currency in the future, it will be interesting to see what approach it adopts to maintain its secrecy and monitor it. If RBI keeps its control over the data of this digital currency, then again being a digital currency will be different from the nature of the digital currency, because the basic feature of digital currency or cryptocurrency is that no one can control or monitor it. could.
Covid-19: What was feared happened, more than 10 thousand deaths occurred worldwide due to Corona in December, this is the main reason
Cases of coronavirus infection are being seen increasing rapidly globally, especially due to the new variant of Corona JN.1, there are reports of the situation worsening in many countries. Another
Amit Shah Rally Bihar: Amit Shah cornered Lalu-Nitish on 'Jungle Raj', read important points of the speech
Union Home Minister Amit Shah has reached Jhanjharpur in Madhubani. Here he addressed the people. Addressing the meeting organized by BJP at Jhanjharpur Stadium, the Union Home Minister said that he
Amit Shah: The Home Minister said- the aim is that Hindi should become the friend of local languages, he became the head of the Parliamentary Official Language Committee again
Union Home and Cooperation Minister Amit Shah said that after 75 years of independence, the country's governance must be done in the language of the country. He said that we have to move forward with
Virat-Anushka performed Bhasma Aarti in Mahakal temple: Kohli was seen wearing Rudraksha garland and dhoti-sola, and Anushka was seen in a saree
Virat Kohli and Anushka Sharma reached the Mahakal temple on Saturday morning. Here both of them performed Bhasma Aarti at 4 am. Took the blessings of God. After darshan, Virat said Jai Mahakal to the
Air India preparing to buy 500 new aircraft: will order 400 small and 100 large aircraft, which will be the biggest deal in the company's history
Air India is preparing to buy 500 new aircraft. According to reports, Tata Group's Air India is going to place orders for 500 new aircraft to be included in its fleet. These will include 400 small
US response to China's antics: America deployed 2 warships in Taiwan, both armed with nuclear weapons; Beijing on the back foot
The US has given a very tough response to China, which is continuously putting military pressure on Taiwan. On Sunday, the US Navy deployed two of its extremely dangerous and highly advanced nuclear
Asian games: PM Modi congratulated the Indian women's team on winning the gold medal, said- you allowed being proud
The Indian women's cricket team created history in Hangzhou on Monday. Harmanpreet Kaur-led Indian team won the gold medal by defeating Sri Lanka by 19 runs in the women's cricket final of the Asian
Nirmala Sithraman : Shehnai rang at Finance Minister Nirmala Sitharaman's house; daughter parkala married with pratik
Union Finance Minister Nirmala Sitharaman's daughter has tied the knot. Union minister's daughter Parakala Wangmayi tied the knot with Prateek of Gujarat in a simple ceremony held at his Bengaluru
PM Modi in Himachal: 'These people had boycotted life and prestige...', PM Modi lashed out at Indi alliance in Himachal
Prime Minister Narendra Modi is on a Himachal tour today. Meanwhile, he addressed the people from the historic Chaugan Maidan of Nahan. Aiming for Congress, he said that you have seen the
Bihar Board 12th Result: When will the Bihar Board Scrutiny Exam be held? BSEB results will be released on this website, check this way
Bihar Board Inter Result 2023 BSEB Class 12th Scrutiny Exam Dates: The BSEB Intermediate Result i.e. Bihar Board Class 12th Annual Exam 2023 Result is awaited by more than 13 lakh registered
